Dr. Humphrey Ayim-Darke, the President of the Association of Ghana Industries (AGI), has applauded the unyielding determination of local businesses in Ghana to maintain productivity despite a landscape filled with hurdles. At the 13th AGI Ghana Industry and Quality Awards held in Accra, Dr. Ayim-Darke highlighted the resilience of businesses that have faced numerous uncertainties, including global supply chain disruptions, volatile foreign exchange rates, and escalating energy costs.
The AGI President acknowledged that these challenges have forced businesses to rethink their strategies and adapt quickly to an ever-changing environment. He praised their innovative spirit and determination to stay productive under such challenging conditions. Dr. Ayim-Darke also emphasized AGI's collaboration with stakeholders to push for policies that promote local production and procurement.
In his remarks at the event, Ghana's Finance Minister, Dr. Mohammed Amin Adam, shed light on the country's economic performance during the first half of 2024. The economy grew by an impressive 5.8%, driven largely by the industrial and manufacturing sectors, which have become pivotal to Ghana’s economic recovery.
The industry sector recorded growth rates of 6.8% and 9.3% in the first and second quarters of 2024, respectively, reflecting the increasing contributions of industrial activities. The manufacturing sector, which had struggled with negative growth in 2023, also showed signs of recovery with growth rates of 2% and 2.8% in the first two quarters of 2024.
Dr. Amin Adam credited this resurgence to deliberate government interventions aimed at addressing challenges faced by businesses. Among these efforts were reforms in tax collection practices, which included replacing frontline tax collectors with a more human-centered approach. These reforms have not only eased tensions between businesses and tax officials but also resulted in the government surpassing monthly tax revenue targets consistently.
Recognizing the essential role of small and medium enterprises (SMEs) in the economy, Dr. Amin Adam highlighted the government's launch of the SME Growth and Opportunity (SME-GO) programme. This initiative is designed to improve access to capital and provide capacity-building opportunities for SMEs, which account for 70% of Ghana’s GDP and 85% of employment. According to the minister, empowering SMEs is vital for sustained economic growth and reducing reliance on external economic influences.
While commending the significant strides made in stabilizing the economy, Dr. Amin Adam admitted that sustaining this recovery requires continuous effort. He called on the private sector to remain a key partner in accelerating economic development, stressing that collaborative efforts are essential for achieving long-term growth and meaningful job creation.
Professor Alex Dodoo, the Director-General of the Ghana Standards Authority (GSA), also addressed the gathering. He called for improved collaboration between state agencies and the private sector, emphasizing that economic development hinges on strong partnerships. Prof. Dodoo encouraged businesses to view state agencies not as overseers but as allies in creating a conducive environment for economic activity.
The 13th AGI Ghana Industry and Quality Awards, themed “Navigating the uncertainties of our business landscape to sustain productivity,” celebrated the resilience of Ghanaian businesses. It also underscored the importance of policy reforms and partnerships in building a robust and inclusive economy.
The event served as a platform to recognize the hard work and innovation of businesses that have remained steadfast in the face of challenges. It also provided an opportunity for stakeholders to exchange ideas on how to sustain Ghana's economic recovery and drive long-term growth.
As Ghana continues to navigate a dynamic global economy, the collective efforts of the government, private sector, and other stakeholders will be crucial in ensuring a stable and prosperous future. The resilience and adaptability of businesses, coupled with supportive policies and partnerships, are likely to propel the country toward greater economic achievements.
Dr. Ayim-Darke’s optimistic outlook and the government’s strategic interventions highlight a shared commitment to fostering an environment where businesses can thrive, creating jobs and driving sustainable development for all Ghanaians.
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