Empower Local Businesses to Sustain Economic Gains – AGI Treasurer urges gov’t – Nsemkeka
The National Treasurer of the Association of Ghana Industries (AGI), who is also the Chief Executive Officer of Coconut Grove Regency Hotel, Mr Ralph Ayitey, has called for deliberate and strategic support for Ghanaian-owned businesses as a long-term measure to strengthen the national economy and stabilise the cedi.
Engaging with the Parliamentary Select Committee on Trade, Industry and Tourism on Tuesday, June 10, Mr Ayitey underscored the need to reinforce the recent appreciation of the cedi against major foreign currencies, particularly the US dollar, by scaling up local production and reducing import dependency.
The committee sought to be appraised on reasons why some service providers and manufacturers have not adjusted prices or charges downwards following the strengthening of the Cedi against major global currencies.
“We need to look at encouraging local Ghanaians to indigenise the economy as much as we can because when they make the money, the money stays here,” he said. “There has to be a very conscious hand-holding effort to make sure that Ghanaians are wealthy, Ghanaians are prosperous,”Mr Ayitey noted.
Citing innovation among local entrepreneurs, Mr Ayitey referenced a recent example from social media: “I saw a lady using sugarcane to produce takeaway packs for hotels and the food and beverage industry. These are people we need to encourage. We need to be proud of what we have.”
He further urged the government to implement policies that prioritise local industry, including the provision of affordable credit, lower interest rates, and improved infrastructure to enhance production capacity.
Mr Ayitey’s comments come at a time when economists and market analysts are advocating for structural reforms that address the root causes of currency volatility and inflation.
Many have argued that building a resilient local industry base is essential for long-term economic stability and inclusive growth.