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Business News of Tuesday, 8 May 2012

Source: GNA

Lack of information major obstacle for entrepreneurs- Chief Director

Nii Ansah-Adjaye, Chief Director of the Ministry of Trade and Industry has identified the lack of information as a major obstacle for many Ghanaian entrepreneurs in their trade relations.

He said a good knowledge of operations of companies in the destination inspection scheme would therefore be a key factor in boosting business opportunities.

Nii Ansah-Adjaye made the observation at a day’s stakeholder’s seminar in Accra on Tuesday, organised by BIVAC International Ghana Limited, a player in global trade, to educate customs house agents and Ghana Union of Traders Association executives on the processes and procedure to get their final classification and valuation report without hindrance.

He said the ability of firms to deliver goods and services on time and at the lowest cost was a key determinant of their successful integration into the world economy.

He noted that trade facilitation reforms and training could bring immense benefits for the development and stimulation of trade, improvement in the collection of customs duties and reduction of propensity to smuggle.

“It is therefore necessary to continuously put in place modalities such as initiatives to enhance trade agenda to bring benefits to government, the private sector and the consumer,” he added.

He said delays in the issuance of the final classification and valuation reports have hampered the smooth operations of trade, and therefore required the attention of companies contacted to provide services.

He said fraudsters are constantly learning new ways and techniques of circumventing the system hence the need for collective roles to address the challenge.

Nii Ansah-Adjaye cautioned that offences such as submission of falsified documents amount to fraud and importers found would be prosecuted.

Mr Herve Chassagne, Managing Director of BIVAC, noted that communication was an effective tool for business growth.**

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