Seth Twum-Akwaboah, the chief executive of the Association of Ghana Industries (AGI), has asked the government to increase its investments in the private sector.
He said that this is due to the industry's higher employment rate when compared to other industries.
"Our structure has stayed the same and is still heavily dependent on imports; exports of basic products, exports of cocoa, exports of gold, and the rest; tiny amounts of exports of atypical items. We need to closely examine those areas, he continued.
In answer to a query regarding how Ghana's decision to request IMF help will impact the private sector and industries from AM Show host Bernice Abu-Baidoo Lansah, he made the comment.
He asserted that "there are always two sides to any story. On the one hand, you need IMF involvement to create stability, credibility, and trust so that the cedi won't depreciate, which is good for the country.
On the other hand, you need to exercise some discipline, he said. That, in my opinion, is what the IMF offers.
"You want to go to the IMF and ask for their involvement, regulate your spending, and once you do that, you control the number of people you employ, their size, the salary level, and everything else... " but I believe that stability is necessary if you want to get the most out of the situation. However, how you channel and bargain for the IMF assistance is crucial. What steps are being taken to guarantee that the impending intervention would boost your productive sector because it is well known that the government sector cannot provide all the employment our nation requires on its own?
Mr. Twum-Akwaboah said that some facets of the private sector, such agriculture and industries, needed to be supported in order to help the public sector.
He claimed that once completed, this will "address this basic problem" our nation currently faces, which is unemployment.
If you do this and do it correctly, he said, "in this instance, employment won't become a huge issue since the private sector is the one employing a lot more people."
He made the appeal after President Akufo-Addo instructed Finance Minister Ken Ofori-Atta on Friday to start official discussions for an economic programme with the International Monetary Fund.
The decision to work with the IMF had already been communicated to President Akufo-Addo in a chat with Kristalina Georgieva, according to a letter dated July 1, 2022 and signed by the information minister, Kojo Oppong Nkrumah.
The letter read, "The Finance Minister, Ken Ofori-Atta, has been authorised by the President of the Republic, Nana Addo Dankwa Akufo-Addo, to initiate official negotiations with the International Monetary Fund to assist an economic programme."
A delegation from the International Monetary Fund (IMF) is anticipated to arrive in Ghana on July 6 to start discussions with the administration over the economic situation.