Copyright ghanaguardian
The Ghana National Chamber of Commerce and Industry (GNCCI) has called on the government to take urgent steps to enhance the competitiveness of local enterprises amid growing global trade tensions and increased protectionism by advanced economies. Speaking at the Chamber’s 49th Annual General Meeting (AGM) in Accra, GNCCI President Stehane Miezan underscored the need for Ghana to strengthen its domestic business environment to withstand external shocks and leverage emerging trade opportunities within Africa and beyond. The AGM was held on the theme: “Strengthening Local Businesses for Sustainable Growth and Development.” Mr. Miezan said empowering indigenous businesses was crucial to achieving the government’s vision of job creation and shared prosperity, noting that sustainable national growth could only be achieved through a vibrant, competitive, and resilient local economy. “Our focus as a nation must be on creating an enabling environment that allows local businesses to grow sustainably, compete effectively, and contribute meaningfully to Ghana’s long-term development,” he stated. He noted that throughout 2024, the GNCCI undertook several national and regional engagements, including policy dialogues, technical workshops, and stakeholder consultations aimed at addressing challenges facing the private sector. The Chamber, he said, played a key role in influencing fiscal and monetary reforms, contributing to the 2025 National Budget, and advocating for measures such as tax simplification, energy cost reduction, and enhanced industrial competitiveness. On the global front, Mr. Miezan observed that the world economy grew modestly by 2.9% in 2024, the same as in 2023, but continued to face significant challenges due to tight monetary policies and ongoing geopolitical tensions. In Africa, growth rose slightly to 3.3%, supported by government expenditure and robust private consumption. However, persistent inflation, currency depreciation, and high debt-service obligations continued to undermine the region’s economic resilience. Turning to Ghana’s economy, Mr. Miezan noted that GDP growth improved from 3.0% in 2023 to 5.7% in 2024, buoyed by reforms under the IMF Extended Credit Facility (ECF) programme. He said engagements with GNCCI members revealed renewed confidence in the economy, which has also been reflected in assessments by global credit rating agencies. This optimism, he added, stemmed from the government’s and the Bank of Ghana’s prudent fiscal and monetary policies that have helped ease the cost of doing business and boost production. Despite the positive outlook, the GNCCI President cautioned that much work remained to be done to sustain the current momentum. He urged the government to intensify the fight against illegal mining (galamsey), which he described as a major threat to Ghana’s forests, water bodies, and cocoa industry. “The government must expedite efforts to repeal all laws that permit mining in once-reserved forests,” he stressed. Mr. Miezan also advised the government to maintain fiscal discipline to prevent future dependence on IMF support, warning that such programmes often impose conditions that constrain business growth. He further called for targeted policies to stimulate private sector investment in manufacturing, agriculture, and food production — sectors he described as critical to Ghana’s structural transformation and long-term economic resilience.
