Dr Humphrey Ayim-Darke, President of AGI, has praised local businesses for their unwavering commitment to productivity despite the many challenges.
He said businesses had to deal with global and local uncertainties of supply chain disruptions, foreign exchange fluctuations and rising energy costs.
“Businesses across Ghana have had to rethink strategies, adapt processes and reinvent ways of working. These uncertainties have undoubtedly tested our resilience and determination,” he said at AGI Awards in Accra.
He said AGI was working with stakeholders to promote policies that favour local production and procurement.
On his part, Minister of Finance Dr. Mohammed Amin Adam, said the economy had performed well in the first half of 2024, with significant contributions from the industrial and manufacturing sectors.
However, he said more work needed to be done to sustain the recent significant recovery.
Ghana’s economy grew 5.8 per cent in the first six months of 2024, pointing to a stronger than expected recovery with hopes of even higher growth at full-year (FY) 2024.
The minister, who was speaking at the 13th AGI Ghana Industry and Quality Awards lauded industry’s contribution to the growth. Industry recorded growth rates of 6.8 percent in the first quarter and 9.3 percent in second quarter-2024.
the manufacturing sector, which experienced negative growth in 2023, also grew by 2 percent in the first quarter and 2.8 percent in second quarter-2024.
This consistency in growth signifies a return to job creation and wealth generation,” Dr. Amin Adam said.
While acknowledging that sustained efforts are needed to ensure long-term growth and tangible development, he noted that government’s efforts to address key challenges affecting the private sector – including reforms in tax collection and enhanced support for small and medium enterprises (SMEs) – are yielding results.
The finance minister said the government acted swiftly to address harassment complaints by tax collectors from the Association of Ghana Industries (AGI) and Ghana National Chamber of Commerce and Industry.
“We withdrew all frontline tax collectors and implemented a human-centric approach to tax collection,” he said.
Despite the change in approach, he said the country had consistently exceeded its monthly tax revenue targets.
Recognising that the country cannot achieve real growth without a strong small and medium enterprises (SMEs) sector, he said, government launched the SME Growth and Opportunity (SME-GO) programme aimed at enhancing access to capital and capacity-building for small businesses.
For instance, he said, SMEs contributed 70 percent to GDP and 85 percent of jobs in the country.
“No country has achieved growth without the contributions of SMEs”.
Dr. Amin Adam therefore stressed a need for empowering SMEs to generate internal economic growth rather than relying on external factors.
While the economy has bounced back significantly, the minister admitted there is still more work to be done in sustaining growth and delivering development.
Dr. Amin Adam called on the private sector to continue playing a crucial role in accelerating economic progress.
Director-General of the Ghana Standards Authority, Prof. Alex Dodoo, on his part called for improved collaboration between the private sector and state agencies to create a conductive business environment.
He urged the private sector not to view state agencies as ‘bosses’ but partners in economic development.
“You pay taxes to the state, but we are not working together enough. Without the private sector there is no economy,” he stated.
The 13th AGI Ghana Industry and Quality Awards was themed: “Navigating the uncertainties of our business landscape to sustain productivity”.
GNA
