In compliance with the Ghana National Chamber of Commerce and Industry Constitution, specifically the Legislative Instrument, L.I. 611 of 1968, GNCCI inaugurated its new National Council on Thursday, February 14th, 2023. The previous National Council was dissolved during the 46th Annual General Meeting held on October 26th, 2022.
The inauguration of the new National Council symbolizes the start of a fresh chapter for the GNCCI, as it continues to pursue its mandate of promoting the interests of businesses in Ghana and enhancing the economic development of the country. With this new council in place, the GNCCI is well-positioned to continue advocating for policies that support businesses, fostering partnerships between domestic and international companies, and providing resources and training to entrepreneurs and business owners across Ghana.
The newly inaugurated National Council consists of accomplished and experienced business leaders who will steer the affairs of the Chamber to achieve its objectives of promoting the interests of its members and advocating for a conducive business environment in Ghana. During his inaugural address, GNCCI President Mr. Clement Osei-Amoako, who also chairs the National Council, highlighted the Chamber’s core priorities, including promoting exports, facilitating access to finance for small and medium enterprises, enhancing skills and knowledge development, and promoting trade and investment in the country.
He emphasized that the timing of the Council’s inauguration is apt, given the current economic challenges facing the country. The President noted that the Ghanaian business environment is confronted with persistent hyperinflationary pressures hovering around 54 percent, eroding business capital. In addition, high lending rates are also impacting loan repayments as banks have revised their contractual loan pricing, leading to increased repayment costs.
Mr. Osei-Amoako expressed concern over the ongoing discussion on the Domestic Debt Exchange Programme (DDEP) and haircuts, citing its potential negative impact on businesses and investor confidence. He recommended that a successful DDEP implementation must consider the specific and overall impact on the Ghanaian economy, particularly the private sector, to maintain business and investor confidence and build a Ghana beyond aid.
The GNCCI National Council recommends that the government implement responsive policy coherence adjustments to address the current economic challenges and build accountability and milestone with specific timelines to monitor performance and actual achievements. Special emphasis must be placed on creating a conducive environment for the private sector that attracts foreign direct investments and increases its contribution to broad-based job creation, poverty reduction, and sustainable economic development.
The inauguration of the GNCCI’s National Council is a significant milestone in the Chamber’s history. The new leadership is poised to drive the Chamber’s success, and we look forward to seeing the positive impact the GNCCI will have on the private sector in the coming years. The GNCCI looks forward to another successful year of serving the needs of the Ghanaian business community under the guidance of its new National Council.
