Mutual Prosperity Dialogues to spur paradigm shift in private-public partnerships, says Osei-Asare

The deputy finance minister, Abena Osei-Asare has said the Ghana Mutual Prosperity Dialogues is set to spur a paradigm shift in private-public partnerships in the country.

Osei-Asare said there is an urgent need for the country to continue to be intentional about leveraging the emerging stability to create a business environment that inspires confidence, increases investment, creates jobs, allows businesses to thrive and supports the poorest and most vulnerable

She was speaking at the launch of Ghana Mutual Prosperity Dialogues in Accra on Friday (2 November) under the theme: “Business perspectives on growth and jobs now”.

“We can expect that the presentations and the conversations that will happen here today, will spur us into a new paradigm of private-public partnership that will pivot the development of Ghana for our mutual benefit, “Osei-Asare said. 

The deputy finance minister said as the country emerges from its recent economic challenges, broader consultations and consensus building, particularly between government and the private sector have assumed new levels of importance, adding that “this is to enable us to accelerate the recovery, entrench stability and set the country on a path of growth and prosperity.” 

 She said the Ghana Mutual Prosperity Dialogue (GMPD) is a platform for public-private dialogue with the overarching aim of improving the business environment in Ghana and fostering a relationship of “mutual prosperity”.

 According to Osei-Asare, this new platform adds to existing and institutionalised arrangements for deepening engagements with key sections of the country. 

“In fact, as a government, we have already established similar partnership frameworks with our social partners (labour and employers) as well as faith-based organisations.”

 “The novelty of the GMPD is that it establishes a permanent mechanism for entrenching mutually beneficial conversations between the private and public sectors. It deepens understanding and sharpens the response tools to challenges of the private sector in a timely manner,” she added. 

The Ghana Mutual Prosperity Dialogues is aimed at improving the business environment in Ghana to attract more foreign direct investment (FDI) and enhance the country’s competitiveness.

By fostering collaboration between the public and private sectors, the GMPD seeks to unlock investment opportunities and promote economic growth in Ghana.

The Ghana Mutual Prosperity Dialogues initiative is under the auspices of the Ministry of Finance, which is the key actor in charge of the foreign direct investment dialogue (FDI) in the country with support from the International Finance Corporation (IFC).

Objectives and deliverables

The GMPD has seven main objectives and deliverables. They are first; to identify and diagnose investment climate challenges, second; to assess the country’s readiness for increased FDI, third; to take stock of and prioritize issues that will unlock FDI attraction, and fourth; to implement measurable actions to increase investment.

The fifth is to report on reform recommendations and their impact, the sixth; is to measure the impact and deliverables and their performance against key performance indications (KPIs), and the seventh; is to explore how to leverage existing economic agreements to benefit Ghana.

Background to GMPD

As Ghana emerges from its recent macroeconomic challenges. its leadership is keen to establish a broad-based dialogue on attracting investment, with considerable input from the private sector for government to improve the environment for doing business in Ghana.

Such engagement has become more important and urgent as Ghana needs to retain and further attract foreign direct investment (FDD) to drive growth. Creating an environment conducive to both foreign and domestic investment requires concerted efforts by a broad range of stakeholders.

Thus, the proposed public-private dialogue platform aims to forge a relationship of “mutual prosperity” between the private and public sectors, understanding that neither can thrive without the well-being of the other, thus, the initiative is to be known as the Ghana Mutual Prosperity Dialogue’ (GMPD).

Overall, the GMPD aims to improve the business environment in Ghana, and attract more FDI. And enhance the country’s competitiveness. By fostering collaboration between the public and private sectors, the GMPD seeks to unlock investment opportunities and promote economic growth in Ghana.

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