Business News of 2014-06-23

Power crisis deters Ghanaian investors

Dr. Nortey Omaboe, Chairman of Swiss-Ghanaian Chamber of Commerce, has noted Ghanaians residing overseas find it difficult in setting up factories in Ghana due to the lack of adequate power supply.

He said inadequate power supply had considerably increased the cost of doing business in the country which does not auger well.

Dr. Omaboe, who spoke to BUSINESS GUIDE at the Swiss-Ghana Chamber of Commerce cocktail meeting in Accra, charged government to quickly resolve the power crisis to prevent businesses from collapsing.

Touching on the recent review of foreign exchange measures by the Bank of Ghana (BoG), he said, “We are wondering whether the review of the measures will go far enough.

“It should not always be about dollarization, we also have to look at our economy and look at the demands of middle-income economy which are totally different from a developed economy.

“The demand for forex in Ghana today is not necessarily just based on import cover. I think the services sector is very prominent and needs to be look at,” Dr. Omaboe said.

He assured members of the Chamber that his outfit would continue to play its advocacy role with the government and expressed the hope that several issues raised at recent meetings would receive urgent action by the government.

During the cocktail meeting, three member companies of the Chamber- James Bradbury Property Services, SIMBIN’S Furniture and SHAM Insurance, presented their products and services to other members.

James Bradbury, CEO of James Bradbury Property Services, in his presentation, said the vision of the company is to provide a “One stop” property service, from investment mortgages and finance to sales, rentals, renovations, management and maintenance.

He said the company currently provides residential and commercial real estate services with the aim of introducing and maintaining the standards and quality of service.

Roland Kojo Binder, CEO of SIMBINS Furniture, said the company provides unbeatable pricing packages coupled with quality, style and uniqueness from Seamean’s Furniture company in America.

He disclosed that the company would soon establish a factory in Ghana, which would produce furniture to serve Ghanaians and also customers in the United States and Europe.

The Swiss-Ghanaian Chamber of Commerce is a dynamic and non-profit organization that intends to become the prime contact point for Swiss-Ghanaian businesses.