The Association of Ghana Industries (AGI) and the Ghana Chamber of Commerce and Industry (GNCCI) have met with the leadership of the Business Development Committee of the incoming government of the National Democratic Congress (NDC) to expedite action on many of the party’s electoral promises made under the leadership of the President-elect.

This NDC business initiative became possible when the three groups met for business just three days after the elections (on December 12, 2024), after the declaration of John Mahama as the President-elect by the EC.

The meeting and the discussions were intended to shape the future of Ghana's industrial and trading sectors. 

The initiative by the Chairman of the NDC’s Business Development Committee, Dr Ekwow Spio-Garbrah to meet with the two main commercial and industrial arbiters of Ghana’s productive sectors was to prepare the groundwork for the effective implementation of the NDC’s policies, especially the 24-hour Economy. 

The discussions aimed to invigorate the industry sector as outlined in the NDC-2024 manifesto. 

Attendance

In attendance were members of the NDC’s Business Development Committee, executives from the AGI, namely the President of the AGI, Dr Humphrey Ayim; the Vice-President of AGI in charge of SMEs, Dr Grace Amey-Obeng; AGI Construction Sector Head, Dr Eric Defor; an AGI executive, Dr Stephen Nwolley; and the Chief Executive Officer of AGI, Seth Twum-Akwaboah. 

Also in attendance was the newly elected President of GNCCI, Stephane Miezan, who recently replaced Dr Clement Osei-Amoako as the President of the GNCCI. 

Some 20 out of the 42-member NDC Business Development Committee, including its Deputy Chairman, Ken Wajungi, and former Chief of Staff to President Mahama, Prof. Richard Bani, also attended the meeting.

The discourse centred on key areas that are not just challenges but avenues with the potential to spur robust and sustainable industrial growth.

Foremost among the topics was the pervasive issue of the exchange rate. The volatility of the local currency against major foreign currencies has long been a thorn in the flesh of industry players. 

The AGI and GNCCI, representing a substantial fraction of Ghana's industrial backbone, stressed the need for policies that stabilise and potentially reduce exchange rate pressures, thereby enhancing the competitiveness of local industries on the global stage.

Tax reforms were another focal point of discussion. The President of the AGI, Humphrey Dake, underscored the burden that complex and often stifling tax structures posed to businesses. Simplifying tax regimes and providing incentives for industry players could catalyse growth, spur innovation and ultimately generate employment.

The NDC-BDC, with its strategic commitment to reform, echoed these sentiments, hinting at a future where conducive tax environments foster business prosperity.

Equally critical was the dialogue around power reforms, particularly for Independent Power Producers (IPPs). The meeting recognised that a consistent and affordable power supply is non-negotiable for ensuring sustainable industrial operations. 

Collaborative efforts towards achieving power efficiency and cost-reduction were discussed, with potential reforms in the power sector painted as a linchpin for industrial success.

One novel topic that was addressed was the possible innovations in Ghana’s remittance policy that could help mobilise some USD 3-5 billion a year for Ghana’s development. 

Leveraging remittances for industrial investment was discussed as a strategic avenue to boost capital flow into the industrial sector, fostering development and broadening economic participation. 

The meeting also suggested a review of aspects of the Ghana Revenue Authority (GRA) Act 891 to enhance business operations. Dr Spio-Garbrah, echoing the sentiment of all gathered, assured the meeting that the incoming government, under President-elect John Dramani Mahama, would ensure the industrial sector's course is firmly and favourably established.

“This timely meeting heralds the beginning of what is hoped to be a series of engagements towards concerted efforts to weave together policy and practice, ensuring that Ghana's industries survive and thrive in an increasingly competitive and digitised global economy. 

The fact that the NDC can engage the leadership of Ghana’s business sectors so soon after winning the 2024 elections is a manifestation of President Mahama’s ability to govern Ghana with lightning speed even before he gets sworn in,” Mr Spio-Garbrah said.