Associate Professor at the Department of Finance at the University of Ghana, Professor Vera Fiador, is urging business owners to consider performance-based compensation approach rather than retrenchment as a way of cutting down cost in these austere times.

According to her, it is imperative for businesses to map-up strategies in these hard times in order to stay afloat.

Speaking at a forum organized by the Ghana National Chamber of Commerce and Industry (GNCCI), dubbed “Start Right Series, Executing the 2023 Plan for a Productive Year”, the professor of Finance at the University of Ghana Business School, Professor Vera Fiador said businesses can also look at hedging of their forex exchange management during these times.

“Most businesses, I think should work towards performance-based compensation as opposed to be open all-out retrenchment strategies. Other strategies could include hedging.”

“For those in the importing sector who may require a lot of forex, this should work for them”, she mentioned.

In an interview with Joy Business on the sidelines of the Forum, Accra Chairman of GNCCI Nana Agyenim Boateng said the chamber will be positioning its members to leverage government’s import substitution policy to boost the production of goods and services this year.  

“For us, the core thing that we want to see this year is to see our members recovering from all the shocks and as such, we positioning our members to take advantage of production to minimise importation”.

“We are also having collaboration with the CSIR this year”, he added.

The forum saw the induction of some new businesses into the chamber.