Business News of 2014-08-07

Gov’t has misplaced its priorities – Chamber of Commerce boss

The National President of the Ghana Chamber of Commerce and Industries (GCCI), Seth Adjei Baah, says government has lost its sense of direction in saving the economy and even with an International Monetary Fund (IMF) bailout, the country may face challenges if the right things are not done.

Mr Baah was, however, hopeful the country can bounce back within the next six months if the right buttons are pressed by government.

Speaking on TV3’s News @10 on Wednesday, August 6, the former legislator lamented the seeming misplaced priority with regard to the distribution of energy in the country, observing that government is forced to fulfill campaign promises by extending electricity to areas that do not make profitable use of the commodity.

He said that denies major industries like the Volta Aluminium Company Limited (VALCO) enough to properly function.

“We just put electricity in some villages but what attracts investors to go there?” the former Member of Parliament for Nkawkaw Constituency wondered.

He said Ghana has all it takes to boom in terms of business as the country remains the investment destination of Africa.

“If we stabilize the Cedi within the shortest possible time Ghana will be the place to be.”

He pledged the support of the Chamber to any initiative by government that will solve the current economic crisis but cautioned that “If we are not able to consume what we produce here, then we should forget about it.”

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