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Business News of Wednesday, 11 April 2018


Reposition yourselves to be competitive in the global market, businesses told

Mr Robert Poku Kyei, the Technical Advisor at the Office of the Senior Minister, has called on the business community to enhance the quality of their products to become competitive in the global market.

He said this would help increase trade and investment opportunities among countries in the sub-region.

Mr Kyei was speaking at the second edition of the Ghana International Trade and Finance Conference (GITFiC) on Tuesday in Accra.

The two-day conference is aimed at providing a platform for industry players to present realistic solutions to trade, investment and funding opportunities.

He said as a country, businesses needed to improve on their tradable and expand the kind of products they offer to their consumers, adding that “we need to add value to a number of products we offer.”

Mr Kyei said it was very important for businesses to take advantage of trade and investment opportunities on the continent to increase their trade relations with other member countries.

On the Ghana Beyond Aid Agenda, the Technical Advisor, said about three items accounts for debt consumption of the country’s revenue made up of wages and salaries, statutory payments and interest payment, hence the issue of aid.

He said as a country “we should be able to do away with the dependence mentality and be on our own.”

He expressed the hope that the private sector would continue to collaborate with government to strengthen trade investments and promote the economy.

Ms Maria De Los Angeles, the Mexican Ambassador to Ghana, speaking on the trade progress her Embassy had achieved, said Ghana was a very important country in West Africa, due to its democracy, social and political stability.

She said it was also due to its positive economic growth, which had turned a very attractive market to expand business to Africa and a great platform to penetrate the rest of the continent.

She said the presence of Mr Alan Kyerematen, the Minister of Trade and Industry at the Mexico Business Summit, the main business platform in Latin America has strengthen a strategy developed by Mexico and Ghana, She said as a result of the Summit, one Mexican company was actually starting operations in Ghana in the agricultural field, while another was in the process of going ahead with two investments in the agric-food industry.

“Indeed, there are many other sectors of opportunity such as building and construction, manufacturing, alternative energy sector, tourism, transportation, waste management, pharmaceutical and petrochemical industry,” she added.

Ms Angeles said to foster bilateral economic relations, business communities in both countries had to make stronger efforts to get more trade and investments.

She said the Mexico Business Summit had proven to be a great platform to make entrepreneurs of Mexico to see Ghana as a place to widen their business to Africa.

Mr Selasi Koffi Ackom, the CEO of Rescue Shipping, organisers of the conference said a session would also be organised to point out pressing issues and also offer realistic solutions with regards to Trade and Trade Financing both in Ghana and the African continent.

He said the participants would be exposed to trade sector opportunities, alternative finance options and latest trends in trading with Ghana, Africa and the world.

This year, GITFIC was organised in collaboration with the Ministry of Trade and Industry.