The General Manager of the Mövenpick Ambassador Hotel, Isaac Okpoti Adjei, has emphasised the importance of policy clarity, foreign exchange stability, and investor confidence in fostering a favourable business climate in Ghana.
Speaking to journalists on the sidelines of the Mövenpick Accra Business Forum on Monday, March 30, Adjei emphasised the critical role that collaboration between businesses, policymakers, and stakeholders plays in driving the reforms needed to enhance the country’s economic outlook.
Under the theme “Building Confidence in Ghana’s Business Climate: Taxation, Forex & Investment Outlook,” the forum aimed to gather key players from both the public and private sectors to engage in dialogue on the challenges and opportunities within the Ghanaian economy.
According to Mr. Adjei, one of the main objectives of the event was to provide a platform for open discussion on vital issues impacting the business community—namely taxation, foreign exchange fluctuations, and the overall climate for investment.
Fostering Dialogue for Policy Reform
Mr. Adjei explained that Mövenpick’s initiative in hosting the forum was part of the hotel group’s broader mission to provide a space where business leaders, policymakers, and stakeholders could engage in constructive dialogue aimed at shaping policy reforms.
“At Mövenpick, we understand the vital importance of creating a platform for collaboration,” he said.
“Our goal is to bring all the key players together, especially from the policy side, so that we can collectively look at ways to reform the business sector. This forum is designed to help shape policy decisions that will directly impact the growth and stability of Ghana’s economy.”
He highlighted that key factors influencing business in Ghana include taxation policies, the stability of foreign exchange rates, and the confidence of the business community in the country’s long-term prospects.
“The business community needs clarity on government policies, especially on issues like taxation and foreign exchange,” Mr. Adjei noted. “It is vital that we work together to ensure a stable and predictable environment for businesses to thrive.”
The Need for Clear Direction on Taxation and Forex Stability
A key focus of Mr. Adjei’s remarks was the necessity for clear, consistent policies that address taxation and currency fluctuations—two crucial areas that can significantly affect the decision-making of investors.
“To attract and retain investor confidence, we need a clear direction on where the government is going in terms of tax reform and how it plans to manage the foreign exchange market,” he stated.
Mr. Adjei also referred to the challenges posed by the rapid appreciation of the local currency, the Ghanaian cedi, which occurred last year.
He explained that such volatility in the foreign exchange market disrupts business operations, particularly for companies that have already budgeted for specific exchange rates.
“When the cedi appreciates rapidly, it can throw off the budgets and forecasts that investors have planned ahead of time. This uncertainty makes it difficult for businesses to make long-term investment decisions,” he said.
Confidence: The Key to Sustainable Growth
While recognising the importance of stable policies, Adjei stressed that the true driver of growth in Ghana’s economy is investor confidence.
“Stability is crucial, but it is confidence that truly fuels growth,” he explained. “When businesses and investors have confidence in the economic environment, they are more likely to invest, and that, in turn, creates jobs and drives national growth.”
Mr. Adjei noted that Mövenpick, as a leading player in Ghana’s hospitality industry, has witnessed firsthand how fluctuations in business confidence can impact not only investment but also tourism.
“When confidence in the country and its industries is high, we see more investors coming in, and we see tourists flooding into the country. This has a direct impact on the economy, especially in sectors like hospitality, tourism, and real estate,” he added.
A Commitment to Annual Dialogue
Looking ahead, Mr. Adjei confirmed that the Mövenpick Accra Business Forum is set to become an annual event, held each year during the first quarter.
This will provide an opportunity for businesses, policymakers, and other stakeholders to assess the direction of government policies and the state of the economy, and to determine the best course of action for improving Ghana’s business climate.
“This event will be a regular fixture on the calendar, as we believe it is important to continuously take stock of where the government’s policies are headed and how they impact the business environment,” Mr. Adjei said. “By bringing together both the private and public sectors, we can ensure that there is ongoing dialogue and collaboration, which is critical for fostering a more conducive business climate.”
Mövenpick also runs a series of other major events aimed at addressing key national and industry issues.
Mr. Adjei mentioned the upcoming Green Stay initiative in June, which will bring together industry leaders in the sustainability space, as well as future events focused on tackling the country’s most pressing issues.
Enhancing Investment and Tourism in Ghana
Mr. Adjei reiterated Mövenpick’s commitment to supporting the broader business community by acting as a voice for both government and investors.
“As a business, we are not just concerned with our own growth; we recognise the interconnectedness of sectors and understand how important it is for all businesses to thrive,” he said. “When people have confidence in the country, they invest more, which creates jobs, boosts tourism, and strengthens the economy.”
He added that Mövenpick’s role in this dialogue is to help bring decision-makers together and to play a part in the economic conversation.
“We are grateful for the opportunity to host this forum and bring together key stakeholders. Our hope is that these discussions will lead to tangible reforms and actionable steps that improve Ghana’s business climate,” Mr. Adjei concluded.
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Source: www.myjoyonline.com