Import licensing key to boosting local patronage – PEF

Chief Executive Officer of the Private Enterprise Federation, Nana Osei Bonsu, has stressed the need for import licencing in the country’s quest to promote and boost local patronage. He said the situation wherein some products are imported into the country and leave local producers stranded and unable to compete due to price differences is worrying. “People look at import licencing as a barrier, but an import licence justifies why we need to allow you to spend our valuable foreign exchange on importing that commodity or product. It is needed in the country. A situation exists wherein we have things available and people are still bringing them and cutting the prices so that the local people cannot even compete, that’s why it’s necessary to put import licencing in place for some areas. We don’t have to impose it on all things, but we have to limit our exposure,” he said. He added that though the economic situation is gloomy, it requires partnership, employing the technical competence of businesses, monitoring and evaluating circumstances and finding ways to scale up. He said this during an interview with the media in Accra, where his outfit and partners launched the 2022 Youth Entrepreneurs Summit & Expo slated for December 7-11, 2022 in Kumasi. Role of the youth For his part, CEO of the Ghana Chamber of Young Entrepreneurs (GCYE), Sherif Ghali, reiterated that the country’s success depends mainly on how well the youth are positioned to steer its affairs in contributing to development. “Considering the nation’s target of becoming an entrepreneurial nation, this event will bring together various stakeholders – including young entrepreneurs, policymakers, the private sector and researchers – to explore, ideate, collaborate and generate new approaches which respond to the ever-changing needs, challenges and dreams of young entrepreneurs. “As we all may be aware, our country is faced with the unbearable and worrisome phenomenon of unemployment and its attendant consequences of high dependency, low productivity and a general decline in the outlook of our economy,” he said, urging policymakers, governments and technocrats to fashion strategies and policies to deal with the situation. Themed ‘Empowering Youth Enterprises for Sustainable Industrialisation’, the summit seeks to among other things bring together a minimum of 200 young entrepreneurs with established and existing businesses from across the country. It is aimed at providing leverage for them to build successful business brands and models that can contribute to primarily cutting down the rate of unemployment, as well as impacting the economic outlook positively through the value chain. The four-day event will comprise presentations by carefully selected technocrats and professionals, panel discussions, focused group discussions, and question and answer segments. “The summit will mobilise and empower Ghanaian young entrepreneurs for sustainable industrialisation, discuss lessons and share success stories of youth trade activities with the AfCFTA in perspective, and promote green business concepts. “It will also promote knowledge-sharing as an essential driver of policy dialogue, good policy planning and implementation, while serving as a platform for policymakers and private sector operators to meet and accelerate youth inclusiveness in sustainable development.” The summit will also serve as a platform for young entrepreneurs to exhibit their products, services and innovations. The launch also saw the opening of a Help Desk at the PEF, where individuals can get information on businesses and assistance in line with their business operations. Watch the latest edition of BizTech below:

Chief Executive Officer of the Private Enterprise Federation, Nana Osei Bonsu, has stressed the need for import licencing in the country’s quest to promote and boost local patronage. He said the situation wherein some products are imported into the country and leave local producers stranded and unable to compete due to price differences is worrying. “People look at import licencing as a barrier, but an import licence justifies why we need to allow you to spend our valuable foreign exchange on importing that commodity or product. It is needed in the country. A situation exists wherein we have things available and people are still bringing them and cutting the prices so that the local people cannot even compete, that’s why it’s necessary to put import licencing in place for some areas. We don’t have to impose it on all things, but we have to limit our exposure,” he said. He added that though the economic situation is gloomy, it requires partnership, employing the technical competence of businesses, monitoring and evaluating circumstances and finding ways to scale up. He said this during an interview with the media in Accra, where his outfit and partners launched the 2022 Youth Entrepreneurs Summit & Expo slated for December 7-11, 2022 in Kumasi. Role of the youth For his part, CEO of the Ghana Chamber of Young Entrepreneurs (GCYE), Sherif Ghali, reiterated that the country’s success depends mainly on how well the youth are positioned to steer its affairs in contributing to development. “Considering the nation’s target of becoming an entrepreneurial nation, this event will bring together various stakeholders – including young entrepreneurs, policymakers, the private sector and researchers – to explore, ideate, collaborate and generate new approaches which respond to the ever-changing needs, challenges and dreams of young entrepreneurs. “As we all may be aware, our country is faced with the unbearable and worrisome phenomenon of unemployment and its attendant consequences of high dependency, low productivity and a general decline in the outlook of our economy,” he said, urging policymakers, governments and technocrats to fashion strategies and policies to deal with the situation. Themed ‘Empowering Youth Enterprises for Sustainable Industrialisation’, the summit seeks to among other things bring together a minimum of 200 young entrepreneurs with established and existing businesses from across the country. It is aimed at providing leverage for them to build successful business brands and models that can contribute to primarily cutting down the rate of unemployment, as well as impacting the economic outlook positively through the value chain. The four-day event will comprise presentations by carefully selected technocrats and professionals, panel discussions, focused group discussions, and question and answer segments. “The summit will mobilise and empower Ghanaian young entrepreneurs for sustainable industrialisation, discuss lessons and share success stories of youth trade activities with the AfCFTA in perspective, and promote green business concepts. “It will also promote knowledge-sharing as an essential driver of policy dialogue, good policy planning and implementation, while serving as a platform for policymakers and private sector operators to meet and accelerate youth inclusiveness in sustainable development.” The summit will also serve as a platform for young entrepreneurs to exhibit their products, services and innovations. The launch also saw the opening of a Help Desk at the PEF, where individuals can get information on businesses and assistance in line with their business operations. Watch the latest edition of BizTech below: