The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mr. Yofi Grant, says Ghanaian businesses are better off with government incentives aimed at fostering their growth rather than being protected from foreign competition.
Speaking during week 2 of the Citi Business Festival on the theme, ‘Doing business in Ghana as a Micro Small and Medium Enterprise (MSMEs),’ Mr. Yofi Grant was of the view that if local businesses are given some good incentives such as access to capital, and are made to pay lower taxes, it would be more useful than protecting them against competition from foreign businesses.
Mr. Yofi Grant explained that while there is the need to push policymakers to put in place measures to ensure that Ghanaian businesses are incentivized, there is also the need to address instances where some foreign traders infringe on the country’s trading laws.
“You mentioned the problem that we have with traders, where there is a clear law that has been infringed on by foreign traders; that has to be dealt with. So in a bigger business ecosystem, protection is good, but incentives are much better. So if our traders get a very attractive incentive that makes them competitive, they will out-compete every foreigner that comes here.”
“If they get lower cost of capital, if they pay lower taxes, if they have access to money at a lower cost, they can outcompete anyone that comes into the market,” he said.
Mr. Yofi Grant expressed his outfit’s readiness to help address the challenges faced by MSMEs in the country.
Other speakers for the week two discussion were Dr. Abdallah Ali Nakyea; Senior Lecturer of the University of Ghana Law School, Jemima Oware, the Director of Business Banking at Absa Bank Ghana, Grace Anim-Yeboah, and the Registrar General, who joined the discussion via zoom alongside Professor Alex Dodoo, Chief Executive Officer (CEO) of the Ghana Standards Authority
The Ghana Investment Promotion Centre is Ghana’s foremost investment attraction and promotion agency under the Office of the President.
The Centre courts and facilitates valuable investments to stimulate economic growth, unlock opportunities and spur job creation.
The Citi Business Festival is an extensive month-long program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.
The virtual business fora are live on Citi TV every Tuesday from 11:00 am to 1:00 pm.
The radio on-air series is themed to correspond with the various virtual forums at 9:20 am every weekday.
The Citi Business Festival is sponsored by Absa Bank Ghana with support from IT Consortium and the Ghana Investment Promotion Centre (GIPC).
It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.