Accra: The Ghana National Chamber of Commerce and Industry (GNCCI) has emphasized the urgent need for Ghana to act swiftly to secure the competitiveness of its local firms. Mr. Stephane Miezan, President of GNCCI, stressed this necessity in light of rising global trade tensions and increasing efforts by nations to protect their domestic industries.
According to Ghana News Agency, Mr. Miezan made these remarks during the Chamber's 49th Annual General Meeting, which was held under the theme: 'Strengthening Local Businesses for Sustainable Growth and Development.' He highlighted the importance of strengthening local businesses not only to withstand external shocks but also to seize regional and other trade opportunities.
Mr. Miezan pointed out that the government's renewed focus on job creation and shared prosperity is intrinsically linked to developing a vibrant local economy driven by resilient indigenous enterprises. This year's theme underscores the need for a collective effort to create an enabling environment that empowers local businesses to grow sustainably, compete effectively, and contribute meaningfully to Ghana's long-term development.
Throughout 2024, the Chamber organized a series of policy dialogues, stakeholder engagements, and technical workshops to address key issues affecting business operations. The Chamber played a crucial role in influencing fiscal and monetary reforms, contributing significant inputs to the 2025 National Budget, and engaging policymakers on tax simplification, energy cost reduction, and industrial competitiveness.
Mr. Miezan noted that the global economy in 2024 maintained a modest growth rate of 2.9 percent, consistent with the previous year. However, economic activity faced significant challenges due to tight monetary policies and persistent geopolitical tensions. In Africa, growth improved slightly to 3.3 percent in 2024, largely driven by government spending and resilient private consumption. Yet, high inflation, currency depreciation, and rising debt-service obligations continued to undermine the region's economic resilience.
In Ghana, the economy showed a rebound, with GDP growth accelerating from 3.0 percent in 2023 to 5.7 percent in 2024 under the IMF Extended Credit Facility programme. GNCCI's engagements with members and local businesses revealed improved confidence in the Ghanaian economy, a sentiment echoed by global credit rating agencies. This renewed optimism stems from prudent fiscal and monetary reforms by the government and the Bank of Ghana, which have helped ease the cost of doing business and stimulated higher levels of production.
Despite these positive developments, Mr. Miezan emphasized that there is still much work to be done to sustain the growth experienced this year. He called on the government to intensify efforts to combat illegal mining, which is threatening forests, water bodies, and cocoa production. He also urged the government to maintain fiscal discipline to avoid future reliance on IMF credit facilities and to implement policies that promote investment and private sector growth in manufacturing, agriculture, and food production to drive structural transformation.
