Accra: Dr. Humphrey Ayim-Darke, President of the Association of Ghana Industries (AGI), has praised local businesses for their unwavering commitment to productivity despite numerous challenges. He highlighted the difficulties businesses face due to global and local uncertainties, such as supply chain disruptions, foreign exchange fluctuations, and rising energy costs. “Businesses across Ghana have had to rethink strategies, adapt processes, and reinvent ways of working. These uncertainties have undoubtedly tested our resilience and determination,” Dr. Ayim-Darke stated at the AGI Awards in Accra. He also mentioned AGI’s collaboration with stakeholders to promote policies favoring local production and procurement.
According to Ghana News Agency, Minister of Finance Dr. Mohammed Amin Adam noted the strong performance of Ghana’s economy in the first half of 2024, with significant contributions from the industrial and manufacturing sectors. Despite this positive trend, he emphasized the need for continued effort
s to sustain the recent recovery. Ghana’s economy grew by 5.8 percent in the first six months of 2024, exceeding expectations and raising hopes for even higher growth by the end of the year. Dr. Amin Adam commended the industry’s growth, with rates of 6.8 percent in the first quarter and 9.3 percent in the second quarter of 2024. The manufacturing sector, which had experienced negative growth in 2023, also saw improvements, growing by 2 percent in the first quarter and 2.8 percent in the second.
Dr. Amin Adam acknowledged the government’s initiatives to address challenges affecting the private sector, such as reforms in tax collection and enhanced support for small and medium enterprises (SMEs). He highlighted the government’s swift response to harassment complaints by tax collectors, stating, “We withdrew all frontline tax collectors and implemented a human-centric approach to tax collection.” Despite this approach, the country consistently exceeded its monthly tax revenue targets. Recognizing the vital rol
e of SMEs, he announced the launch of the SME Growth and Opportunity (SME-GO) program aimed at enhancing access to capital and capacity-building for small businesses. SMEs contribute 70 percent to Ghana’s GDP and provide 85 percent of jobs in the country. Dr. Amin Adam emphasized the importance of empowering SMEs to drive internal economic growth.
While acknowledging the significant economic recovery, Dr. Amin Adam admitted that more work is needed to sustain growth and deliver tangible development. He called on the private sector to continue playing a crucial role in accelerating economic progress. Additionally, Prof. Alex Dodoo, Director-General of the Ghana Standards Authority, urged improved collaboration between the private sector and state agencies to create a conducive business environment. He emphasized the partnership role of state agencies, stating, “You pay taxes to the state, but we are not working together enough. Without the private sector, there is no economy.”
The 13th AGI Ghana Industry and
Quality Awards was themed: “Navigating the uncertainties of our business landscape to sustain productivity.”
