He said while trade policies were not against partnerships of Foreign Direct Investments (FDIs), there must be a balance to ensure that Ghanaians got a greater share of the pie in terms of the benefits.

Speaking at the launch of the 2019 Business Climate Report by the UK- Ghana Chamber of Commerce (UKGCC), Mr Ahomka-Lindsey said it was important to create wealth for people by putting in place the right structures and systems to aid this process.

“It does not mean we don’t want partnerships or we don’t have room for FDIs, but what we need to do is to find the right balance and the right structure that provides a win-win situation.

We encourage partnerships because it is good business; we encourage industry because we think it is good business. We need to find a way to make sure that as we are growing the pie, Ghanaians are more centered and not taking the smaller share,” he said.

Private sector must rise

He said government remained committed to creating the enabling environment for the private sector to thrive as industrialisation was key to change the structure of the economy.

He also urged them to be ready to take advantage of opportunities that existed under the expanding global trade landscape as government could not do everything by itself.

The survey

The survey was conducted by the UKGCC with an aim of providing insights into the current macroeconomic situation and business and investment climate in Ghana as perceived by businesses operating in Ghana.

It comprised 22 questions that were devised to facilitate the assessment of the current economic situation in Ghana and how Ghana’s business environment impacted on individual companies and company demographics.

Respondents to the survey represented a wide range of 13 sectors, the top five sectors being professional, scientific and technical services; construction and real estate; mining & oil & gas extraction; accommodation and foods services and other services.

Findings

According to the report, the UKGCC Businesses appeared to be optimistic about the future, but that optimism was being largely driven by factors not related to government policy but rather due to market growth and investments that businesses were making into their capability.

Notwithstanding this, companies have recognised the positive progress that has been made across many of the business climate indicators.

Responses to the questions around the potential of benefiting from the African Continental Free Trade Agreement (AFCFTA) highlighted that while there was positive sentiment around the opportunities, there were concerns that competitive position of Ghanaian exporters would be undermined by challenges around obtaining approvals from state institutions.

“This should be a “low hanging fruit” for the government to resolve. The subdued perceptions around corruption, lack of transparency and time involved to resolve legal issues is a concern,” the report said.

The report also highlighted that government needed to be mindful of the emerging concern that businesses had around cost of power and perceived lack of support for exporters and the need to take additional regulatory reforms to boost business and investor confidence.

The Chamber

The UK – Ghana Chamber of Commerce (UKGCC) was formed to facilitate and promote trade and commercial relations between the United Kingdom (UK) and Ghana.

The UKGCC’s key objective is to facilitate the entry of UK businesses into the Ghanaian trade industry.

It is also a powerhouse that bridges the gap between UK and Ghanaian businesses by highlighting available commerce and partnership opportunities.

The Executive Director, UKGCC, Ms Adjoba Kyiamah, said the issues highlighted in the report would form the basis of the group’s advocacy to help improve the business climate in the country.