Dr Nii Kotei Dzani, Group Chief Executive Officer (CEO) of IFH who was speaking at the inauguration ceremony in Kumasi on Tuesday said this is the way to go to build a strong foundation of the Ghanaian economy for posterity.
He said everything must be done to ensure the survival of the private small businesses and not to stifle its growth expressing concern that the government’s borrowing from the domestic market was crowding out the private sector as it was difficult for the latter to compete with the government for funds.
The CEO said local businesses should be made to enjoy tax exemptions to save their businesses from total collapse and added that it was refreshing that the government had taken steps to review tax exemption regime for foreign companies who used to be granted tax exemption saying “it was unhelpful to the growth of the economy”.
Dr Dzani said the decision to open the branch in Kumasi, the fourth and the first outside the Accra-Tema business enclave at a time when the country was going through a number of economic challenges, is not to look for opportunities to exploit small-scale businesses but to create new vistas for the business communities in the Ashanti and Brong-Ahafo, its catchment areas, to grow their businesses.
The CEO who was not very happy about the current situation where charges for rents, school fees, hotel accommodation and other basic services in the country are quoted in dollars, called on the Bank of Ghana to revisit some of its currency policies.
“The Central Bank must engage all stakeholders and brainstorm to find ways to stabilize the cedi”, he said.
Mr. Raymond Amanfo, an official of the Bank of Ghana (BOG), commended the IF for taking bold steps to expand its base in this era of stiff competition and advised them to design products to meet the needs of its clients and stay ahead of its competitors.
Reverend Doctor Lawrence Tetteh, Board Member of the IFH who dedicated the office structure, advised Ghanaians to do away with ethnic, political and other sentiments that divide us and forge ahead in unity to build a better Ghana.
He counseled the media to work to bring national cohesion and not to divide the country.
Nana Adusei Poku, Akyempimhene, who chaired the function applauded the Company for coming to the Ashanti Region not only to establish its presence but to create employment for the youth.
Source: GNA
