Cable manufacturer demands stronger cedi

Kate Quartey-Papafio, Chief Executive Officer of Reroy Cables Limited, producer of electrical cables, has said that the recent stability of the cedi must encourage policymakers to further strengthen the currency to boost industries’ growth.

She said economic growth will be accelerated when a rise in the value of the cedi against the major trading currencies is aligned to an interest rate regime that encourages businesses to expand.

The cedi came under pressure in the early part of the year as demand for dollars to import oil and other commodities surged. The currency dropped by almost 40 percent against the dollar from January, before seeing a turnaround in the last couple of months to allay fears of investors and businessmen in the country.

Mrs. Quartey-Papafio, who has been voted the best female marketer in the country by the Chartered Institute of Marketing of Ghana (CIMG), believes that a strong currency will spur on manufacturers who rely on imported raw material to increase production and create more jobs.

“What manufacturers and other businesses need is to see the cedi still rising against other currencies. Most of our raw materials are imported, and just look at the world market price of copper for instance -- it is falling on the world market but due to the cedi’s depreciation, prices go up by the time the products get to us,” she said.

The three-month copper on the London Metal Exchange traded at US$6,685 a tonne yesterday, up 0.1 percent. The most-traded January copper contract on the Shanghai Futures Exchange edged up 0.3 percent to US$7,738 a tonne.

The copper market is expected to be in a 350,000-tonne surplus next year, according to analysts recently polled by Reuters, due to improving mine supply.

“We would appreciate it if the currency continues to stabilise and even appreciate against the dollar to encourage SMEs. If this happens, SMEs that rely on imported raw material will be able to do more to produce and create jobs for our people,” she added.

Speaking to marketers and marketing students at the CIMG annual marketing conference, Mrs. Quartey-Papafio -- who is the current CIMG Marketing Woman of the Year -- added that the time is right for local entrepreneurs expand their trade.

“I think the time is now for us to take the opportunity because it is all around us. We shouldn’t let others come from afar to take what we have. We have to hold hands and move forward. This is the time to look at what we have and add value to it to move forward,” she said.

She urged the students to look critically at the way they present themselves to clients.

“The way we present ourselves can add value to what we have. If we can project our products and services and present ourselves in the best ways, we can sell what we produce locally to the international market.”

Speaking on the topic ‘The Robb Brand Architecture’, the Commercial Director of PZ Cussons David Afflu said consistency is what has kept Robb ointment and inhaler as the leading cold reliever.

“We have been around for 52 years, and from where I sit it has been consistency all along. In marketing generally, what you need to do is understand what your consumers’ needs are; and for us once we lock that, we try and make products to meet those consumer needs,” he said.

He added that once you understand the consumer, all one has to do is to continually extend the product line. “Once you are listening and making improvements on the products needed, then you are in business.”

Speaking on the topic ‘Coca-Cola Brand’s Iceberg”, Linda Larbi, Senior Marketing Director, Coca-Cola Equatorial Africa, also noted that Coca-Cola has become a celebrated brand due to constant product innovation and the quest to consistently engage its clientele base.

The CIMG annual strategic marketing conference is in pursuance of the institute’s mission to improve on the performance of marketers, professionals and administrators within corporate Ghana.

This year’s conference was on the theme 25 Years of Promoting Corporate Excellence: The Impact of the CIMG Marketing Performance Awards, and aims to explore brands that were recognised and celebrated during the Silver Jubilee awards.