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President John Dramani Mahama has lamented the negative effect the power crisis would have on gains made by the government to boost the private sector.

Addressing a Private Sector Council meeting at the Flagstaff House on Tuesday, President Mahama noted that the government was working to develop a thriving industry and competitive private sector, including giving direct funds to some private companies. 

However, he said government’s interventions were being eroded with the current energy challenges.

“I am particularly concerned about the effects of the load management exercise on our small scale industries and businesses which we have together been working to develop and make a lot more competitive.”

“In the last year we have given further meaning to that objective with direct financial support to certain segments of the private sector. The ongoing load management exercise …will definitely erode some of the gains we made last year,” the President said.

President Mahama’s concerns come on the back of the Association of Ghana Industries, listing the erratic power supply as the number one challenge local businesses are grappling with daily.

The problem has led to some businesses laying off workers to remain in business.

The current challenges notwithstanding, President Mahama expressed optimism government’s “agenda for transformation in the promotion of made in Ghana Goods” offers huge opportunities to businesses and called on foreign partners to set up local production bases to expand the country’s exports.

Tuesday’s Private Sector Council meeting is the first of three meetings scheduled for 2015.

Members of the Council include Ministers for Finance, Seth Tekpeh, and Trade and Industries, Dr Ekow Spio-Gabrah.

The others are Chairman and Director General of the National Development Planning Commission, CEO, Private Sector Development, the Head, DFID, the Country Representative, DANIDA, Head of Cooperation, SECO, Swiss Embassy, the Mission Director, USAID, CEO’s, Ghana Investments Promotion Center, Ghana Export Promotion Authority, the Ghana Chamber of Mines and the Private Enterprise Federation.

The Presidents, Ghana National Chamber of Commerce, Association of Ghana Industries, Ghana Employers Association, Federation of Association of Ghana Exporters and Country Director of the World Bank.