Accra: The Ghana National Chamber of Commerce and Industry (GNCCI) has urged Ghana to take swift action to ensure the competitiveness of its local firms. Mr. Stehane Miezan, President of the GNCCI, emphasized the importance of this move in light of rising global trade tensions and increased efforts by countries to protect their domestic industries. He made these remarks during the Chamber's 49th Annual General Meeting, which was themed 'Strengthening Local Businesses for Sustainable Growth and Development.'
According to Ghana News Agency, Mr. Miezan highlighted that strengthening local businesses is crucial not only to withstand external shocks but also to capitalize on regional and other trade opportunities. He noted that the government's renewed focus on job creation and shared prosperity is deeply rooted in developing a vibrant local economy driven by resilient indigenous enterprises.
Mr. Miezan stressed the importance of creating an enabling environment for local businesses to grow sustainably, compete effectively, and contribute meaningfully to Ghana's long-term development. Throughout 2024, the Chamber organized national and regional policy dialogues, high-level stakeholder engagements, and technical workshops to address key business operation issues.
The GNCCI played a significant role in influencing fiscal and monetary reforms, contributing to the 2025 National Budget, and engaging policymakers on tax simplification, energy cost reduction, and industrial competitiveness. Although the global economy in 2024 maintained a growth rate of 2.9 percent, economic activity faced challenges from tight monetary policies and geopolitical tensions.
In Africa, growth slightly improved to 3.3 percent in 2024, supported by government spending and resilient private consumption. However, high inflation, currency depreciation, and rising debt-service obligations continued to weaken the region's economic resilience.
In Ghana, the economy rebounded with GDP growth accelerating from 3.0 percent in 2023 to 5.7 percent in 2024 under the IMF Extended Credit Facility program. GNCCI's engagements with members and local businesses revealed increased confidence in the Ghanaian economy, a sentiment also recognized by global credit rating agencies.
This renewed optimism is attributed to the government's and Bank of Ghana's fiscal and monetary reforms, which have somewhat eased business costs and stimulated higher production levels. Despite positive growth, Mr. Miezan stated that more work is needed in the short to medium term to sustain this momentum.
He called for intensified government efforts to combat illegal mining, which threatens forests, water bodies, and cocoa production. He urged the repeal of legislation permitting mining in previously reserved forests and emphasized the importance of maintaining fiscal discipline to avoid future reliance on IMF credit facilities. He also advocated for policies promoting investment and private sector growth in manufacturing, agriculture, and food production to drive structural transformation.
