The Ghana Investment Promotion Centre (GIPC) recently launched the 21st edition of the Ghana Club (GC) 100, underscoring the critical need for enhanced collaboration between the government and the private sector to drive Ghana’s economic growth.
The launch event, held at the quarterly GC 100 CEOs Breakfast Meeting, was themed “Partner for Prosperity: Building a Thriving Ghanaian Economy.” It highlighted the indispensable role of the private sector in the country’s economic recovery and sustainable development.
Dr. Alex Ampaabeng, the Deputy Minister of Finance, emphasized the government’s commitment to creating a conducive environment for business growth. He noted that leveraging the strengths of both public and private sectors is crucial for accelerating economic recovery. “We believe that leveraging the strength of both public and private sectors will accelerate our economic recovery and foster sustainable development,” Dr. Ampaabeng stated during the launch.
Dr. Ampaabeng also pointed to the government’s efforts through the GIPC, including the review of the GIPC Act 2013 (Act 865), the introduction of a new investment code, the investor grievance mechanism system, and the implementation of a comprehensive customer relations management software. These initiatives, he said, are part of a broader strategy to support the private sector and enhance Ghana’s investment landscape.
Vital Role of the Private Sector In The Country’s Economy
Mr. Yofi Grant, Chief Executive Officer of GIPC, reiterated the vital role of the private sector in the country’s economy. He acknowledged the sector’s significant contributions, particularly in job creation, and assured that the GIPC is dedicated to advocating and providing the necessary support for investors to succeed. “It is very clear that the bulk of the employment in this country is from the private sector,” Mr. Grant highlighted, underscoring the sector’s pivotal role in driving economic growth and stability.
As part of the preparations for the upcoming GC 100 awards, Mr. Evans Asare, Partner Deal Advisory at KPMG, outlined the eligibility criteria for the rankings. He explained that the awards are open only to limited liability companies, with an additional requirement that these companies must have positive equity in 2023 and less than 50 percent government ownership.
Moreover, participating companies are required to present a tax clearance certificate and the most recent three years of audited financial statements. These criteria ensure that the awards recognize and celebrate truly outstanding businesses that contribute significantly to the Ghanaian economy.
The GC 100 awards, an annual initiative of the GIPC, seeks to identify and celebrate the top-performing 100 companies in Ghana. This prestigious list not only acknowledges corporate excellence but also aims to foster a culture of transparency and accountability within the Ghanaian corporate sector.
The awards serve several key objectives, including promoting an open information culture, providing incentives for improved corporate performance, establishing uniform criteria for evaluating business success, and creating an annual database of the country’s top 100 performing companies.
This year’s edition of the Ghana Club 100 awards is slated for October and is eagerly anticipated by the business community. It represents a unique opportunity for companies to gain recognition for their achievements and for stakeholders to gain insights into the most successful business strategies and practices in the country.
In all, the 2024 edition of the Ghana Club 100, as launched by the GIPC, not only celebrates the achievements of Ghana’s top companies but also emphasizes the importance of public-private partnerships in achieving economic prosperity. By creating a platform that highlights the successes and challenges of the private sector, the GIPC aims to foster a more robust and dynamic economic environment.
This initiative aligns with the broader goal of building a resilient economy that can withstand global challenges and capitalize on emerging opportunities. As Ghana continues to navigate its economic recovery, the collaboration between the government and private sector remains a cornerstone of its strategy for sustainable development and growth.
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