AGI urges businesses to withstand shock and stay afloat


Chief Executive Officer (CEO) of the Association of Ghana Industries (AGI), Seth Twum Akwaboah, has encouraged businesses to do whatever it takes not to close down in these challenging times, but rather work hard to remain in business.

According to him, businesses should employ more strategies and measures to continue staying afloat.

He is optimistic that businesses will recover their investments which have gone down the drain when the times are good.

Mr. Akwaboah said this in an interview with the B&FT on Thursday during the Tema Regional Annual General Meeting, on the theme ‘Leveraging public private collaboration to accelerate sustainable industrial development’.

“I think that the last thing we should do as a country is give up hope. So when you have a challenge of this nature, there are options open to you. One option is to close down and fold our arms, saying ‘this is the end of it’. The other option is to say ‘I will try to weather through the storm, I will downsize, I will do all kind of things to stay in business’ – but I think the latter is not the best, because you would have lost your business.

“In this particular moment, it is about survival: how do we keep the industry surviving, how do you keep the industry growing so we can keep the staff? Bear in mind that industry is a major employer of people, and therefore their continuous operation ensures the sustenance of jobs within industry,” he said.

He said this is a crucial time for all to work together as a country and make sure that all promote unity and stability, so together they can get relief from what is going on.

Mr. Akwaboah noted that it is important they speak confidence into the system, do away with speculation considering depreciation of the cedi, and ensure microeconomic stability for businesses to thrive.

“In our engagement with the president, ministers and others, they spoke extensively of efforts being made. So I think as Ghanaians we should accept those efforts and work with government, so that we bring tension down, calm tempers and make sure we bring confidence so we can have stability.”

He therefore urged Ghanaians to consume products produced locally to enable local manufacturers produce more. By doing this, he said: “We are supporting government’s efforts of industrialisation. And I believe government is supposed to support us as industries so that we can grow, expand and produce the kind of goods we need in this country”.

Mr. Akwoboa called on the media to assist in this matter for consistent promotion of made in Ghana goods, as this effort will significantly reduce imports and minimise the pressure on the cedi.

Dr. Edward Akwetey, Chairman of the AGI-Tema Region, outlined members’ major concerns – which include rising fuel cost, exchange rate, property rate, poor state of industrial roads, and influx of imported goods on the market.

He strongly indicated the need for public and private sector collaboration for the acceleration of sustainable industrial development.


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