At the inaugural ceremony in Accra, the President of GNCCI, Dr Clement Osei-Amoako, outlined the numerous challenges currently facing businesses in the country including what he described as excessive taxes, high lending rates, depreciation of the local currency and supply-chain bottlenecks. 

He said these hurdles have significantly increased the cost of doing business, leading to the collapse and relocation of many companies, particularly in the private sector.

He added that it has also placed a greater responsibility on the Chamber to ensure that businesses thrive, a  reason that the Chamber has strived through the thick and thin to build its new headquarters as a significant step towards strengthening their capacity to support and protect local private businesses.

Enhancing resilience 

“As key partners of the state and prime voice of the private sector, we use this occasion therefore, to urge the government to support GNCCI and the private sector in driving sustainable growth. 

We encourage government and the Central Bank to properly collaborate to bring down the cost of doing businesses in the country which has hampered private sector growth and led to relocation and collapse of businesses,” Dr Osei-Amoako said.

He specifically called for the removal of what he termed “inefficient taxes” like the COVID-19 levy, a revision of the Value Added Tax (VAT) system, and a targeted effort by the BoG to increase credit to the private sector, especially for small and medium enterprises (SMEs).

He said these measures were critical to complement the Chamber’s efforts to build business capacity, enhance resilience, and stimulate sustainable growth.

Renewed commitment 

In a speech read on his behalf, the Minister of Trade and Industry, K. T. Hammond, commended the Chamber for playing a crucial role in creating an environment where businesses can thrive, be creative, and expand. 

According to him, the opening of the new headquarters symbolises a renewed commitment to the growth of the private sector and the promotion of trade and investment within the country.

He explained that in the current competitive global village and market where local businesses faced competition from all parts of the world, it was crucial to implement policies and projects that enhance local competitiveness and protect Ghanaian consumers. 

“The Ministry is ever willing to ensure local businesses thrive and is therefore very ready to work closely with GNCCI to promote trade and investment as well as protect our local industries.

Similarly to our interest as a Ministry, this edifice is also going to serve as a haven for local businesses, where they can receive support, capacity-building training, business to business opportunities, trade facilitation, certification and export documentation support as well as advocate for their interest,” Mr Hammond said.

Partnership 

For her part, the Minister for Foreign Affairs and Regional Integration of Ghana, Shirley Ayorkor Botchwey, said GNCCI with diversified membership across all sectors of the economy has long been a pillar of support for the business community where it has been instrumental in fostering a conducive environment for businesses to thrive, innovate, and grow.

Reaffirming the ministry’s commitment to working together with the Chamber to implement policies that support the private sector and drive economic growth, she emphasised that MoFARI will continue to prioritise the needs of the private sector to ensure that you grow and succeed.

“Over the years, the Chamber has worked closely with government in protecting and promoting private sector interest. The Ministry of Foreign Affairs and Regional Integration’s diplomatic efforts have equally focused partnership with Chamber on deepening political and economic ties globally.

Through several projects including signing MOUs, Business to Business events, capacity building, trade missions among others the Ministry has partnered the GNCCI to promote private businesses and we will continue to work closely with you to support the growth of local businesses,” Mrs Botchwey.