Business sector highly volatile - GNCCI survey shows

A performance assessment of some 3,000 companies by the Ghana National Chamber of Commerce and Industry (GNCCI) in the pandemic period has shown relative volatility across the business landscape.

The survey, which focused on key areas of business value, growth, resilience and risks, also revealed that local enterprises were mostly exposed to firm-specific risks and industry instabilities.

According to the president of the chamber, Clement Osei-Amoako, the situation requires enterprises to critically examine a portfolio of new strategies that merge business profitability with resilience and sustainability to be able to survive in the post-pandemic era.

In an interview with journalists at the chamber’s CEO Business Forum in Accra, he said business owners can no longer measure business success and performance solely in the context of profit, turnover and brands.

“We’ve realised from our research department that a lot of businesses are folding up, and it stems from the fact that some of them have not put in sound measures that are resilient to support their businesses going forward.

Some of the companies also have managerial deficiencies as the reason for the non-performance of the business. Having identified their problems, the chamber will hold their hands and support them to come out of the distress,” he said.

The Chamber CEO Business Forum is one of the policy dialogue sessions of the GNCCI which provides a high-level platform for business executives, entrepreneurs and industry experts as well as policymakers to discuss topical issues and make policy recommendations for the sustainable growth of domestic enterprises.

Mr. Osei-Amoako said of the event: “With this forum, we have engaged all stakeholders including the banks and policy makers to brainstorm solutions to some of these problems. Whatever decisions taken here will be tabled and directed to the appropriate quarters for the right actions that will enable those businesses to rebound.”

He reiterated the chamber’s commitment to the growth of the nation’s private sector, adding that it would maintain a proactive relationship with government in that regard.

The forum was on the theme “Redefining Business Success: The Path for Business Value, Resilience and Sustainability”.