We are working hard to overcome economic challenges – President assures private sector

President Nana Addo Dankwa Akufo-Addo has given an assurance that the government remains focused to steer the economy out of the current challenges.

He explained that while the government was not oblivious of the challenges being faced by the private sector and Ghanaians in general, it was working hard to stem the tide of the adverse macroeconomic difficulties.

He said a number of options were being considered, including the current negotiation with the International Monetary Fund (IMF), to end the suffering of businesses.

The President gave the assurance in a speech read on his behalf by the Senior Presidential Advisor, Yaw Osafo-Maafo, at the 19th Ghana Club 100 (GC100) Awards in Accra last Friday night.

The President said it was the stance of the government to develop the economy based on the private sector.

Awards

On the theme: “Ghana’s private sector, a catalyst for post-pandemic economic transformation”, this year’s GC100 gala night gave due recognition to outstanding Ghanaian companies for standing the test of time and making an impact in their respective industries.

The awards scheme is an initiative of the Ghana Investment Promotion Centre (GIPC), supported by other corporate institutions.

The top 100 enterprises rewarded were in sectors such as agriculture and agribusiness, financial services, information and communications technology (ICT), infrastructure, petroleum, mining services, manufacturing, tourism, health and education.

First on the 100 top-ranked companies was Zeepay Ghana Limited, followed by Newmont Ghana Gold Limited, Multipro Limited, Gold Fields Ghana Limited, Scancom PLC, Maphlix Trust Ghana Limited, Amanex Co. Ltd and Express IDS Consult Agency Limited in that order.

The 10th to 15th positions were occupied by Newmont Golden Ridge Limited, GCB Bank PLC, ASA Savings and Loans Ltd, Ecobank Ghana PLC, Nestle Ghana Limited, IT Consortium Limited and Polytank (Ghana) Limited.

It was the first time a financial technology (Fintech) company had emerged ultimate winner of the awards, and this lends credence to the fast growth of the Fintech sub-sector in the country in the past few years.

COVID-19 shatters economy

President Akufo-Addo commended the job GIPC was doing under the GC100 umbrella, which had led to determining the best and most powerful companies in the private sector.

“This year’s edition is also exciting because it marks the return of the awards post-COVD-19,” he said.

He observed that COVID-19 shattered the world’s economy and getting out of it had not been easy, but the enthusiasm of the private sector brought hope.

“We commend more specifically Ghana Club 100 companies for surviving the difficulties of the pandemic and the effects of the Russia-Ukraine war,” he said.

“Many people think the war is far away and for that reason it has no effect on us. But that war has more effect than we can imagine. I didn’t know that about 35 per cent of Ghana’s iron rods was obtained from Ukraine.

“The two events (the pandemic and the Russia-Ukraine war) have affected the fortunes of the world adversely and so it is important to recognise the difficulties our country is facing; the Ghana cedi depreciation, inflation surge, high interest rates and increasing utility tariffs are having an impact on businesses in the country,” President Akufo-Addo added.

Complementing efforts

The Chief Executive Officer (CEO) of the GIPC, Yofi Grant, said the centre was complementing the government’s efforts by instituting various measures and initiatives to provide the right support for the private sector.

He said the centre had stepped up efforts to use business continuity and problem-solving techniques to assist investors, while striving to be a more effective service provider through a variety of means.

Mr Grant said dialogue had also been maintained with investors, bringing up relevant programmes while supporting ongoing investments in operations.

“An example is the GIPC’s business continuity programme, executed with support from the German international cooperation agency (GIZ), to inform businesses on how to recover more quickly after the COVID-19 and benefit from the African Continental Free Trade Area (AfCFTA).

“Through another initiative, the GIPC’s countrywide Regional Sensitisation Tour, organised with support from the World Bank through the Ghana Economic Transformation Programme (GETP), the centre is reaching out to private businesses to capture investment opportunities across various sectors in the country,” he added.

Hard work

The Commercial Manager of Zeepay, Dede Afriyie Quarshie, said the recognition could only be attributed to the relentless efforts and hard work by the company’s management.

“The ingenuity of the company’s CEO has resulted in Zeepay being adjudged the number one company in the country.

“Zeepay is set to take over the mobile money industry, both in Ghana and on the African continent,” she added.