GNCCI Inaugurates new National Council Members
The Ghana National Chamber of Commerce and Industry (GNCCI) has marked a new milestone with the inauguration of its National Council on Thursday, 14th February 2023.
This important event has signified a new chapter in the history of the GNCCI, which has been at the forefront of promoting trade, commerce, and industry in Ghana for over 20 decades years. This follows the dissolution of the previous National Council at the 46th Annual General Meeting (AGM) held on 26 October 2022, in accordance with the GNCCI Constitution (Legislative Instrument, L.I. 611 of 1968).
The newly inaugurated National Council is made up of a team 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.
Moreover, 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, 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 National Council is convinced that regular mutual stakeholder engagement is crucial to overcoming any challenge. The government must leverage the goodwill of the private sector to effectively address these economic challenges and create a favourable environment for businesses to thrive.
The GNCCI's new leadership is poised to take the Chamber to greater heights and strengthen its position as a critical advocate for Ghana's private sector. With a focus on promoting exports, facilitating access to finance for SMEs, enhancing skills and knowledge development, and promoting trade and investment, the GNCCI is positioned to drive economic growth and development in Ghana.
The inauguration of the GNCCI's National Council is a significant milestone in the Chamber's history. The Chamber's role in promoting trade and commerce in Ghana is vital to the country's economic growth and development. The new Council's 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.