Former President of the Chartered Institute of Marketing- Ghana (CIMG), Professor Stephen Adei, has noted that for Ghana to see economic growth, the rights of consumers must be protected.
According to him, economic growth is hinged on consumption, the reason developed countries have maintained their growth since they consume what they produce.
“The wealth of nations is ultimately determined by its consumption pattern. You can see that in developed countries, they consume what they produce and export to us. Why developing countries tend to be near consumers and not producers of manufactured goods and modern services.
If we consume what we produce, we are creating wealth for ourselves and employment. Consumption is the pivot of economic progress,” he said.
Professor Stephen Adei made the remarks while commemorating World Consumer Rights Day on March 15, 2023.
Since time memorial, Ghanaians have been entreated to consume what they produce and move away from their taste for foreign goods. This is the main reason Ghana’s economy is heavily-import dependent.
Also, Prof Adei noted it has been the practice for producers to exploit consumers – an action he frowned upon.
“There is often the emphasis on production of services and of goods but the consumer is the king. The consumer is not only the king but queen, president and the chief. It is unfortunate that oftentimes, consumers become the victim of unscrupulous producers.”
For Prof Adei, everyone must be interested in the rights and protection of consumers, as every business and individual at a point, becomes a consumer.
“The reality is that oftentimes, most of the consumers don’t have the capacity or wherewithal to protect themselves,” he added.
He therefore urged Chartered Institute of Marketing, Ghana (CIMG) which was granted a Parliamentary Act 1021 to regulate the standard in marketing practice and the training of marketing professionals in Ghana
The theme for this year’s celebration is “Empowering consumers through clean energy transitions.”