Business News of Tue, 18 Jul 20172

Ghana’s economic growth not inclusive - De-Graft

GHANA’S economic growth is a classic case of growth that has failed to be ‘inclusive’, Chief Executive Officer (CEO) of Chief Executives Network Ghana, Ernest De-Graft Egyir, has said.

“Ghana’s economic growth has failed to provide equal opportunities and ensure benefits for entrepreneurs. How can an impressive GDP growth fail to translate into a commensurate reduction in poverty and up scaling of Small- and Medium-sized Enterprises (SMEs)?” he quizzed.

“It boils down to economic expansion with insufficient job creation, due to not up scaling of the services and manufacturing sectors,” he added.

Egyir emphasised the significance of scaling up SMEs sectors, which make up 92% of operational business and contributes about 70% of Ghana’s GDP. He was speaking at the launch of the 1st Ghana SME CEO Summit.

The Summit will be held on November 20, 2017 in Accra on the theme: ‘Scaling up SMEs for Inclusive Growth: The CEO and Government as Drivers’.

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Egyir said the event will be an essential gathering for CEOs, business leaders, among others to engage in common current issues, to discuss major trends and opportunities challenges.

“The event will serve as a platform for networking and product showcasing, the event aims to give existing SMEs a higher market presence in today’s competitive economy. It will allow for themed discussions among peers moderated by a seasoned industry lead and shall adopt panels, plenary sessions, and open fora for lively and thought-provoking discussions,” Egyir noted.

On his part, the chairman of the occasion, Jim Baiden, who is the Managing Director of Fidelity Bank Ghana, pointed out the challenges some CEOs faced, including the lack of working capital financing, legislation, access to markets and data to guide planning.

“We have sense some great enterprises spring up but unfortunately many of these have not been able to ride the various generations to become multinational and global giants,” Mr Baiden said.

He noted that besides President Akufo-Addo’s National Entrepreneurship and Innovation Plan (NEIP), which attempts to launch $10 million seed fund to create business opportunities for entrepreneurs, CEOs want more platforms, industrial structures and long-term resources for business interactions.

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