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President John Evans Atta Mills has directed the Ministries of Finance and Economic Planning, and Energy to prepare Petroleum Revenue Management and Petroleum Bills respectively to provide a framework to regulate the oil sector, guide government in managing the oil revenue for a holistic national development. �We are learning from the experiences of our neighbours to make sure the oil and gas resources remain a blessing,� he told participants at the opening of a roundtable discussion on business development in Accra on Monday, October 12, 2009. In addition, he said, it was the aim of the government to formulate plans and implement programmes that would strengthen the capacity of domestic firms to take advantage of the downstream oil and gas activities. �We want to use this natural resource responsibly. We want to channel the resources into development,� he said. The two-day meeting attended by government officials, high ranking economists, and business experts from within and outside Ghana was organised by The Economist, an international business and current affairs magazine, to create a platform to address issues that hinder the growth of business, especially in developing countries. President Mills said government�s support for domestic firms was the only way the private sector could be strengthened to create jobs and enhance the growth of the economy, adding that growth should not be the responsibility of government alone, but the private sector as well. �We recognize that private sector participation is the only way we will be able to achieve our economic vision of investing in our people and developing infrastructure,� he said. As an indication of the government�s support to the private sector, Presdient Mills announced that he has instructed the Ministry of Finance to review the current regime on tax exemptions and tax incentives to ensure fair taxation. The idea behind the move, he said, was to ensure that �whilst we are prepared to look at the tax structure, we do not want a situation where our tax base becomes eroded.� �We want a tax system that will be fair to both businesses and households,� he said, adding that government was committed to eradicating cumbersome tax procedures. While government will provide the necessary assistance for the growth of the private sector, he reminded them of the need to be alive to their social responsibility to protect the welfare of Ghanaians. He also assured foreign investors of a congenial business atmosphere, but advised them to abide by the rules and regulations. �You have to respect our laws. We are not going to bend the rule for anybody, neither are we going to harass anybody,� he said. He cited some of the problems facing the local firms, such as unfair competition, low capital and inadequate labour expertise, and reiterated government�s commitment to help in addressing those challenges. �We don�t want a situation where our domestic firms are crippled by unfair trade and inadequate financing,� he stated. Some of the issues discussed at the roundtable, the second to be held, were the management of the impact of the global financial crisis, governmental protection for domestic industries, management of the oil sector and reducing reliance on aid. Philip Walker, Senior Economist with the organisers (Economist group) in his address cited Ghana as a preferred business destination, but urged that adequate measures be put in place to remove bottlenecks in the business sector.