GEA: Piracy killing legit firms

Counterfeited and pirated products are giving legitimate businesses stiff competition in Ghana, a situation that is gravely affecting employers, President of the Ghana Employers Association (GEA) Terry Darko has said.

“In recent times, counterfeiting and illicit trade in Ghana have heightened competition, as legitimate businesses cannot compete with pirates who take a free ride on the work of others without contributing to research, development, or social cost of their workers.

“The theft of these intellectual property through counterfeiting and piracy is stifling the innovation and creativity at the heart of today’s knowledge-based economy,” Mr Darko told journalists recently.

He said counterfeiting and piracy “affect Ghana in several ways, among these are the loss of revenue to government, the loss of jobs due to companies and industries folding up, the ruining of Ghana’s image in international circles”.

Apart from the effects of piracy and counterfeiting on employers, Mr Darko said the “unpredictable and unstable nature of the macroeconomic environment remains a daunting challenge to employers as a conducive environment for doing business is critical to the success or otherwise of any business entity, more especially for the private sector.”

According to him, “access to credit is on the decline, since businesses are competing with government for credit from the banks”.