The Ghana National Chamber of Commerce and Industry (GNCCI) has observed a gradual increase in business confidence in the economy.

This, Dr. Clement Osei-Amoako, the immediate past President of the Chamber has said, is attributable to greater fiscal space resulting from the disbursement of funds from the International Monetary Fund (IMF), as well as debt renegotiation with external creditors.

The GNCCI’s interactions with businesses indicate a gradual increase in confidence in the economy following the disbursement of IMF funds and successful debt renegotiation with external creditors, which have provided greater fiscal space,” he remarked in his opening address at the 48th annual general meeting (AGM) of the chamber held in Accra.

Citing the recent reduction in the monetary policy rate as a move to ease cost of credit for the private sector to spur growth, Dr. Osei-Amoako admonished government to put in measures in the short to medium term to maintain the growth trajectory.

“Government urgently needs to implement policies that support investment and private sector growth in the areas of manufacturing, agriculture and food production to fuel a structural transformation.

“The chamber expects the government to use the impending budget to initiate policies that will stimulate private sector growth and bring tax relief to local businesses. There is also a need to use the improved fiscal space from the IMF funds to scale up growth-enhancing spending,” he further urged.

This year’s AGM was held under the theme ‘Adopting sustainable business practices to promote long-term economic growth and development’. A theme that according to Dr. Osei-Amoako, has been thoughtfully crafted in light of the pressing climate and environmental challenges facing the country, particularly the widespread destruction of the forest reserves and water bodies due to illegal mining (galamsey) and other unsustainable business practices.

The environmental crisis, he noted, does not only threatens household livelihoods but also jeopardises business sustainability and the premium quality placed on Ghanaian exports, especially cocoa.

Such destruction if not curbed, he added, has the potential to undermine the economic gains and development the country has achieved over the past decade.

He called for the urgent need to adopt sustainable business practices that not only generate profit, but also protect the environment.

Politics and the business environment

As regards the contribution of politics to ensuring a favourable business environment, the chamber urged all political parties and election-related institutions to implement effective measures that promote peace and stability before, during and after the upcoming general election.

This, they maintained, is essential to ensuring that the country remains a stable environment for business and investment.

“By fostering an atmosphere of cooperation and mutual respect among all stakeholders, we can collectively safeguard the democratic principles that are vital for our nation’s prosperity,” the outgone president appealed.

The meeting also saw the swearing in of the chamber’s newly elected executives, headed by Stephane Miezan as President, Dr. Emelia Assiakwa as 1st Vice President; Alexander Bogney Bewong as 2nd Vice President, and Michael Kabutey Caesa as the National Treasure.

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