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Ghanaian businesses must be protected to ensure job-oriented economic growth – Dr Kofi Amoah

Dr. Kofi Amoah.jpeg Dr Kofi Amoah, an Economist

Wed, 12 May 2021 Source: www.ghanaweb.com

Dr Kofi Amoah, an economist has stated that protecting Ghanaian businesses is one of the ways the country can adapt to achieve job-oriented economic growth.

This comes on the back of the establishment of the Dzata Cement a cement production factory in the country.

Speaking on Accra-based JoyNews PM express Business edition monitored by GhanaWeb, Dr Amoah, noted that, opening up all sectors to foreigners will not help the country to develop into a fully developed economy.

“How do you expect a young person from Ghana that has started a business to compete with a firm that that is 25 years old from China or US.”

He said Ghana must emulate countries like the US, the UK, and others since they ensure all indigenous industries in their countries are protected to enhance development and support government programmes aimed at creating employment.

“When these local businesses succeed the capital stays in this country. Ghanaian companies should be empowered to compete effectively but there are some sectors that should be reserved for locals or Ghanaian firms.” He said.

Speaking on the restructuring of minimum wages, Dr Amoah said the country needs to review its wage structure to eradicate “slave wage” in the country.

“We should not allow companies that are making profit, and paying what can be described as slave wage to continue to exist”.

However, he stated that Ghanaians must appreciate that there is a great connection between staff compensation, growth of business and the larger economy and companies must begin to realize that.

Meanwhile, the Employment Ministry is currently engaging organized labour to arrive at a new minimum wage for 2021. The Minimum wage is currently pegged at GHS11.82.

Source: www.ghanaweb.com