GNCCI CALLS ON DR. ERNEST ADDISON, GOVERNOR OF THE BANK OF GHANA

The Leadership of the Ghana Chamber of Commerce and Industry (GNCCI) has paid a visit to Dr. Ernest Addison, the Governor of the Bank of Ghana together with his two Deputies.

GNCCI delegation includes Mr. Clement Osei Amoako (President, GNCCI), Mr. Stephane Miezan (2nd Vice President, GNCCI) Dr. Mrs. Emelia Assiakwa (National Treasurer, GNCCI), Mr. Mark Badu-Aboagye (CEO, GNCCI), Dr. Kojo Aboagye- Debrah (Chairman, Banks and Non-Financial Institutions, GNCCI, Trade Sector) Mr. Julius Bradford Lamptey (Head, Research & Advocacy, GNCCI), Mr. Peter Atsu Dotse (Communications Officer, GNCCI).

The GNCCI gave their views on the difficulties of the economic environment, High inflation together demands policies, which are hurting businesses. 

Mr. Clement Osei Amoako, the President of the Chamber also highlighted how the high-interest rates and forex vulnerability are hurting businesses. He said from the Chamber’s perspective, the sources of inflation and depreciation are supply /structural driven, and demand of policies alone cannot resolve them.

The discussions were centered on inflation and depreciation of the cedi, policy rates increment, transport and utility increment affecting businesses, Ghana’s interest, debts and exchange rate and reduction of taxes on raw materials. Others are the food basket supply and demand solutions.

The Chamber called on the Bank of Ghana as a matter of urgency to raise the investor confidence to enable Ghana to go back to the international market to raise money, hence the need for a stakeholder forum.

The objective of the stakeholder engagement is to improve the Country’s rating which has been tainted by rating agencies because of the debt/GDP of the country. This is making it difficult to raise money on the international market. 

It is against this background that the Bank of Ghana is of the view that, the Chamber has a role to play to raise the investor credibility to improving the overall rating through stakeholder engagement.