The President of the Ghana National Chamber of Commerce and Industry, Mr Wilson A. Krofah, has called on the government to tighten the protection of the local business industry and safeguard it against collapse.
He said the over liberalisation of the local market to foreign imports was having a negative impact on local manufacturing and businesses, which he said, lacked the necessary technology and funding to compete with international products.
“We have opened our markets too wide to other foreign nations and it is affecting local producers. We need to protect them to increase the growth of the economy,” Mr Krofah stated.
He was speaking at the 512th monthly meeting of the Accra Regional Chamber of Commerce and Industry in Accra.
Mr Krofah said the private sector was the engine of economic growth and therefore, needed the necessary support from the government.
"Unless small businesses receive support they cannot contribute to the development of the economy," he stressed, adding that to become globally competitive the country had to be internally competitive.
Mr Krofah cited Mali and Nigeria among other countries that had protected their private sectors through the ban on importation of foreign products into their countries.
On the energy crisis, Mr Krofah noted that it was adversely affecting local businesses, especially in production, but stated that efforts of the government to rectify the problem were encouraging.
Excellence Consultancy Services, providers of software training, and African Management Services Company (AMSCO), a private sector development organisation, presented delegates representing several local businesses, with business improvement ideas.
Excellence Consultancy Services introduced methods of enhancing managerial skills through Microsoft Excel.
The Project Officer of AMSCO, Mr Paul Ayisi, stressed the importance of helping African companies to become globally competitive.
He cited some of the major challenges confronting the small• medium enterprises (SMEs) across the West African sub-region as political instability, globalisation and trade, and poor governance.
Credit: Daily Graphic
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
UCL: Arsenal edge past Shakhtar Donetsk
2 hours -
UCL: Vinicius hattrick gives Real Madrid comeback win over Dortmund
3 hours -
Understanding the necessity of new GES academic calendar for second cycle institutions
3 hours -
Ex-Abercrombie CEO charged with running sex trafficking ring
3 hours -
Kasoa ritual murder case: Absentee juror fined
4 hours -
Police offer GH¢20K reward for arrest of armed suspect in Mamobi political clash
4 hours -
Blade Runner 2049 maker sues Musk over robotaxi images
4 hours -
Vacant seat controversy: NDC commends Speaker Bagbin for displaying ‘maturity’ at Tuesday’s proceeding
4 hours -
Akatsi North chiefs honour “Next President” Bawumia
4 hours -
AbrahamTheLion debuts spiritually charged EP, ‘Warrior Kings & Priests’
4 hours -
Parliament brouhaha: This matter is far from over – Dafeamekpor
5 hours -
Clerk of Parliament hasn’t arranged seats; NPP majority position still stands – Habib Iddrisu
5 hours -
We’re engaging international partners to deploy service personnel abroad – National Service Authority
6 hours -
Ghanaians to use VFSGlobal for UK Visa applications from October 22
6 hours -
2024 election: Cynthia Morrison to still contest as Independent candidate
7 hours