Local businesses have been advised to venture more into the export sector rather than overly importing to reduce the pressure on the cedi.
The increase in export according to Mr. Benjamin Nii Kpani Addy, Deputy Chief Executive Officer of the Sekondi- Takoradi Chamber of Commerce and Industry (STCCI), would also help to create jobs and boost the purse of local businesses to effectively contribute towards the socioeconomic growth of their areas and the citizenry at large.
Mr. Kpani Addy who said this at the launch of the Business Condition Report for the first quarter of 2019 therefore called for support for local businesses by creating an enabling environment for them to thrive.
“If local businesses thrive, it will reflect in the lives of the people and boost the socio-economic development of the region,” he added.
The (STCCI) Business Condition Report (BCR) for the first quarter of 2019 was born out of a survey conducted in March this year with focus on Changes in the Number of Employees, Factors limiting Business Activities, Levels of Investment and Reasons for Investment, Impact of Exchange Rate, Electricity Supply, and Cedi Depreciation.
A total of 227 responses were received from businesses in the logistics, General Merchants, Mining, Agriculture, Oil and Gas, Construction and the Manufacturing sector.
The Deputy Chief Executive said 64 percent indicated that the depreciation of the cedi witnessed during the first quarter had a negative impact on their businesses, while 31 percent of the respondents indicated an increase in investment in their businesses.
It recorded a four percent investment in Environmental Management.
This, notwithstanding, over 50 per cent of respondents indicated a satisfactory business condition in the first quarter of the year, with over 90 per cent predicting a better business condition for the second quarter of the year.
The launch of the Business Condition Report was attended by bankers, investors, the media and other stakeholders.
The Report form the basis for better advocacy on the state and challenges of businesses operating in the Region for improved business.