Private sector dialogues on enhancing trade and business environment in Ghana held

Representatives of the private sector of Ghana have been deliberating on how to enhance the trade and business environment in Ghana.

The forum which was facilitated by the Ghana Trade Coalition, brought together participants from organized private associations, think tanks, academia and advocacy groups, to take stock of the recent successes and ongoing challenges in creating a conducive trade and business environment in the country.

Participants called for interest rates to be reduced so Ghanaian businesses can be competitive with the coming on board of the African Continental Free Trade Area.

The country head for CUTS International, Appiah Kusi Adomako, said there can’t be a strong AfCFTA if the regional integration is very weak.

“You talk of regional integration, we seeing ourselves as one market such that goods and services can move across the country and so the private sector has to take advantage of the regional integration that has been created under the ECOWAS, AU and AfCFTA, so that whenever you are producing goods and services you don’t have to see ghana as your only market. You need to look at your products and services beyond Ghana,” he advised.

Participants had appeals and advice for governments within Africa and Ghana in particular.

The Executive Secretary of the Importers and Exporters Association of Ghana, Samson Asaki said “if you compare Ghana to our counterparts in South Africa who are borrowing at 5% per annum and our people are borrowing between 20 to 25% per annum to do same production, it will obviously increase the cost of our products event though they are of high quality.”

The forum concluded by adopting a joint position paper, which includes a few recommendations to decision-makers: to enhance private sector participation in policy-making among others.