Accra, Dec. 17, GNA - Chances Hotel at Ho and Elmina Beach Resort were on Wednesday night adjudged the best in the hospitality industry for 2009 at the Second Ghana Business and Financial Service Excellence Awards Dinner in Accra. Eusbett Hotel Limited at Sunyani, Mac-Dic Royal Plaza Hotel at Koforidua and Picorna Hotel at Tamale jointly took the silver medal whilst Ankobra Beach Resort at Axim, and Linda D'Or Enterprises Limited of Koforidua jointly took the third prize.

The Second Ghana Business and Financial Service Excellence Awards instituted as a sequel to the Golden Jubilee Business and Financial Service Excellence Awards honoured 50 corporate bodies throughout the country. The awards were based on the company's performance and output; the strategic importance of the company's operations to national development, pioneering role of the company in a particular sector, commitment to strengthening regional and rural economy and fulfilment of its corporate social responsibilities.

The sectors includes agricultural exports, agro-processing, cocoa processing, commerce, energy, estate development, general construction; health; tourism; manufacturing; mining support services, timber and wood processing, transport, highway, urban, and feeder roads construction, financial services and rural banking.

Speaking at the award ceremony Ms Hanna S. Tetteh, the Minister of Trade and Industry, appealed to the private sector to gear up to take advantage of opportunities to be created in 2010 as the nation produced oil. The minister said companies operating in the financial sector, insurance industries, tourism operators and hospitality industries, legal firms and oil marketing companies must begin to merge or collaborate to meet the opportunities. "Entrepreneur and Entrepreneurship is seeing opportunities and positioning yourself strategically to utilise the prospects," she said.

Ms. Tetteh reiterated government's commitment to put in place enough measures to ensure that Ghana did not over liberalise trade policies to its economic disadvantage.

"The government, through the Ministry of Trade and Industry, intends to embark on policies and programmes strategically designed to address the development needs of the people and to ensure the growth and sustenance of local agriculture, industry and trade which are a sources of employment", she added.

Ms Tetteh commended the award winners for the contribution to national development and pledged the commitment of government to ensure that the event was registered on the national calendar of national events.

Nana Prah Agyensam VI, Paramount Chief of Assin Owirenkyi Traditional Area who chaired the ceremony, urged the financial sector to accept the challenge of the economic recession and devise innovative strategies to mobilise funds internally to support the business sector. He said such an innovation would minimize the adverse effects of the global recession which had manifested in a three-prong debilitating impact on Ghana - trade, foreign direct investment and external aid inflows.

Nana Agyensam also commended government for initiating the process to legislate on equitable and judicious application of revenues accruing from the oil industry. He, however, urged the government to expedite action on the promulgation of the law.