Wednesday, November 16, 2011

Look within to grow indigenous businesses - GCCI

Government must put premium on the private sector to create social development and drive growth to reduce poverty, says the Ghana Chamber of Commerce and Industry (GCCI).

“Since government cannot provide the jobs directly but through the private sector, there should be a conscious effort in that direction.

“The way forward would be to ensure that appropriate macro-economic policies are implemented to create the much-needed enabling environment for businesses as well as entrepreneurs, the main stakeholders for the private sector to become the actual engine of growth,” Mr. Seth Adjei-Baah, President of GCCI, said in Accra at the launch of its 250th-year anniversary.

Mr. Adjei-Baah, who is also the Member of Parliament for Nkawkaw, speaking under the theme “Commerce and Industry in a Growing Economy”, said: “It is time for the nation to look within: government over the years has always created an environment to favour only foreigners. This, we think, is not the best – and we urge government to discard that idea to make the environment favorable for Ghanaian investors to explore as well.”

He indicated that the time has come for the country to undergo an industrial revolution, wherein all goods and services needed would be produced by indigenous companies.

“The mining industry is one example: Ghana cannot boast a single indigenous mining company, even though we have been engaging in mining for a long time.

“In the 60’s and 70’s Ghana had many vehicle-assembling plants; but, sadly, four decades down the line we cannot produce basic car accessories. We import almost everything, from toothpicks to airplanes,” Mr. Adjei-Baah remarked.

Hannah Tetteh, Minister of Trade and Industry, pledged government support to the private sector with the implementation of policies and strategies to enable businesses compete with their counterparts on the global market.

“Ghanaian industries could compete with their counterparts on the world market when they change their style of performance.”

She said the industries needed to focus on higher education and on how to promote Made-In Ghana goods in other countries, and advised local industries to partner their counterparts in other countries in the world to promote Made-In Ghana goods.

Mr. Emmanuel Doni-Kwame, Chief Executive Officer of GCCI, in recounting some achievements of the Chamber over the years pointed out establishment of the free exchange rate regime and review of trade facilitation at the ports.

The Chamber, in collaboration with other private sector development organizations, advocated the reduction of Corporate Tax from 55 percent in the 1970’s to ensure an enabling environment for businesses to operate effectively in the country.

Mr. Doni-Kwame said: “Ghana being acclaimed one of the fastest-growing economies in the world was a motivation for the growth of businesses in the country.

“A lot has changed since 1761 – we moved from an unsuccessful plantation economy to import substitution, to a controlled economy, then to a free liberalised economy and now an oil economy.

“The popularity of Ghana as one of the fastest-growing economies in the world gives us reason to reflect on our theme: Commerce and Industry in a Growing Economy.

“The chamber has been contributing its quota in policy formulation, especially making inputs to the national budget and monitoring its implementation.

“We have been able to research issues in greater depth, and this enabled us to make more meaningful and constructive representations in our role as social partners.”

He added: “We are celebrating 250 years of business advocacy, and we can already conclude that it has largely benefitted the country and our business community.

“The Chamber of Commerce is arguably one of the oldest institutions in the country, with its establishment dating back to the 1760’s at Fort Christiansburg in Accra by the Danes.

“250 years ago, the aim of fostering economic and cultural ties between Ghana and Denmark may have seemed ambitious, but today we can say that this aim has been reached successfully.”

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