The Ghana National Chamber of Commerce and Industry (GNCCI) has said policies targetting the business community are often ineffective because they are not backed by data.
“We are living in an information revolution age wherein data holds the key to growth and prosperity for corporate entities and nations at large. Across the world, countries are making significant investments in the way data is mobilised and analysed toward making informed decisions on critical issues,” said its president, Clement Osei-Amoako.
He added that certain key metrics such as those relating to growth and risk, among others, are critical for policymaking and implementation but lacking. This, according to him, does not portend well for the economy, since policies and decisions cannot be made with the accuracy and precision needed for desired outcomes.
Mr. Osei-Amoako spoke at a stakeholders’ workshop titled ‘Mobilising business diagnostics data to inform bottom-up decisions in government policies, organised by the GNNCI in Accra.
“Given our industry and business insights over the years, the GNCCI recognises lack of diagnostics data as a major challenge to effective policy design and implementation.
“We appreciate efforts made to highlight business responses to macro-economic policy as well as performance of the general economy. In addition, some business surveys focus on gauging business confidence and adopting a normative or subjective approach in addressing business issues,” he said.
He lauded government’s bold initiatives in digitising the economy toward ensuring an enabling business environment as well as building a new and efficient Ghana.
Nonetheless, he noted that “Certain key indicators such as growth metrics, business risk profiles and coping strategies are often lacking. Again, there is lack of rigorous analysis to inform bottom-up policy decisions”.
The workshop was to discuss findings from a research dubbed ‘GNCCI Business Pulse, Industry Profiling and Performance Indexes, and SME Policy Index’, a data-driven initiative by the Chamber.
The business research, in collaboration with the BUSAC Fund and supported by DANIDA and USAID, is to serve as a source of data for policy innovation and a platform for monitoring business performance.
“I want to assure you that the GNCCI remains committed to its strategic direction of using business data analytics to provide targetted business-support services to its members and the wider business community. In particular, this evidence-based advocacy approach will equip the GNCCI with business and industry insights to shape government policies and programmes, as well as multilateral support in ensuring a conducive business climate,” Mr. Osei-Amoako added.
For his part, Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay – in a speech read on his behalf, said the diagnostics report “presents us with an opportunity to unravel the issues facing our industries and explore innovative ways for ensuring their growth, value, and sustainability.