Nana Osei Bonsu, CEO of the Private Enterprise Foundation, believes that the key to revitalizing Ghana’s economy is for the private sector to take the initiative.In an interview on Joy News’ PM Express Business Edition, Mr. Bonsu shared his vision for recovery, stressing the significance of investing in local businesses to generate wealth and employment opportunities.“People set up businesses to make money, not to create jobs.

But when they make money, that’s when they can hire more people,” Mr. Bonsu explained.He emphasized that for businesses to succeed and effectively contribute to job creation, there needs to be a supportive environment that enables them to recoup their investments and grow sustainably.Mr. Bonsu indicated that supporting infrastructure development and fostering a more favorable business climate are essential for economic recovery.

He criticized the existing policies, highlighting that Ghana tends to prioritize attracting foreign investments while overlooking the needs of the local private sector.“We go around the world enticing big players and giving them tax breaks, but what about the small potatoes—the local businesses? They are the ones who can drive the recovery.

”He also emphasized the significance of developing future policy frameworks that prioritize the private sector.As Ghana prepares for a new government administration in 2025, Bonsu urged officials to better align their policies with the needs of local businesses.“We should be asking, what do we want to do, and who do we rely on? The private sector is the vehicle to ensure Ghana’s economy prospers,” he stated.

Looking forward, he emphasized the necessity of better collaboration between the private sector and the government.“Hang your coat on the private sector,” he advised, adding that the sector holds the potential to create wealth and increase government revenue through sustainable business growth.