24 - Hour Economy Implementation, Industry And Trade Sectors Development : NDC's Business Development Committee Engage AGI, GNCCI

Asempa Dawuro

Dec 23, 2024 - 18:39

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24 - Hour Economy Implementation, Industry And Trade Sectors Development : NDC's Business Development Committee Engage AGI, GNCCI

By Adu Gyamfi Odopa

(gyamemma5@gmail.com)

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).

The main motive of the engagement was to expedite action on many of the party’s electoral promises on industry and trade, especially the flagship idea - the 24 - hour economy made under the leadership of the President-elect, John Mahama.

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

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

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

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.

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

The meeting recognised that a consistent and affordable power supply is non-negotiable for ensuring sustainable industrial operations.

Collaborative efforts towards achieving power eficiency 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.

GRA Act

The meeting also suggested a review of aspects of the Ghana Revenue Authority (GRA) Act 891 to enhance business operations.

It was emphasised in the meeting that the incoming government, under President-elect John Dramani Mahama, would ensure the industrial sectors 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 speed even before he gets sworn - in," Mr Spio -Garbrah said.

Attendance

The meeting was attended by members of the NDC's Business Development Committee, the AGI, including its President, Dr Humphrey Ayim; the Vice-President in - charge of SMEs, Dr Grace Amey-Obeng, Construction Sector Head, Dr Eric Defor, Dr Stephen Nwolley; and the Chief Executive Officer (CEO), Seth Twum-Akwaboah.

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

Other members 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 participated in the engagement.

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

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