The Nationwide Treasurer of the Affiliation of Ghana Industries (AGI) and Chief Government Officer of Coconut Grove Regency Resort, Mr Ralph Ayitey, has made a robust case for deliberate and strategic help for Ghanaian-owned companies as a long-term measure to stabilise the cedi and strengthen the nationwide economic system.
Throughout an engagement with the Parliamentary Choose Committee on Commerce, Trade and Tourism on Tuesday, tenth June, Mr Ayitey emphasised the necessity to reinforce the current appreciation of the cedi in opposition to main worldwide currencies, significantly the US greenback, by scaling up native manufacturing and decreasing the nation’s dependency on imports.
The committee session sought to grasp why some service suppliers and producers had but to revise their costs or costs downwards in response to the cedi’s strengthening.
“We have to take a look at encouraging native Ghanaians to indigenise the economic system as a lot as we will as a result of once they make the cash, the cash stays right here,” Mr Ayitey said. “There must be a really aware hand-holding effort to make it possible for Ghanaians are rich, Ghanaians are affluent.”
Highlighting innovation amongst native entrepreneurs, Mr Ayitey cited a current social media publish for instance: “I noticed a girl utilizing sugarcane to supply takeaway packs for resorts and the meals and beverage business. These are individuals we have to encourage. We should be pleased with what we now have.”
He referred to as on authorities to implement business-friendly insurance policies, together with the supply of inexpensive credit score, decrease rates of interest, and improved infrastructure to boost the capability of native producers.
His remarks come at a time when economists and market analysts are calling for structural reforms to deal with the basis causes of inflation and foreign money volatility.
Including to the dialogue, AGI Chief Government Officer Mr Seth Twum Akwaboah knowledgeable the committee that a number of AGI member corporations had already responded to the stronger cedi by decreasing the costs of products and companies — with some reducing costs by between 15% and 20%.
Trade consultants proceed to argue that constructing a resilient and aggressive native manufacturing base is vital to long-term financial stability and inclusive nationwide progress.
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