Financial Constraints and Private Sector Development Within the ECOWAS

The advent of oil in the GCC countries has led their governments to assume an ever-increasing role in the economy and to build comprehensive welfare states, based largely on the provision of employment in the public sector and the generous supply of social services and heavily subsidized utilities, to their citizens. Moreover, an intricate web of regulatory and restrictive rules and regulations has come into existence over time, resulting in a private sector that is not competitive, is not outward-looking and is generally rent-seeking. The aim of this paper is to investigate the challenges that are preventing Kuwait from succeeding in diversifying its economy and developing a competitive private sector and the pre-requisite enabling environment, thereby reducing its dependence on the oil sector. Results of the analysis carried out in this study reveal that developing the role of private sector in the economic transformation of Kuwait could be achieved through a three interconnected strategies: improving the enabling environment for business to free private sector investors from existing regulations and red tape, developing new markets and opportunities through the creation of new investment opportunities, and ensuring competitiveness and integration with the regional and world economies.

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Uganda's Flower Farms and Private Sector Development

Development and Change ◽

10.1111/j.1467-7660.2011.01732.x ◽

2011 ◽

Vol 42 (5) ◽

pp. 1207-1240 ◽

Cited By ~ 9

Author(s):

Mark Langan

Keyword(s):

Private Sector ◽

Private Sector Development

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The State, Private Sector Development, and Ghana's “Golden Age of Business”

African Studies Review ◽

10.1353/arw.2006.0053 ◽

2006 ◽

Vol 49 (1) ◽

pp. 31-50 ◽

Cited By ~ 18

Author(s):

Peter Arthur

Keyword(s):

Economic Development ◽

Private Sector ◽

Development Strategy ◽

Golden Age ◽

Structural Adjustment ◽

Investment Climate ◽

Private Sector Development ◽

Effective Implementation ◽

Adjustment Program ◽

The Government

Abstract:The promotion of the private sector has become an integral part of Ghana's economic development strategy since it embarked on its structural adjustment program (SAP) in 1983. Private sector development, which involves the improvement of the investment climate and the enhancing of basic service delivery, is considered one of the necessary factors for sustaining and expanding businesses, stimulating economic growth, and reducing poverty. This article examines the policies of Ghana's New Patriotic Party (NPP) government and its strategies for making the private sector the bedrock of economic development and for achieving what it calls the “Golden Age of Business.” It argues that while the policies and initiatives being pursued have the potential to help in the development of the private sector in Ghana, the government has to play a more central role in this process, not only by creating the enabling environment for private businesses, but also by providing business with support and protection. While the “Golden Age of Business” is a neoliberal concept, its effective implementation requires a robust statist input.

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