Accra: In recent years, Ghana has seen a troubling trend that puts the future of its economy at risk-an inclination within civil society and even among some citizens to prioritize foreign businesses over local enterprises.
According to Ghana News Agency, while foreign investment brings undeniable benefits, it should not eclipse the importance of nurturing and supporting Ghana’s local businesses, which are vital for long-term sustainable growth.
As a business leader committed to Ghana’s future, I urge us to reevaluate how we treat our local entrepreneurs compared to their foreign counterparts. The success of our economy depends on our ability to foster an environment where local businesses can thrive.
Foreign businesses frequently receive preferential treatment that local entrepreneurs do not, such as tax incentives, streamlined regulatory processes, and easier access to capital. Conversely, Ghanaian businesses face significant challenges, from bureaucratic red tape to high interest rates and limited financing options.
Local businesses are embedded in Ghana’s economy, supporting critical supply chains, creating jobs, and investing in their communities. When economic hardship strikes, local businesses are the ones who remain steadfast, often at significant personal and financial risk. This experience is a powerful reminder of why supporting local businesses is essential to creating a resilient and self-sustaining economy.
A prominent example of local resilience is the Jospong Group of Companies. Originally focused on waste management, Jospong has diversified its operations to include sectors like manufacturing, real estate, and financial services, supporting thousands of jobs and creating value across multiple industries.
Civil society organizations (CSOs) and the general public play a crucial role in shaping perceptions and attitudes toward local businesses. However, instead of rallying behind these homegrown enterprises, there is often an environment of skepticism. Local businesses face harsher scrutiny, skepticism, and criticism compared to foreign firms, perpetuating the misconception that ‘foreign is better.’
One CSO actively supporting local business interests is the Ghana National Chamber of Commerce and Industry (GNCCI). The GNCCI advocates for fair policies, reduced regulatory burdens, and financial support tailored to Ghanaian entrepreneurs. Its initiatives aim to create an enabling environment where local businesses are protected and empowered to grow, especially in sectors where they directly compete with foreign players.
Local businesses in Ghana face significant obstacles that foreign companies often avoid, particularly in the areas of financing, infrastructure, and regulatory complexity. Access to affordable capital is a major hurdle for Ghanaian entrepreneurs. Infrastructure gaps also hinder local growth, and local entrepreneurs must contend with a regulatory environment that is often bureaucratic and slow-moving.
The success of local businesses is critical to Ghana’s long-term economic sustainability. When a Ghanaian business succeeds, it does not just create wealth for its owners, it creates jobs, strengthens supply chains, and contributes to community development. Supporting local businesses is not just about creating an environment that allows them to survive; it is about creating one that allows them to thrive.
As Ghanaians, we must take a hard look at how we treat our local businesses. The government, civil society, and the general public all have a role to play in supporting local businesses. We must advocate for policies that level the playing field, provide easier access to capital, and reduce the bureaucratic obstacles that local entrepreneurs face.
Local businesses are not just important; they are essential to the growth and prosperity of Ghana. When local businesses succeed, they create opportunities for all of us. They are the ones who will be here for the long haul, investing in our communities and building the future we all want to see. Let us give them the support they need to thrive because when they do, Ghana will thrive too.
The writer is a media and political communication analyst. He is currently a lecturer at the University of Media, Arts, and Communication.