The newly-elected President of the Ghana Employer’s Association, Mr Daniel Acheampong, has challenged the Bank of Ghana (BoG) to ensure strict adherence of the rules governing banking in the country.

This, he said, would allow for early detection of any problems which would rear up in order to nip them in the bud before they escalate into industry-threatening problems.

Mr Acheampong was speaking at the 58th Annual General Meeting (AGM) and award ceremony of the Ghana Employers Association (GEA).

He also called on government to ensure the reduction of interest rates in the country, a major cause of employers’ inability to access loans from the banking sector, as well as ensure a rapid stabilization of the Cedi against the major currencies.

His call comes on the back of the President Akufo-Addo's suggestion last Wednesday for banks to reduce their lending rates, following the Bank of Ghana’s consistent reduction of the monetary policy rate.

Mr. Acheampong, who is the Chief Executive Officer (CEO) of the Volta Aluminum Company Limited (VALCO), and the 13th president of the GEA, commended government for taking steps to ensure Ghana adds value to its raw materials before export, saying that “this is one of the surest ways of strengthening the Ghana Cedi and bringing sustainable development to our country.”

He decried the flood of counterfeit goods into the Ghanaian market, saying “this subject, even though appears to have been over-flogged, does not seem to be going away.”
He, therefore, urged the Minister of Trade and Industry, and related agencies to “take all necessary measures to rid the Ghanaian business environment of this monstrous threat to the growth of business in Ghana.”

On the issue of labour agitations, which have rocked the labour industry in the last few years, Mr Acheampong called on government to adequately resource the National Labour Commission to enable it swiftly adjudicate on labour disputes to ensure the maintenance of peace on the labour front and bring about the needed development in the country.

Deputy Minister for Trade and Industry, Carlos Ahenkorah, who represented his boss as the Special Guest of Honour, commended the GEA for bracing through the challenging business climate the country has experienced in recent times.

In an interview with the media, he assured industry that government is doing “everything possible to ensure that interest rates come down”, adding that with the measures being taken by government, industry players will soon smile.

There was a huge buzz at the end of the AGM when during the award ceremony, First Allied Savings and Loans, which had recently been in the news for all the wrong reasons, was called for an award. Other award winners were:Twifo Oil Palm Plantation, GCB Bank Limited and The Ghana Ports and Harbours Authority (GPHA).