Swiss-Ghanaian Chamber of Commerce meets Trade Minister

The Swiss-Ghanaian Chamber of Commerce has hosted its members to a breakfast meeting -- dubbed “Chairman’s Breakfast Meeting” -- to provide an opportunity for member-Chief Executive Officers to interact with the Minister of Trade and Industry, Haruna Iddrisu, on issues of concern to them.

The event was held under the theme “Enabling Businesses in Ghana: New Policy Initiatives in Trade and Industry”.

The chairman of the chamber, Dr. Nortey Omaboe, said the slowdown in economic activity in 2013-characterised by adverse variances in revenues, with actual targets falling below expectations; the depreciation of the cedi in recent times; unstable electricity supplies, coupled with difficulties at the ports; and the high cost of credit -- are issues that are plaguing members of the chamber as they prepare their 2014 budgets.

Dr. Omaboe was hopeful that the Minister would allay some of the concerns of members and assure them over steps that are being taken by government to enhance the business environment in the country.

Mr. Iddrisu said the new policy direction of government is to eliminate the inherent competition that exists between the public and the private sectors in order for the public sector to create the enabling environment for the private sector to leverage and deliver.

With regard to energy challenges, the Minister said government is committed to increasing the generation capacity from the current 2,000 megawatts to 5,000 megawatts; saying that he has counselled the President on the need to supply dedicated power to industry so that industry will be assured of adequate and reliable energy for its operations.

He said the essence of revising the Ghana Investment Promotion Council legislation is to stimulate strategic investment into the economy. He said government’s effort at emphasising local content or partnership with foreign companies has been misconstrued as attempts by government to nationalise foreign companies or to dilute the role and hold of foreign companies.

“The intention of government, rather, is that foreign companies are to make use of local skills and competence where necessary, and also to reserve some interest for locals,” he said.

The Minister disclosed that government has taken far-reaching decisions to decongest the ports and reduce transaction cost by improving scanning processes and customs efficiency. Among some of the measures is the acquisition of mobile scanners for the ports and 24-hour customs clearance, which is expected to commence in 2014.

He said the objective of the National Export Strategy that was recently launched is to increase export revenue to about US$5billion by 2017. In this regard, he extended an open invitation to Swiss businesses through the Swiss-Ghanaian Chamber of Commerce to consider value-addition or export-related activities within the country, for which government is ready to offer tax incentives.

Dr. Nortey Omaboe, on behalf of the chamber, presented a citation to the outgoing Swiss Ambassador Andrea Semadeni for his determination, encouragement and direction, which have led to revival of the chamber.

In recognition of his close affinity to Switzerland as per his official engagements, Mr. Iddrisu was admitted as a honourary member of the chamber.