Business News of Tuesday, 15 May 2018
Source: The Free Press
It has come to light that Ghana imported GHC18 million worth of tooth picks from china in 2017 for its hospitality industry, Dr. Yaw Adu Gyamfi, the President of Association Ghana Industry has revealed.
This figure he said was recorded from January 2017 to December 2017. He said the continue importation of rice, chicken and fruit juice to compete with the one produce by Ghanaian entrepreneurs would not inure to the socio-economic development of Ghana noting if the current status quo continue it would kill those produce domestically and ultimately stifle the growth Ghanaian owned businesses.
Dr. Yaw Adu Gyamfi told Free Press at the sidelines of Ghangeria Rising conference in Accra that Ghana should emulate Nigeria and ban the importation of rice, chicken and fruit Juice.
The AGI President appealed to Government to put in place sustainable policies to protect local industries.
Commenting on succession plan of businesses in the country he urge entrepreneurs and those with business interest to introduce their businesses to the youth and mentor them akin to what pertains in India so that their business will not collapse when the leave the scene.
The Ghangeria Rising Conference is an annual high-level event that seeks to bring together key investors, businessmen and women, promoters and facilitators, policymakers and regulators to discuss trade business and investment opportunities between Ghana and Nigeria.
Vice-President, Dr Mahamudu Bawumia in his delivery urged the private sectors of both Ghana and Nigeria to lead the way towards a healthy collaboration in trade, investment and growth.
Dr Bawumia called on businesses to challenge each other and increase their competitiveness in the ECOWAS sub-region. He encouraged them to brainstorm on issues that will help address the barriers to trade, business and investment, and propose pragmatic ways to address them together with the business community.
He called on African countries, especially those in the West African sub-region, to leverage the use of their resources for growth.
According to him, innovative thinking, co-operation and leveraging of resources for growth are some of the most sustainable solutions to improve livelihoods, reduce poverty, create wealth and ultimately contribute to regional peace, security and stability.
Ms. Shirley Ayorkor Botchway Minister for Foreign Affairs and Regional Integrationin her address, indicated that the peaceful political climate and favourable legal framework for investment in Ghana are both God-sent and hard earned and contribute significantly to an enabling business environment critical for private sector competitiveness and sustainable development.
Government, she stated, takes pride in its commitment to creating and ensuring macro-economic stability as demonstrated in the 2017 budget.
She was not happy that though Ghana and Nigeria have the biggest economies in the sub-region, she bemoaned trade volumes between the two are not impressive as indicated by our 2017 trade figures.
“The challenge, therefore, is for our bilateral trade and investment to be given the needed boost. We all have a role to play as much as would all benefit from any dividends that accrue there from,” she added.
Ghana, she said, is committed to the implementation of all ECOWAS protocols, particularly those on the free movement of persons, the right of residence and the right of establishment goods and services.
“Trade is a pillar on which regional integration rests. It offers immense potential to promote sustainable development in our two countries and Africa as a whole.
It also to create the much-needed employment for teeming youth in the continent who are faced with severe unemployment challenges,” she noted.
Ghana, she recalled, in a bid to promote trade at the continental level joined 43 other African states in Kigali in March 2018 to sign the African continental free trade area.
She disclosed in her address that Ghana has deposited the instrument of ratification at the African Union commission yesterday, together with Kenya, indicating that “it is our humble contribution to the continental goal of creating the largest free trade area worldwide”.
Ghangeria Rising is an initiative of Notice Board Limited, African legal associates, with the aim to present an opportunity for participants to network and engage in continuous discussions for future investment decisions.
The conference was on the theme: Harnessing the Business Opportunities in Ghana and Nigeria to Accel-erate Inclusive Economic Growth and Development.
Free Press has established that this year is the first edition, and, according to organizers, it would continue to be a platform of open and honest conversation about sustainable business by Ghanaian and Nigerian businessmen and women.