President of the Association of Ghana Industries, Dr Humphrey Ayim-Darke, has advised businesses to prioritise their risk profiles.
This, he said, will enable them to remain resilient in these challenging economic times.
He urged businesses to leverage technology and speedily take steps to overcome the current challenges.
Dr. Ayim-Darke was speaking at a Business Executive Meeting organised by MTN Ghana.
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The current economic condition, he said, has had rippling effects on many businesses leading to a hike in the cost of production.
He urged businesses too, therefore, assess their risk profile and take prudent steps to enable them to remain resilient.
He said, “Some businesses underestimate the risk profile of their businesses.”
“Whenever you take your eye off the international dimensions and there is fluctuation in crude oil, bear in mind it will affect you.”
And added, “So you need to understand the global picture so that you evaluation your plan.”
He added that companies must take these prudent steps to ensure the continuity of operations.
“You must also establish a value chain and appreciate your supply chain, the technology you use to enhance and speedily appreciate the difficulty as a result of research and development information gathering.”
“You must deploy technology to enhance decision-making so that at all times, you are ahead of it”, he said.
The Ghanaian economy has been reeling under intense pressure following months of the local currency’s fast depreciation against the U.S. dollar.
The country faces its worst crisis in a generation.
