Ghanaian industries and businesses has been challenged to find innovative ways of doing business in order to meet the standards and demands of modern competitive globally-oriented markets.

The challenge was thrown by various speakers at the breakfast meeting organised by the Ghana Chamber of Commerce and Industry (GCC) for chief executive officers in Accra on Tuesday.

They were clear about the fact that although company’s ability to reach such markets could herald their success, many businesses in Africa, including Ghana have not been able to reach the giant international markets like China, Dubai, Europe and the United States due to the host of challenges that confront their progress.

Mr Gideon Quarcoo, Chief Executive Officer (CEO) of Ghana Export Promotion Authority, said it is obvious that doing business in Africa and for that matter Ghana, has always face setbacks ranging from human capital, financial constraints, customer loyalty and market share to over taxing and heavy-lading bureaucracies among other things.

He said many of these businesses have not been performing not because of the factors mentioned, but because they have failed to understand and appreciate the modern trend of business where many firms are going into integration and conglomeration.

It is important that Ghanaian businesses shift from depending on traditional export to develop competitive non-traditional export products that would meet fierce competition on the global market, he said.

Mr Quarcoo said Ghana’s fortunes would be significantly enriched when “we successfully build and own internationally competitive brands.

He said winning brands serve as market anchors to support the competitiveness of the entire value chains of which they are a part, adding that strong domestic brands create much larger value since they create, capture and retain value within the country.

He called on the GCC and the Ghanaian industry as a whole to partner government and its agencies to set up interventions towards strengthening Ghanaian brands.

He also called for the establishment of joint ventures and partnerships with foreign companies as a great way to gain access to skills, resources and finance when entering into a new market, since successes remains on the extent to which companies reduce cost and improve product quality and service delivery.

Companies, he said must also work at dealing with sophisticated and demanding markets by strictly observing international standards and other regulations.

Such business innovations, he said, help perfect the challenges that confront most businesses, and many foreign companies have set up local offices in their intended markets to ensure greater control over marketing and distribution and direct contact with their customers, thus dominating the Ghanaian markets with these strategies.

The meeting was therefore aimed at creating a platform for these business heads, to brainstorm on the theme: “Building the Capacity of Enterprises for the International Market: a Tool for Sustainable Economic Growth.”

Mr Seth Adjei Baah, CEO of the Chamber said the meeting was being held at a time when government intends to increase export trade against import trade, to stabilise the Cedi from its perennial fall.

Dr Rashid Pelpuo, Minister of State in Charge of Public Sector Development and Public-Private Partnership, called for active collaboration between government and the private sector for growth.

He said government would continue to create the requisite favourable environment and put in place stimulating policies and programmes for local industries and businesses to thrive, while sustainable solutions were sought, to address the challenges facing the business sector.

Mr Michael Agyekum Addo, CEO of KAMA Group of Companies, lamented over the non-enforcement of rules and regulations governing intellectual property rights and challenged the GCC to wake up to its task of chasing non-complying companies out of business.

He also called for attitudinal change from both industry players and as well as the public in supporting locally produced goods and services for economic growth.