Assessment of the private sector : a case study and its methodological implications

WDP-93 World Bank Discussion Papers Assessment of the Private Sector A Case Study and Its Methodological Impl Samuel Paul ,.%,1a7  Recent World Bank Discussion Papers No. 31 Small Farmers in South Asia: Their Charaaeristics, Productivity, and Efficiency. Indeijit Singh No. 32 Tenancy in South Asia. Inderjit Singh No. 33 Land and Labor in South Asia. Inderjit Singh No. 35 Global Trends in Real Exchange Rates. Adrian Wood No. 36 Income Distribution and Economic Development in Malawi: Some Historical Perspectives. Frederic L. Pryor No. 37 Income Distribution and Economic Development in Madagascar: Some Historical Perspectives. Frederic L. Pryor No. 38 Quality Controls of Traded Commodities and Sewices in Developing Countries. Simon Rottenberg and Bruce Yandle No. 39 Livestock Production in North Africa and the Middle East: Problems and Perspectives. John C. Glenn [Also available in French (39F)] No. 40 Nongovemmental Organizations and Local Development. Michael M. 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To present these results with the least possible delay, the typescript of this paper has not been preparedl in accordance with the procedures appropriate to formal printed texts, and the World Bank accepts no responsibility for errors. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. 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The complete backlist of publications from the World Bank is shown in the annual Index of Publications, which contains an alphabetical title list (with full ordering information) and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from the Publications Sales Unit, Department F, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A., or from Publications, The World Bank, 66, avenue d'[ena, 75116 Paris, France. ISSN: 0259-21OX Samuel Paul is adviser on macromanagement in the Public Sector Management and Private Sector Development Division of the World Bank's Country Economics Department. Library of Congress Cataloging-in-Publication Data Paul, Samuel, 1930- Assessment of the private sector: a case study and its methodological implications / Samuel Paul. p. cm. -- (World Bank discussion papers: 93) ISBN 0-8213-1 597-8 1. Industry and state--Ghana. 2. Ghana--Economic Policy. I. Title. II. Series. HD3616.G533P38 1990 338.9667--dc20 90-1 2625 C IP  TABLE OF CONTENTS Page No. ACKNOWLEDGEMENTS ............................................. iv SUMMARY OF FINDINGS AND RECOMMENDATIONS ...................... v I. THE OBJECTIVES AND SCOPE OF PRIVATE SECTOR ASSESSMENT ........ 2 II. AN OVERVIEW OF GHANA'S PRIVATE SECTOR .10 III. THE PRIVATE INDUSTRY SECTOR: POLICIES, LAWS AND REGULATIONS .22 IV. PUBLIC INSTITUTIONS; CONSTRAINTS ON POLICY IMPLEMENTATION .31 V. PRIVATE SECTOR INSTITUTIONS: COLLECTIVE ACTION AND DIALOGUE .45 VI. CONCLUSION: STRENGTHS, WEAKNESSES AND DIRECTIONS FOR CHANGE ..49 VII. METHODOLOGICAL IMPLICATIONS FOR PSA IN OTHER COUNTRIES .62 ANNEX I...................................................... 71 ANNEX II .84 ANNEX III .................................................... 100  - iv - ACKNOWLEDGEMENTS The author is grateful to Bela Balassa, Vikram Nehru, Robert Warner, Polly Jones, Arturo Israel, Mary Shirley, and Shahla Torabi for their comments on an earlier version of this paper.  -v- SUMMARY OF FINDINGS AND RECOMMENDATIONS * This paper reports the findings of an assessment of the constraints on the private sector and the directional changes required for its development in Ghana. It is the first of a series of studies by the Public Sector Management and Private Sector Development Division of the World Bank to assist its country departments and borrower governments to analyze the problems facing the private sector and to design tools and policies to promote private sector development. * The exercise was a pilot test of the approach proposed in the Initiating Brief on Private Sector Assessment (CECPS, 1987). It was planned as a low cost effort (17 staffweeks) to be completed in six months. In view of data limitations, the assessment was confined to the industry sector of Ghana. * Judged by the criteria of the shares of GDP and employment, Ghana's economy is dominated by the private sector in spite of the rapid expansion of the public sector since the 1960s. Very little, however, is known about the performance of the private sector due to severe data limitations. * Recent policy reforms in Ghana have created a more favorable business environment and the foundation for a "level playing field" for the private sector. Important steps have been taken to  - vi - restore private sector confidence in the economy. The incentives for local and foreign private investment have been improved, and guarantees against expropriation have been put in place through a new investment code. Inspite of these improvements, however, government-private sectcor dialogue remains a weak spot in Ghana. * In general, the private sector in Ghana is likely to be held back more by institutional constraints than by policy inadequacies. While the Government has done much to remove the key policy constraints inhibiting overall private sector dievelopment, institutional constraints in the financial sector and the lack of support services to the 'private sector in important respects remain serious problems. It is also clear that new and small scale enterprises are hurt more severely by these constraints than established and large scale enterprises. At this juncture, Ghana's priority should tie to strengthen its institutions and implementation capacity t:o support the private sector rather than to further refine its policies. * The most severe constraint on the private sector in Ghana pertains to credit availability and allocation to the formal manufacturing sector. To a large extent, this problem reflects the short-term conflict between the objectives of stabilization and growth. In terms of action, therefore, the first priority should be to reform the financial institutions and credit policy so as to augment the supply of resources for long-term investment and production. The  - vii - small scale subsector whose access to the formal credit system remains limited deserves special attention in this regard. The speedy development of indigenous business enterprises will require new institutional mechanisms and facilities to ensure efficient and equitable access to credit for the small and medium scale local entrepreneurs. * The implementation of the new investment code has been hampered by a failure to realign existing laws, regulations and institutions with the provisions of the code. Complex regulations administered by multiple agencies are a particular constraint on the small and medium scale industries. Thus, a further priority is the earliest possible elimination of the regulatory impediments, both formal and informal, inhibiting new investments. The starting point here should be to review earlier sector-specific legislation governing certain ministries which continue to conflict with the Code. Based on this review, such legislation should be abrogated or amended so that the processing of investment approvals can proceed smoothly. Immediate steps should also be taken to strengthen the Ghana Investment Centre's (GIC) capacity for investment promotion both locally and abroad. The GIC should be encouraged to utilize the assistance offered by the Bank and the Irish Development Authority to meet these needs. * The new Investment Code has now been in operation for about three years. The third priority action in support of the private sector is to review its provisions and regulations together with those  viii - relating to relevant ministries (e.g., Industry, Agriculture including Fisheries, Trade, Transport, Tourism, NRS, etc.), in order (i) to identify the sections of the Code which require amendments or subsidiary legislation so as to improve the processing of investment proposals, and (ii) to revise the Code and its regulations in light of the findings. This review could be used also for modifying the nature and scope of incentives. For example, the case for reducing the Code's bias in favor of capital intensive investments could be re-examined in the course of the review; the relevance of some of the incentives in light of the recent tax and tariff reforms also needs to be reviewed. * The assessment of the individual institutions presented in this report is based on existing documentation and very limited fieldwork. Several public institutions are identified as critical to private sector developmnent. The next and very important step is to assess their institutional capacities and to strengthen them to play their redefined roles. The fourth priority, therefore, is to complete a systematic aLssessment of the key public institutions (building on existing studies where available), aLnd to propose a phased plan for their reform. The plan should include a redefinition of the objectives of each institution, the redesign of their tasks and organization structures, the elimination of superfluous functions, and proposals for their staff development.  -ix- * The public institutions discussed in this report are unlikely to become strong and useful aids to the private sector unless an integrated view is taken of their long-term needs and the strategies for their development are carefully planned and supported. The fifth priority, therefore, is to encourage donors to take a long-term view of the needs of the key public institutions concerned. Sustainability of institutions should be the primary criterion for donor assistance. In the past, donors, including the Bank, have offered piece-meal support to these agencies for activities of special interest to them. Donor strategy should now focus more sharply on the core support and long-term actions required for the survival and growth of the institutions. * Barriers to entry and exit which stem from the less visible, "informal" regulatory constraints in Ghana deserves careful attention. There is evidence to show that the labor market, in particular, suffers from this malady in contrast to product markets which have moved more decisively towards liberalization. A systematic assessment of the impact of the labor market's regulatory framework on the private sector and of the reforms required to improve the functioning of this market is in order. * The existing three private sector associations should be encouraged to set up suitable institutional mechanisms to undertake serious studies of their common problems and to use them  x to dialogue with the Government. There is a case for developing their capacity to play a proactive role in this area, especially in the absence of autonomous policy research institutions. One option is to set up a priLvate foundation under the auspices of the associations and finance it through industry contributions. Research and publication activities could then be organized through the foundation. This will enable the associations to tap the expertise available in the country and to undertake studies on current policy issues and. disseminate or use their findings to influence policies of relevance to the private sector. Private sector-government dialogue should be seen as an important part of the process of building up private sector confidence in Ghana. * Small scale industries shDuld be encouraged to establish their own association for collaborative action and dialogue with the Government, and to providts information and advisory services to members in different regions. At present, there is no forum for the small scale entrepreneurs to get together and to make their voice heard by the Govermnent. An association of small scale industries, as and when created, will also need to have a regional presence as its members will be located in different parts of the country.  - xi - * The Ghana exercise confirmed the usefulness of the approach and guidelines proposed in the Initiating Brief. Among its methodological implications for such assessments in other countries are the usefulness of separate working groups for different segments of the private sector if a comprehensive assessment is envisaged, the importance of the government's interest and cooperation in the exercise, and the key role of private entrepreneurs and managers as a source of data and ideas for action. The Bank's considerable economic and sector work on Ghana made it possible to complete the assessment at low cost in spite of the data limitations encountered in the field.   PRIVATE SECTOR ASSESSMENT: The purpose of this paper is to report on an assessment of the private sector in Ghana which was undertaken by the Public Sector Management and Private Sector Development Division (CECPS) during FY88. The rationale of this pilot exercise is twofold: First of all, given the vastness of the private sector in many countries, it is necessary to test the concept of private sector assessment in the field in order to set limits to its scope. Second, a pilot effort is useful to generate experience in conducting the assessment with speed and economy. In general, this exercise has followed the approach and methodological guidelines proposed in Private Sector Assessment: An Initiating Brief (See Annex I for details). The first six sections of the paper deal with different aspects of the assessments of the private sector in Ghana and the findings of the exercise. Section I of the paper outlines the objectives and scope of the assessment exercise, and the reasons for the choice of Ghana for this pilot effort. Section II provides a brief overview of the private sector in Ghana based largely on the work of a local consultant commissioned for this  2- purpose. Ghana's policies, laws and regulations affecting the private sector, its public institutions relevant to private sector development, and its private sector institutions for collaborative action and dialogue are then assessed in Sections III. IV and V, respectively. All of these interrelated components are examined with special reference to the industry segment of the private sector which is the focus of the detailed assessment. The conclusions of the exercise are presented in Section VI. Some of the methodological lessons of this exercise and their implications for private sector assessments eLsewhere are discussed in the last section which will be of special interest to those who wish to undertake or finance private sector assessment in other countries. 1. The Obiectives andLScope of Private Sector Assessment Private Sector Assessmenit (PSA) is a form of sector work which could provide useful insights to country governments with a strong interest: in private sector development (P';D). If countries seek external assistance for PSD, the Bank's CountryC Departments may use PSA as a tool to assist interested governments in the, formulation of country strategies for PSD. A strategy for PSD should be firmly, grounded in a careful assessment of the constraints on the private sector and a sound understanding of the feasible options and the resources required to promote its development. In general, PSA is designed to achieve the following object:ves:l (1) to provide an overview of the nature and scope of the private sector in the selected 1/ PSA Initiatinif Brief (Annex 1) p. 6-7.  -3- country, as a basis for choosing priority areas or issues pertaining to the private sector for detailed diagnosis; (2) to identify the strengths and weaknesses of the totality or selected segments of the private sector depending on the outcome of (1) above; and (3) to suggest the directions for change and possible approaches to strengthening PSD in light of the foregoing diagnosis. The extent to which each of these objectives is achieved through PSA will depend very much on the scope of the exercise and the resources, skills and time available to complete it. Private Sector Development is sometimes viewed as pertaining to the realm of organized industry and commerce alone. From a national perspective, it is appropriate to broaden the scope of the exercise to include all areas or sectors of activity in which private initiative and participation have a useful role. In most countries, the private sector has relevance not only to industry, finance and trade but also to agriculture, education, health and other social services. All these large scale, organized activities may coexist in some countries with a wide range of informal activities which operate almost as an underground economy beyond the pale of law. While it is possible to limit the scope of private sector assessment to a single sector, subsector, or a sectoral issue (e.g., small industry sector, regulatory framework, infrastructure, etc.), there is considerable merit in starting with a broad overview of the private sector as a basis for prioritizing its constraints, needs and their linkages. Specific problems for in-depth diagnosis could then be chosen within this framework. In the absence of a systematic overview, the exercise could well be driven by pre-conceived notions of private sector constraints and needs.  -4- Four elements werek identified in the PSA Initiatnge Brief as the key factors influencing PSD in any country. These are the policies, laws and regulations affecting privaLte sector activities, the capacity and quality of management of the puLblic institutions implementing policies, laws and regulations, the quality and dynamism of the private sector institutions which provide comaon services to their constiLtuents, and the operating legal system of the country. It was decidecd that the pilot PSA exercise in Ghana should explore these basic factors aLs further defined below, subject to the availability of data. At the conclusion of the general overview of the private sector, however, it was felt that the exercise should focus more on the first three factors. The fourth, namely, the operating legal system, called for more detailed fieldwork than the present exercise could provide or afford. Aspects of the legal system directly pertinent to PSD (o.g., investment laws, tax laws, etc.), however, have been examined here, bul: not the more basic and pervasive legal constraints (e.g., those pertaining to land tenure laws, criminal law, property rights, etc.). Policies. Laws and Refulaticina In the developing world, inappropriate policies pose two types of barriers to the progress of the private sector: (1) conventional barriers to entry and exit which tencL to limit potential competition and protect the beneficiaries of the systemt at the expense of society at 'Large; and (2) physical controls on the acq[uisi.tion of technology, capital and raw  *5. materials which tend to cause allocational and x-inefficiencies. The removal of such barriers inevitably calls for a reform of the country's basic economic policies. Furthermore, PSD may not occur without governments taking the initiative to provide positive incentives and assistance to local entrepreneurs. Thus stability of policies and a reasonable assurance of a fair return or reward for investment and labor tend to act as incentives for the private sector to perform better. For example, even when entry barriers are removed, but taxes are too high or a threat of expropriation of assets exists, incentives for PSD get weakened. Similarly, PSD requires policies and programs that facilitate the provision of infrastructural facilities; development of the capital market and related institutions which provide funds and financial services, and the supply of skilled manpower. Needless to say, in extremely poor and small countries, private entrepreneurship and managerial capacity tend to be scarce resources and the removal of barriers or provision of incentives may not bring about indigenous PSD in the short run in such settings. In such cases, there is clearly a need for a longer term perspective on PSD, and a willingness to invest in the needed infrastructure and to create opportunities for learning through innovative forms of assistance and of partnership between countries and external donors or collaborators. Public Sector Institutions An important component of a supportive institutional framework is the capacity of the country's public institutions, both economic and  -6 financial, to plan and implemeni: the government's policies, programs and infrastructural services relevant to the private sector. Given the realities of the developing world, an exclusive focus on policy reform as a means to achieve PSD is an inadequate approach to PSD. In some countries, the liberalization of policies, has led to the lifting of entry barriers, deregulation of previously controlled activities including financial operations, and restructured public investment policies. ]But liberalization does not necessarily lead to an end of all regulations. For example, where market power is aL problem, governments need to play a regulatory role. Public agenciets may be required in almost all cases to monitor and assist the process of PSD. There is considerable evidence to show that even when policies arei well conceived, the faulty design of laws, regulations, programs and procedures, and their poor imsplemrentation by public agencies, tend to have an adverse impact on PSD. Regulations and the procedures for their implementation may be so cumbersome and time consuming from the standpoint of' entrepreneurs that they are frustrated and turn to the underground economy and other shortcuts which tend to breed corruption. It is for these reasons that attention should be paid not only to the adequacy of the policy and regulatory framework but also the capacity and incentives of tlhe public institutions that implement it. Private Sector Institutions There are, of c-urse, limits to the extent to which public sector institutions can be reformed. Established traditions and ways of doing business, vested interests of powerful groups and the lack of pressure from  -7. users/clients for greater public accountability are factors which tend to delay the process of reform. On the other hand, where an organized private sector exists (e.g. industrial or commercial enterprises, NGOs, etc.), it is possible for its members to have an influence on the policy and institutional environments of their countries through collaborative action. Such collective endeavors may take the form of: (a) representative organizations such as chambers of commerce and small industry associations; (b) problem solving and policy advisory groups such as private foundations and consultancy organizations (such private organizations exist in several Latin American and Asian countries); (c) professional associations which uphold standards and educate their members (e.g., associations of accountants, auditors, engineers, managers, etc.); (d) resource mobilizing and allocating bodies such as stock exchanges and private financial institutions; and (e) consumer related movements which demand service and quality. The case for strengthening their role in LDCs is all the greater as they could be an important aid to PSD through their influence on the policy and institutional environment in which they operate and the sense of self reliance they help engender in the private sector through collaborative action. Needless to say, there is the risk that the organized private sector may use its influence against much needed policy reforms or to protect its sectional interests, and governments need to be alert to keep such tendencies in check.  -8- The Operating Legal Svsteni Inadequacies in the ciperating legal system of a country often prevent the effective implementation of its policies, laws and regulations. They have adverse effects on many sectors of private economic activity. Gaps in the basic legal framework necessary for PSD including property rights (ownership, transfer and bankruptcy), contractual rights, law of associations, criminal law, labor laws, problems of dispute settlement and enforcement of law, etc., can have adverse motivational effects on entrepreneurs, and impair the efficient operation of markets. Furthermore, inefficiencies in the administration and enforcement of the law tend to cause a crisis of public confidence as it is the observed administration of law that influences public behavior. Hence, gaps in the 'operating" legal system may well shed light on ehe reasons for the poor performance of markets, the weak response of entrepreneurs and the failure to mobilize capital in a given country. The recent report of t:he Review Group on Private Sector Development (World Bank, Jume L988) has identified social and physical infrastructure as one of the seven factors which contribute to the enabling environment required for PSD.2 In the present exercise, the first round of interviews with private entrepreneurs did not identify that 2/ The PSA Initiatint Brief treats infrastructure under two of the four factors, namely, policies, and public sector institutions.  -9- infrastructure was'a major constraint. This is not to say that infrastructure will not emerge as a barrier to PSD in Ghana in the future; however, a judgement was made, as explained in a later section, that it need not be assessed in depth at this stage. Whv Ghana? Ghana was selected for the pilot exercise for several reasons. First of all, the Government of Ghana (GOG) had declared its intention to promote PSD. The Economic Recovery Program of Ghana therefore included a number of policy reforms and related actions to strengthen the private sector and to augment the incentives available to potential private investors, both foreign and indigenous. GOG was thus perceived to be supportive of PSD; it was also willing to collaborate, in the PSA exercise. Second, the Bank Group had already done a fair amount of work relevant to PSD in Ghana. Though major information gaps still existed in Ghana, it was felt that more data and diagnostic evidence was available on different dimensions of the private sector in Ghana than in many other Sub-Saharan African countries. Third, when the PSA exercise was being planned in FY88, the Bank and GOG were in dialogue on Structural Adjustment Credit II (SAC II). Since both parties agreed that PSD should be a component in SAC II, the Country Department concerned (AF4) welcomed the opportunity to undertake the pilot PSA exercise and supported it by allocating the necessary resources jointly with CECPS. Thus the active interest and support of the Bank's Country Department and of GOG were major factors that led to the choice of Ghana for the pilot PSA exercise.  - 10 - II, An Overview of Ghana's Private Sector Ghana had a gross domestic product (GDP) of $5720 million in 1986.3 Agriculture, livestock and fishing accounted for 51 percent of the GDP in 1986 followed by trade (11.1 percent) and manufacturing (9 percent). The distribution of GDP by majcr activity and by ownership (public vs. private) is given in Table 1. In 1986, for example, 64.3 percent of the GDP was generated by the private sector. This is admittedly a crude estimate based on certain assumptions and informed judgements about the economy which are explained in Table 1. According to The Census of 1984., Ghana's population was 12.3 million and the private sector's share of employment in that year was 89.7 percent of the 5.4 million gainfully employed labor force.4 The private sector's share of employment was the highest in Agriculture (97.6 percent), followed by wholesale and retail trade (97 percent) and manufacturing (95 percent). Table 2 provides fuller details of the distribution of employment. Even when agriculture is excluded, the private sector accounted for 77.5 percent of the total employment in 1984. An overview of the structure and relative importance of the private sector in the major segments of activity in Ghana is presented below. A systematic disaggregation of the economy to highlight the private 3/ The data reported in this section are based on the consultant report The Private Sector in the Economy of Ghana, May 1988. 4/ Employment data for 1986 were not available for the economy as a whole.  -~ 11 - wa 60oss DOIIS?'C PIODUCt liD IILkI?I? Sill! Or * JOI lIDISTIISS l1C0IOUIC QCTiII1 - 11 IILLOI0 CIDIS 4pp 53.41: S3~.12 .1AX 6.1 :b.11sm I Qvtryl * 51.33 Ss.): 61535 10336 184.2 47.15 453 183 154.7 *3.T 5 - 3 Skirt is GD Ceaetia F1.i1 : 1.P S: 1p a salf acturim M.1: 410.!'. 511-~~~a I 2 ft$ II IIAI Isal 7-135. 82 SkirtI Go? i-:: t l : ,: Slatre is ial GD?3.41: 53.521 51.82: se. : 1*s :1 : :I.Triept. C t' ' ' ' ' :iiat ca teas 1g12e : it.: : t 5423.7:S 60.8 : .3 : 't.1 44.2 411 0.0: 1' 2.1 I3.: 14.7: 9:341i9s1T: is. '.2 iShare G? n.Ll uct:: i.s i.i : . :c.Iuetactuia :327.8:3TS70.1:60.1 7'20 82 : e.: 525.