AGI, GNCCI meet NDC’s Business Development Committee to expedite action on 2024 electoral promises
The Association of Ghana Industries (AGI) and the Ghana Chamber of Commerce and Industry (GNCCI) have met with the Business Development Committee of the National Democratic Congress (NDC) as part of efforts to expedite action on many of the NDC’s 2024 electoral promises.
The President-elect, John Dramani Mahama will take office on January 7, 2025.
The Business Development Committee of the NDC, the political party on whose ticket Mr Mahama was elected president, therefore, met with the AGI and the GNCCI to discuss ways to implement the NDC’s promise to shape the future landscape of Ghana’s industrial and trading sectors.
The Chairman of the NDC’s Business Development Committee, Ekwow Spio-Garbrah, explained the move with the two main commercial and industrial arbiters of Ghana’s productive sectors is to prepare the groundwork for the effective implementation of the NDC’s policies, especially the 24-hour Economy.
Foremost among the topics discussed was the pervasive issue of the exchange rate and the volatility of the local currency against major foreign currencies.
The AGI and GNCCI, representing a substantial fraction of Ghana’s industrial backbone, called attention to the need for policies that stabilise and potentially reduce exchange rate pressures, thereby enhancing the competitiveness of local industries on the global stage.
Tax reforms were another focal point of discussion.
Equally critical was the dialogue around power reforms, particularly for Independent Power Producers (IPPs).
Also on the table for discussion were possible innovations in Ghana’s remittance policy that could help mobilise between $3 billion and $5 billion a year for Ghana’s development to be able to leverage remittances for industrial investment.
The review of aspects of the Ghana Revenue Authority (GRA) Act 891 was also discussed.
Mr Spio-Garbrah, echoing the sentiment of all gathered, gave an assurance that the incoming government, under John Dramani Mahama, was committed to not resting on its laurels until the industrial sector’s course is firmly and favourably established.
“This timely meeting heralds the beginning of what is hoped to be a series of engagements towards concerted efforts to weave together policy and practice, ensuring that Ghana’s industries survive and thrive in an increasingly competitive and digitised global economy. The fact that the NDC can engage the leadership of Ghana’s business sectors so soon after winning the 2024 elections is a manifestation of President Mahama’s ability to govern Ghana with lightning speed even before he gets sworn in”, Mr Spio-Garbrah said.