Cedi depreciation affected Chamber of Commerce
The Chairman of the Swiss-Ghanaian Chamber of Commerce, Dr Nortey Omaboe, has said the depreciation of the Ghanaian cedi, unstable electricity supplies, coupled with difficulties at the ports and the high cost of credit among others were issues that were plaguing members of the chamber as they got ready for their 2014 budgets.
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Also, the slowdown in activity in 2013, characterised by adverse variances in revenues, with actual targets falling below expectations, were some of the challenges currently facing the chamber.
Dr Omaboe was addressing some members and associates of the chamber during a breakfast meeting dubbed, “The chairman’s Breakfast Meeting” in Accra.
The event, held under the theme: “Enabling Businesses in Ghana: New Policy Initiatives in Trade & Industry,” was to provide an opportunity for member Chief Executive Officers (CEOs) to interact with the Minister of Trade and Industry on issues of concern to them.
He, however, assured members of steps that were being undertaken by the government to preserve and enhance the solid business fundamentals in the country.
Responding to some of the issues, the Minister of Trade and Industry, Mr Haruna Iddrisu, said the new policy direction of the government was to eliminate the inherent competition that existed between the public and the private sector.
This, he said, would help promote the economy of the country, as well as create the enabling environment for the private sector to leverage and deliver.
With regard to energy challenges, Mr Iddrisu said the government was committed to increasing the generation capacity from the current 2,000 megawatts to 5,000 megawatts and assured them of adequate and reliable energy for their operations.
Touching on the essence of the revision of the Ghana Investments and Promotion Centre (GIPC), Mr Iddrisu said the legislation was to stimulate strategic investment into the economy.
He said it would revise the country’s investment laws to reflect changing economic dynamics which would guarantee optimum business opportunities and incentives for Ghanaian enterprises.
Mr Iddrisu debunked claims that the government’s effort at emphasising local content or partnership with foreign companies was to nationalise foreign companies.
On port congestion, Mr Iddrisu said the government had taken far-reaching decisions to decongest the ports and reduce transaction cost by improving scanning processes and customs efficiency.
Mr Iddrisu disclosed that the objective of the National Export Strategy (NES), which was recently launched, was to increase export revenue to about US$5 billion by 2017.
He said the strategy also sought to intensify the production of non-traditional export products across the country such that each district would have at least one major export product.
Dr Nortey Omaboe, on behalf of the chamber, presented a citation in honour of the outgoing Swiss Ambassador, His Excellency Andrea Semadeni, for his determination, encouragement and direction which had led to the revival of the chamber.
In recognition of his close affinity to Switzerland as per his official engagements, Mr Iddrisu was also admitted as an honourary member of the chamber.
Daily Graphic/Ghana