Yamson stresses more private sector trade within ECOWAS

Mr Ishmael Yamson, Chairman of Ghana Investment Promotion Centre (GIPC), has called on the private sector within the ECOWAS sub-region to improve intra-West African trade to cushion them for the broad international market.

He called on developing nations to be selective in the implementation of suggestions and prescriptions from the Breton Woods institutions.

Mr Yamson who was addressing Ghanaian economic experts and actors in the private sector at a forum in Accra urged Ghana to diversify her economy rather than relying on the anticipated oil revenue to bolster her economy.

“We should use oil revenue as part of the mechanism to diversify the economy.there is a lot more the country can do with its oil,” Mr Yamson said.

The forum was organised by the World Bank.

Mr Yamson said oil revenue alone would not solve all Ghana’s economic problems and suggested that the expected oil proceeds should be used to drive the Ghanaian export sector.

He said about 25 years ago when the Breton Woods institutions discouraged the growth of oil palm in some countries including Ghana, Malaysia reaped very high dividends when it ignored that advice and  went ahead with the development of her oil palm industry.

Mr Yamson advised policy makers to listen but be very selective in the implementation of ideas.

He called on governments in West Africa to make the sub-regional body- ECOWAS work by removing all bottlenecks to intra West African trade, to reduce the cost of doing business with one another.

Mr Yamson, former Chairman of Unilever Ghana, said businessmen rather than politicians must be at the forefront of business.

“Let the private sector stand up for itself and build a strong private sector relationship and inter-connectivity,” he added.

Source: GNA