The Ghana National Chamber of Commerce and Industry (GNCCI) has reiterated calls for government to solve the numerous challenges facing business associations in the country.
The GNCCI has described the current business environment as tough, expressing fears that companies may soon shut down if government fails to address issues such as high interest rates on loans.
In addition, the GNCCI is not happy about the depreciation of the cedi—which they say has increased the cost of importing raw materials into the country.
Speaking at the GNCCI 42nd Annual General Meeting, President of the Chamber Nana Dr. Appiagyei Dankawoso II, said industry is struggling to operate.
He warned that companies may be forced to lay off workers if the situation is not improved since cost of production keeps increasing.
“Government must step in to solve the current situation that businesses are going through especially the cost of borrowing. High interest rates on loans is really hampering the growth of businesses. We need to address that as a country”, he said.
He maintained that local businesses are becoming uncompetitive as access to credit keeps tightening.
Nana Dr. Appiagyei Dankawoso II stated that local Ghanaian companies are unable to operate in the country due to unfair competition from the import of cheap products.
He stressed that remedial measures must be taken to improve the business environment for local companies, else Ghana may lose some of its vibrant companies creating jobs in the industry sector.
Applauding BoG for banking sector clean up
Touching on issues in the banking sector, Nana Dr. Appiagyei Dankawoso II applauded the Bank of Ghana for the reforms being undertaken to strengthen the financial sector.
He urged government to undertake prudent economic and financial measures to consolidate the efforts of the BoG in order to curtail the unemployment spillovers that will emanate from the collapse of the seven banks.
“The measures taken to collapse the two local banks, the recapitalization of the banking, the consolidation of five banks are part of the collective aim of building a competitive and resilient financial sector for the growth and development of the country.”
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By: Nana Oye Ankrah/citibusinessnews.com/Ghana