Reverse ‘business-unfriendly’ tag on economy

Mr. Mathias Oppikofer, Managing Director, Institutional Key Clients at UBS Global Asset Management of Switzerland, has urged government to reverse the perception that Ghana is business-unfriendly and make the country more competitive on the Emerging Market Bond Index.

“Ghana has become business-unfriendly according to a 2015 World Justice Project and World Bank Report, and this development requires concerted efforts from all stakeholders to reverse the trend in order to become more competitive,” he said.

Mr. Oppikofer statement comes at a time when Ghana has been ranked 111th most competitive economy in the world in 2015 World Economic Forum’s Global Competitiveness Index report, which also placed Ghana 14th in Africa.

He was speaking at the annual general meeting (AGM) of the Swiss-Ghanaian Chamber of Commerce in Accra.

The Chairman of the Swiss-Ghanaian Chamber of Commerce, Dr. Nortey Omaboe, said doing business in Ghana or Switzerland has always been a challenging undertaking, given that both countries have relatively small domestic markets and are highly reliant on exports.

“However, opportunities for business of different scale and scope in both countries are high and increasing,” he added

He reiterated the crucial role played by the Chamber as an advocate for its members and the business community at large, and as a network for pursuing business opportunities.

According to the Chamber, some of the thematic areas that will guide its activities in 2016 include the 40-year development plan; realistic tariffs for the energy sector; mobile apps in providing business services; local content law for oil and gas sector; and use of technology in agriculture.

Businesses in the country are reeling under the impact of unreliable power and cedi depreciation, as well as costly utilities, which together sum up the high cost of operations many businesses have to endure.

He called for more collaboration among the several fragmented business associations in Ghana in order to intensify their collective efforts toward the various regulators and policymakers who impact the conduct of business in the country.

He said the Chamber will continue to promote trade and economic contact between Ghana and Switzerland by providing a forum for the exchange of knowledge and experience between industrial, commercial, and service enterprises in both countries.