Deloitte Ghana recommends 5 pointers to government to achieve economic sovereignty

Accounting and auditing firm, Deloitte Ghana, is recommending five pointers to government to achieve economic sovereignty.

They include increasing tax net through digitalization, investing borrowed funds wisely to expand the productive capacity of the economy, tackling corruption, domesticating the economy and leveraging on the African Continental Free Trade Agreement.

Speaking at the launch of the 2023 Ghana CEO Network, Managing Country Partner, Daniel Kwadwo Owusu said Deloitte Ghana is committed to sharing insights and best practices that can help Ghana and the broader region navigate these complex issues and achieve the growth objectives.

He said the theme for this year’s event “Sustainable corporate governance, digital industrial transformation, and economic sovereignty”are key to unlocking new opportunities for growth and prosperity.

“By collaborating with industry leaders, policymakers, and other stakeholders, we can build a more resilient, inclusive, and sustainable future for all. As a Knowledge Partner, Deloitte is proud to bring our expertise in these areas to the table”.

 “Through our partnership with the CEO Network, we look forward to engaging in meaningful dialogue with leaders from the private, public sectors, and civil society”, it added.

He affirmed Deloitte’s commitment to being a responsible and impactful corporate citizen. We are led by our purpose of making an impact that matters.

‘Economic sovereignty’ important to development – Margins Group CEO

Group Chief Executive Officer of Margins, Moses Kwesi Baiden Junior, for his part said the topic for this year’s event ‘economic sovereignty’ is important, especially considering the growing interdependence of the world’s economies, cultures and populations fostered by cross-border trade in goods, people, and technology.

“We are currently experiencing some of the adverse effects of that economic interdependence exacerbated by the COVID-19 pandemic and the conflict in Ukraine. Business owners are grappling with the impact of supply shocks and high inflation rates whilst consumers are discouraged by the reduced purchasing power of the Ghana cedi. These are indeed difficult times; but as the quote says, what doesn’t kill us, makes us stronger. In every crisis, there is an opportunity; but to resolve a national crisis, there must be collaboration across sectors – that is what this year’s CEO summit is aiming to do – facilitate collaborative solutions”, he added.

He explained that “as we aspire to attain economic freedom, we must first audit our resources – land, sea, air, and space and reindustrialize our supply chains to reduce our current dependence on foreign supply chains. The truth is the African continent has the manpower and the raw materials required to not only compete globally but to dominate. The problem is, we surrender our sovereignty by exporting our raw materials at low prices for the value to be added outside of Africa”.

He furthered that Ghana has the prerequisites for guaranteeing sovereignty, but need to close its technology gaps to claim it.

“To enable this business environment, the partnership between the public and the private sectors must be strong; with the public sector creating the appropriate macro-economic environment through policy design and implementation and working with the private sector to develop new capabilities and capacities, influence change technology, improve operational efficiency to increase the value of our assets”, he added.

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