That, he said, was necessary in the short term to avoid a medium to long-term deterioration.

He said the private sector’s effort coupled with prudent economic management and good governance would help turn the economic crises around much earlier than the 10 years projection by the government.

Addressing players in the private sector at the 8th Ghana CEO Network Business Cocktail in Accra last Thursday, former President Mahama sought to rally the private sector behind the government in a march against the gruelling high cost of living that is manifesting in soaring price jumps, a weak currency and low economic activities.

“As stakeholders, the private sector must continue to engage and share ideas as we strive to meander through these turbulent waters. The government’s assessment suggests that the current economic condition will be resolved in 10 years, that is by 2028.”

“I believe that if we all put our shoulders to the wheel with the private sector leading, and prudent economic management as well as ensuring good governance practices, we will be able to turn this economic crisis around much earlier than the government had projected. Working together, we can build the Ghana we want,” he said. 

This year’s cocktail session was on the theme: “A cost of living crisis: What does inflation really mean for Ghanaian businesses?”

The event was attended by more than 200 topmost Chief Executive Officers (CEOs) and captains of industry from various sectors of the economy to interact and share ideas on how best to promote their businesses in the coming year.

It is an initiative of the Ghana CEO Network, in partnership with accounting and advisory firm Deloitte, the Ghana Investment Promotion Centre (GIPC), State Interests and Governance Authority (SIGA) and the University of Ghana (UG).

Mentorship

The Director of the Institute for Statistical, Social and Economic Research (ISSER) of the University of Ghana, Professor Peter Quartey, underlined the need for businesses to be intentional to mentor more young people.

That, he said, would help them grow and take over the mantle of leadership and inject fresh ideas that could accelerate institutional growth.

The young ones are very brilliant with regard to information technology, and so businesses must mentor them to ensure they impact positively on society,” he said.

He said businesses at this difficult time must show commitment to provide the best and comprehensive customer service to their customers.

“As businesses, we must seek the growth and development of our staff. At this time that transportation cost is so high, businesses must allow some of their staff to work from home in a creative way so that they can survive on their income,” he added.

Maximising professional goals

The CEO of the Ghana CEO Network, Ernest De-Graft Egyir, said there was the need for business executives to meet on a unique platform to explore avenues for their mutual benefit.

“And so, this initiative will offer an opportunity for business executives to break out of their shell and to maximise their professional goals,” he said.