An economist, Dr Kofi Amoah has maintained that one of the surest ways to achieve job-oriented economic growth is by protecting Ghanaian businesses.
Dr Amoah, explained that no country has transformed into a developed economy by fully opening up all sectors to foreigners.
He made these comments when he appeared on PM Express Business Edition on May 6, 2021.
Speaking to George Wiafe, he noted that, “how do you expect a young person from Ghana that have started business to compete with a firm that is 25 years old from China or US.”
He noted that in countries like the US, the UK, they’re all protect their infant industries and Ghana must also do the same thing if it really wants to develop as a country and support government programmes aimed at creating employment.
“When these local businesses succeed, the capital [earnings] stays in this country” Dr. Amoah added.
Ghanaian companies should be empowered to compete effectively but there are some sectors that should be reserved for locals or Ghanaian firms.
Improving Ghana’s minimum wage structure
The business mogul also made a strong case for review of the country’s wage structure, adding that “we should not allow companies that are making profit, and paying what can be described as ‘slave wage’ to continue to exit”.
Dr Amoah was of the view that the time has come for people to appreciate that there is some connection between staff compensation, growth of business and the larger economy.
The Employment Ministry is currently engaging organized labour to arrive at a new minimum wage for 2021. The Minimum wage is currently pegged at GH¢11.82.
Dr. Amoah noted that as a businessman, he is also excited about more people being employed because of its impact on his business.
“In rich countries, jobs are their gods because of the impact on his family and the broad economy as well.” he said.
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