The Ghana Chamber of Commerce and Industry (GCCI) has paid a courtesy call on Minister of Trade and Industry Ekwow Spio-Garbrah, to welcome him to his new appointment and also to discuss some key issues affecting businesses and the economy of Ghana in general.

Issues tabled for discussion included high cost of production, particularly; high interest rate, unreliable power supply, high taxes and high cost of transport, made-in-Ghana goods, establishment of an industrial zone (for local industries) among others.

“Doing business in Ghana has become very challenging for local industries because while foreign investors borrow at very low interest rates, the Ghanaian businesses borrow at exorbitant interest rates. This obviously renders Ghanaian producers uncompetitive both locally and internationally,” said Dr. Seth Adjei Baah, the President of the GCCI.

Dr. Seth Adjei Baah stated that local businesses can only expand and create jobs to absorb the teeming unemployed youth if the cost of doing business is favourable.

The minister on his part reiterated his call for the banks to have a second look at their interest rates. He also called on the business community and other stakeholders to impress on the banks to reduce the interest rate.

Mr Spio-Garbrah observed that while interest rates on loans are high, savings attract very low interest. “As an import-dependent economy, if our interest rates are so high how do we move our economy forward?” Dr Spio-Garbrah opined.

Speaking on made-in-Ghana goods, the President of GCCI urged the minister to help resource and build the capacity of local industries to be able to churn out products of high quality in large quantities. “This will eventually help them to enjoy high economies of scale,” he said.

Dr. Seth Adjei Baah added that it is only when the local industries are resourced to take up the challenge that the crusade for promoting use of made-in-Ghana goods can materialise.

Mr Spio-Garbrah hinted that the recent review of foreign exchange measures by the Bank of Ghana will impact positively on stabilisation of the cedi, which should trickle down to the cost of doing business in general.

Responding to the GCCI’s call for extensive stakeholder consultations before implementation of the Ghana-Conformity Assessment Programme (G-CAP), Mr. Spio-Garbrah assured the Chamber that the G-CAP has indeed been suspended pending rigorous stakeholder consultations. He intimated that government is in consultation with some international agencies to help build the capacity of Ghana Standard Authority and other regulatory bodies to enhance their services.

Dr. Seth Adjei Baah informed the minister about a memorandum of understanding signed between the GCCI and the Ankara Chamber of Commerce of Turkey to establish an industrial zone to host local industries.

This, he said, if completed will go a long way to aid the manufacturing of ‘made-in-Ghana goods’ for the domestic market. He also informed the minister of a site the GCCI has identified for the project. The President of GCCI assured the minister of the Chamber’s readiness to work with his outfit to enhance private sector development and the general health of Ghana’s economy.