Accra: Mr. Ekow Mensah, Managing Consultant at VentureScale, has called on business leaders to remain informed and curious as a means to effectively navigate changes and drive business growth. He emphasized the importance of understanding not only one's own business but also the broader context of politics, international markets, and emerging economies, particularly in Africa.
According to Ghana News Agency, Mr. Mensah made these remarks at the Ghana National Chamber of Commerce and Industry (GNCCI) Accra Branch Executive Business Forum, held under the theme, 'Navigating Economic Uncertainty: Strategic Outlook for Ghanaian Businesses.' The forum congregated business leaders, entrepreneurs, and stakeholders committed to fostering growth and development in Ghana's private sector, providing an avenue for sharing insights, forming partnerships, and crafting forward-thinking strategies.
Mr. Mensah highlighted the significant impact of innovations such as Artificial Intelligence, which can disrupt entire industries. He warned that without adequate knowledge, business leaders might struggle to foresee or mitigate the risks posed by such advancements. He also advised leaders to enhance their networking skills, broadening their connections beyond immediate circles to gain valuable insights.
He noted the ever-evolving business landscape, stressing the importance of adopting a resilient mindset to persevere and make progress despite challenges. 'Leadership is fundamental,' he stated, emphasizing that while not everything is within one's control, leadership roles come with the responsibility of making impactful decisions for the company and its employees.
Mr. Alexander Bewong, Second Vice of GNCCI, highlighted the current pressures on both global and local economic landscapes. He pointed out international trade tensions and US tariffs affecting global trade flows. With Ghanaian businesses increasingly engaging in the AfCFTA, Mr. Bewong noted the dual nature of risks and opportunities these disruptions present.
He mentioned the Government's commendable reforms and the tightening of monetary policy, including a recent 100-basis-point increase in the Monetary Policy Rate aimed at curbing inflation. The IMF forecasts challenging economic indicators, with inflation at 17.5% for 2025 and a GDP growth of just 4%.
Mr. Bewong underscored the necessity for strategic thinking and policy coherence, expressing modest optimism over the recent appreciation of the Ghana Cedi. He observed the Ministry of Finance's engagements with the IMF concerning Ghana's three-year bailout programme and urged businesses to stay vigilant regarding macroeconomic developments.
Mr. Imram Shams Kwakye, GNCCI Accra Regional Chairman, reiterated the Chamber's dedication to advocating for a competitive business environment. He emphasized the event as a reflection of their commitment to supporting members and the broader business community through engagement and knowledge exchange.