EXECUTIVE SUMMARY sector groups as sources of inputs to policymaking and economic planning. 12. There has been general agreement among stakeholders that national ownership of economic programmes and policies would require the willingness of Ghanaian citizens to take full responsibility for the outcome of national policies. Ownership matters, not only because programmes would then better reflect the preferences and interests of the citizens, but also because it would result in fuller implementation of programmes. Reducing aid dependence could enhance ownership, but most stakeholders consider the domestic capacity to design and implement sound programmes a far more important instrument for bringing about effective ownership. In fact, stakeholders are generally not overly alarmed by the current reliance on foreign aid to finance development expenditure, even though they would prefer a situation of less dependence. Corporate governance 13. Globalisation and the liberalisation of the economy in recent years have led to a palpable growth in the private sector in Ghana. The government has committed itself to the creation of a golden age for business in Ghana. It has created a Ministry for Private Sector Development (MPSD) to spearhead the realisation of a competitive and vibrant private sector. Ghana has a promising emergent capital market with remarkable performance, significant momentum and a determined will for improvement. These developments have placed a new emphasis on the need for good corporate governance in the country. 14. Despite the foregoing, several challenges are present. Awareness of corporate governance in general, and of corporate social responsibility in particular, is low. The Companies Code, which provides the main corporate governance framework for registered companies, is robust yet out of touch with current developments in corporate governance and is in need of updating. The institutions that are active in promoting good corporate governance are weak in finance, human and institutional terms. In addition, there has been a persistent lack of clarity in the respective roles of the public and private sectors. Difficulties are experienced in access to finance, domestic resource mobilisation, and support offered to small and medium enterprises (SMEs) to facilitate their growth and contribution to the economy. The failure to utilise effectively the preeminent role of the private sector in promoting growth has severely limited economic opportunities.