The Ghana National Chamber of Commerce and Industry (GNCCI) has urged the government to take decisive action to enhance the competitiveness of local firms amid rising global trade protectionism and shifting economic dynamics.
Addressing the Chamber’s 49th Annual General Meeting (AGM) in Accra on the theme “Strengthening Local Businesses for Sustainable Growth and Development,” GNCCI President Mr. Stephane Miezan cautioned that Ghana risks losing its market advantage if urgent steps are not taken to empower indigenous enterprises to compete effectively both regionally and globally.
He said the global business environment was changing rapidly, with countries adopting protectionist measures and investing heavily in domestic industries.
“Ghana must act swiftly to protect the competitiveness of its local firms. Building resilient, innovative, and well-supported local enterprises is the only way to secure sustainable growth and economic independence,” he said.
Mr. Miezan emphasized that strengthening local businesses was not only essential for withstanding external shocks but also for leveraging opportunities under regional trade frameworks such as the African Continental Free Trade Area (AfCFTA).
He explained that the government’s renewed focus on job creation and shared prosperity must be rooted in policies that promote a vibrant local economy driven by productive indigenous enterprises.
“Our private sector remains the engine of growth, and its competitiveness determines how far Ghana can go in achieving inclusive development,” he noted.
Throughout 2024, the GNCCI spearheaded several high-level policy dialogues, regional workshops, and stakeholder engagements to address structural challenges affecting Ghanaian businesses. These included advocacy on tax simplification, energy cost reduction, and industrial competitiveness, all key inputs into the 2025 National Budget.
“The Chamber continues to play a pivotal role in shaping fiscal and monetary reforms. Our objective has been to ensure that policies reflect the realities of doing business in Ghana,” Mr. Miezan said.
On the macroeconomic front, the GNCCI President noted that Ghana’s economy rebounded strongly in 2024, with GDP growth rising from 3.0 percent in 2023 to 5.7 percent under the IMF-supported Extended Credit Facility programme.
Business confidence, he said, had improved significantly due to prudent fiscal management and monetary stability measures by the government and the Bank of Ghana.
However, Mr. Miezan cautioned that sustaining this momentum would require continued reforms to reduce structural inefficiencies and operational costs faced by businesses.
“While we celebrate growth, there is still much work to be done, particularly in sustaining investor confidence, expanding industrial output, and boosting exports,” he stressed.
He also called on government to intensify the fight against illegal mining (galamsey), which he said is threatening cocoa production, degrading the environment, and undermining rural livelihoods.
“The destruction of forest reserves and water bodies by illegal mining poses a major risk to agriculture and the broader economy. Government must expedite efforts to repeal all legislations that allow mining in once reserved forests,” he urged.
Mr. Miezan further advised the government to maintain fiscal discipline to avoid returning to IMF assistance in the future.
“Overdependence on external credit programmes burdens businesses through austerity measures. Ghana must chart a path of self-reliant growth by supporting the productive sectors,” he said.
He concluded by calling for targeted policies that attract private investment in manufacturing, agriculture, and food production, sectors that can drive structural transformation, create jobs, and expand Ghana’s export base.
“The competitiveness of our local firms is the competitiveness of our economy. If we fail to strengthen them now, we risk losing the very foundation of our economic future,” Mr. Miezan warned.
