A business consultant with the Private Enterprises Federation (PEF) Mr. Wisdom Adongo has blamed bureaucracy in the business environment for the slow pace in private sector development in Ghana.
He’s observed that a major drawback to private sector growth is lack of enforcement of regulations.
Mr Adongo said despite the fact that “there is little or no recognition of the private sector in the development process,” private sector investments have higher multiplier effects than public sector investments.
He expressed displeasure with the tendency of government outsourcing projects to foreign companies when local companies could equally do them.
He bemoaned what he calls a negative business environment such as high interest rates, balance of payment issues, inflation and huge government borrowing which has crowded out the private sector.