Interest rates, utility cost and taxation key to industrial growth

Mr. Isaac Barry, the Tema Regional Chairman of the Ghana Chamber of Commerce and Industry (GCCI), on Thursday said interest rates, cost of utilities and taxation were core determinant factors of industrial growth and job creation.

He said this at a one- day workshop on the topic; minimizing waste, ensuring goal actualization and economic growth within organisations was held in Tema.

Mr. Barry said companies and business leaders were comfortable with the three business models mentioned above and this would naturally increase their yields as would conserve more profit for re-investment, thereby leading to business expansion and employment generation.

Comparing industrial growth in Ghana with other foreign countries, he said we could become a lot more competitive if certain bottle necks were completely taken out of the business atmosphere, especially when it takes seven days to clear goods from the port.

Mr. Barry said for any government to satisfactorily provide jobs, there was the need to strengthen the private sector by enacting policies that boosted growth within the economic sector.

This would naturally create the need for more workers by these companies and thereby, generate employment, he added.

Mr. Daniel Addae Adjepong, Chief Executive Officer of Dexterity Business Consultancy Company (DBCC) and co-organisers of the workshop said it was also important for local companies to adhere strictly to business standards.

He said companies were often satisfied with the old way of doing things as this often created problem locally. Most companies in Ghana fall beneath their maximum potential because they do not adhere to principles that could get them rubbing shoulders with world class companies, Mr Adjepong said.

He said within the business sector, it is possible to raise a loan within 48 hours. We were all used to waiting for about two weeks before being given our loans and this calls for new leadership drive which would enforce companies to follow laid down procedures.

The workshop was in collaboration with the Tema Chamber of Commerce and Industry and DBCC.