GNCCI Calls for Swift Action to Empower Local Businesses for Economic Resilience

Strategic Insights -

The Ghana National Chamber of Commerce and Industry (GNCCI) has emphasized the need for swift and decisive action to strengthen the competitiveness of local firms, citing the importance of indigenous enterprises in boosting economic resilience, creating jobs, and harnessing regional and global trade opportunities. GNCCI President Stephane Miezan made this call at the chamber's 49th Annual General Meeting, urging the government to secure the competitiveness of local firms in the face of rising global trade tensions. He noted that empowering local businesses is essential not only to withstand external shocks but also to fully leverage emerging trade opportunities.

Key Takeaways:

  • The GNCCI President, Stephane Miezan, emphasized the need for swift and decisive action to boost the competitiveness of local firms, highlighting the importance of indigenous enterprises in economic resilience, job creation, and trade opportunities.
  • The chamber's theme for the 49th AGM, "Strengthening local businesses for sustainable growth and development," underscores the need for a united national effort to build an enabling environment for local businesses to grow sustainably and contribute meaningfully to Ghana's development.
  • The GNCCI's review of its performance in 2024 highlights its efforts to promote business interests through advocacy, trade facilitation, and capacity-building initiatives, despite challenges and opportunities in the global economic environment.
  • The chamber organized several policy dialogues, high-level stakeholder engagements, and technical workshops in 2024 to address key issues affecting business operations, including consultations on fiscal and monetary reforms and contributions to the 2025 National Budget.
  • The GNCCI played a significant role in influencing fiscal and monetary reforms, contributing substantial inputs to the 2025 National Budget, and engaging policy-makers on tax simplification, energy cost reduction, and industrial competitiveness.
  • The chamber's high-level dialogue with former Vice-President Dr. Mahamudu Bawumia provided a platform for presenting business community concerns and proposing actionable recommendations for improving Ghana's economic and investment climate.

Statistics:

  • Ghana's economy rebounded strongly in 2024, growing by 5.7 percent under the IMF Extended Credit Facility, driven largely by increased gold production and improved industrial output.
  • Inflation remained elevated at 23.8 percent in 2024, while challenges related to taxation, access to credit, and energy costs continued to constrain business growth.
  • Ghana's economy is projected to expand by 4 percent in 2025, supported by mining, improved debt sustainability, and fiscal prudence.

Sources:

  • The Business and Financial Times (no date provided)
  • Ghana National Chamber of Commerce and Industry (no date provided)