The Ghana Employers Association has identified the cost of capital as the greatest challenge militating against enterprise growth and development in Ghana. The GEA in a statement on its outlook for 2011 and beyond says the current relative macroeconomic stability and the downward trend in inflation has not provided an environment conducive enough for businesses to thrive. “If you have to borrow at such exorbitant rates before you can get working capital to transact your day-to-day business or to recapitalise your business, then it becomes quite expensive and the capacity to expand will be quite limited,” Mr Alex Frimpong, president of the association told Joy Business’ Paa Kwesi Asare. Mr Frimpong also condemned what he said is an alarming increase in the incidence of dumping and the presence of counterfeit and substandard products on the Ghanaian market. He said plans were far advanced to ensure the arrest and prosecution of those involved in the illicit trade. “We have a coalition comprising the Association of Ghana Industries, the Chamber of Commerce, the Food and Drugs Board, the Ghana Standards Board, the Police Service and also the Ministry of Trade and we are all working to ensure that we improve the legal environment… so that persons who engage in illicit trade and counterfeit goods are brought to book and dealt with in accordance with the law,” he said. Mr Frimpong said massive educational campaigns were also underway to educate the public to be conscious of counterfeit products. Source: Joy News/Ghana