Profit Margin Of Private Sector Businesses Is Declining Because Of Inflation ~ GNCCI Calls For Support.

The National President of Ghana National Chamber of Commerce and Industry (GNCCI) Mr. Clement Osei Amoako has indicated that the activities of the Chamber has hardly been hit by the rapid inflation rate , the exchange rate and the current interest rate.

The president of GNCCI revealed that the rapid increase of prices of goods and products and the depreciation of the cedi to the dollar has widely affected private businesses hence accounting to the reduction of profit margin and increase in expenditure which ends up collapsing some private businesses.

He explained further that the sharp increase of the dollar rate this year can partly be attributed to the large importation of goods into the country therefore leading to higher rate of inflation.

Therefore he added that the impact of inflation on some basic needs like food, fuel, transport and utilities should be a wake up call on Ghanaians to support the chamber and the government to ameliorate the rapid inflation rate in the country.

His comment comes in the sidelines of an inauguration and swearing-in ceremony of new Council Members and Regional Executives of Koforidua Regional Branch of Ghana National Chamber of Commerce and Industry (GNCCI).

On the other hand, the newly Chairman elect for the Koforidua branch of GNCCI , Mr. Oware Stephen said the instability of the dollar rate controls the prices of goods and products in the country hence he refuted the claims of shifting the blame on traders regarding price increment of goods.

Adding that more factories should be establish in the country to strengthen the manufacturing sector so that we reduce importation and encourage the exportation of our locally produced goods in order to help control inflation in the country.

Therefore as a new chairman elected together with the council members and the regional executives , they intend to collaborate with government , philanthropist and individuals to work towards the establishment of locally manufacturing companies in the Eastern region.

The Gyaasehene of New Juaben Traditional Area Nana Twumasi Darkwah also said government support to the private sector is critical with regards to job creation looking at the teaming number of youth graduating out of school with the introduction of the free SHS policy.

He said without the private sector , government alone cannot absorb and employ the large number of graduates coming out of school therefore the need to support the Ghana National Chamber of Commerce and Industry (GNCCI) to expand their activities to complement government to help fight unemployment in the country.