Ghana’s economy remains strong and resilient – Alan tells private sector


The Minister for Trade and Industry, Alan Kyerematen, has said that, the Akufo-Addo government was still committed to building an economy that is resilient and robust enough to grow the private sector to produce Ghanaian owned multinational companies.

He believes this will subsequently take Ghana from begging for aid and put the country in a situation of “Ghana beyond aid,” as the vision of the president is.

“You know and have seen the good work of our government as we have worked and continue to work on the fundamentals of the economy because we believe that an improved macro-economy is a basic requirement for stimulating the investments we need for the rapid expansion and growth of the Ghanaian economy, and the generation of wealth and jobs,” he said.

Mr. Kyeremanten said this when he delivered the keynote address at the sod cutting ceremony for the construction of an office complex, which will be used as the National Secretariat for the Ghana National Chamber of Commerce and Industry in Accra.

He said due to prudent economic management, the growing strength of the economy has moved above its initial target of 6.5%, from a growth rate of 3.6% in 2016 to about 8.5% in 2017, which is the highest in 6years as well as the stabilisation of the cedi.

According to him, there has been a reduction in inflation from 15.6% at the end of 2016 to its current level of 10.4%, a revival of Ghanaian industry, from a growth rate of -0.5% in 2016 to 17.5% in 2017 and reduction in interest rates.

“We are also putting in place strong measures to increase revenue mobilisation, by plugging leaks and reforming the existing tax exemption regime.

The process of economic and industrial transformation in Ghana is going along with ensuring that the most basic elements of social justice are met,” he added.

Mr. Alan Kyerematen, Minister for Trade and Industry, who cut the sod, with the President of the GNCCI at a ceremony, commended the leadership of the chamber for the efforts being made to secure office space for the Chamber, saying it was long-over-due.

According to him, the Chamber was a long-standing partner of government and had together with government worked on most of its flagship projects such as the One District One Factory, Stimulus package for viable but distressed companies and the establishment of industrial parks, among others.

He urged the Chamber to deepen its collaboration with government in order to move Ghana beyond Aid, especially as the fortunes of government and the private sector were inextricably linked.

Meanwhile, Nana Appiagyei Dankawoso I, President of the GNCCI, expressed excitement at the event, saying the Chamber had been looking forward to it for a long time, stating that, “since its establishment, the Chamber has rented office appartments for its National Secretariat and regional offices at a high cost coupled with the attendant maintenance issue. It has also been constrained in providing office space to support its members and business start-ups.

This building complex seeks to achieve the aforementioned issues and in particular deepen business linkage between local and international investors.”

The storey-building project with provisions for future expansion, was estimated at a cost of US$3.2 million and has a surface or ground floor which has a reception, lift and staircase areas occupying an area of 66 square metres and a 34-car parking capacity.

Its first floor will also host the conference rooms occupying about 625 square metres while the second floor will have the GNCCI offices occupying about 603 square metres and finally have an accessible roof floor for corporate events, a restaurant and a gym all occupying about 603 square metres.

The completion of the building is expected to also help the Chamber to better support its members and start-ups.

According to the President of the Chamber Yawson and Lombardi LLC, has been contracted as the engineers to spearhead the project and ensure its timely completion while the design was done by A + H Architects.

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