GNCCI CALLS ON THE VICE PRESIDENT, DR MAHAMUDU BAWUMIA
A high-level delegation of the Ghana National Chamber of Commerce and Industry paid a courtesy call on the Vice President of the Republic of Ghana, His Excellency Alhaji Dr. Mahamudu Bawumia, at the Jubilee House in Accra.
The delegation includes Mr. Clement Osei Amoako (President, GNCCI), Mrs. Victoria M. E. Hajar (1st Vice-President, GNCCI) Mr. Stephane Miezan (2nd Vice-President, GNCCI) Mr. Mark Badu-Aboagye (CEO, GNCCI), Dr. Kojo Aboagye- Debrah (Chairman, Banks and Non-Financial Institutions, GNCCI, Trade Sector), Mr. Peter Atsu Dotse (Communications Officer, GNCCI) some Council Members of the Chamber.
The visit was to enable the GNCCI to share its views on how to deal with the present economic challenges confronting the world and how it intended to assist the government in its plans to assist the business community.
In a brief remark, Mr. Clement Osei-Amoako President of the Chamber commended the government for ensuring stability between 2017 and 2019, but said it was unfortunate that the recovery process after the COVID-19 pandemic was also facing severe challenges and thereby collapsing the business of members of the chamber. “The current demand approach by the central bank in tackling the challenges was not yielding results due to supply sources of the problem” he said.
According to him, the fuel effect, food and energy and imported inflation are beyond the policy control of the Bank of Ghana and so the chamber wants to be abreast of what the government has done so far to resolve the issues so that the GNCCI can also support in that direction, Mr Osei-Amoako explained, adding that “as a business support organisation, we find this approach essential to enable us to leapfrog our development stage.”
The President of the Chamber also stated that the regulatory environments, high cost of capital, taxes and cost of electricity, among other obstacles, were undermining the competitiveness of businesses in Ghana. He said, “the Chamber’s evidence-based advocacy in addition to engagements with the business community and policy makers had shown that the critical issues affecting the private sector required a thorough micro-approach that would provide the enablers for the attainment of the macro policies being implemented by government.”
In response Vice-President, Dr Mahamudu Bawumia, reiterated the government’s relentless efforts to improve the economy for the greater good of the business community and the country at large. He stressed government has resolved to develop a holistic and a sustainable approach for a long-term solution towards addressing the challenges confronting the economy.
Dr. Mahamudu Bawumia was happy with the Chamber’s assessment of the economy and commended the Chamber for its continuous partnership with the government and as key private sector player in the economic success of the country. He expressed his excitement about the chamber’s visit. “We do not know what is coming and when it will end, therefore countries that position themselves well with the private sector will be the winners at the end of the day” he said.
While emphasising the commitment of the government to improve on food production, the Vice-President indicated that the agriculture sector was the way to ensure there was sufficient food on the continent. He highlighted the Impending Cabinet Meeting of which the President will want to sit in with the Economic Team to come out with alternative measures to resolve the current challenges.
Vice-President Bawumia said, government has resolved to go into huge food production to resolve food inflation and food security in the country. He also mentioned some measures being put in place by government which he said included the recently launched digital platforms as part of the process to improve the business environment as well as making the economy cashless to help provide financial inclusion to all Ghanaians through digital banking.
Dr. Bamumia further assured the GNCCI delegation that the issue of the country’s unattractiveness in terms of investments would also be addressed and said “it is instructive to empower businesses to effectively withstand the shocks emanating from the market, industry, and economy."