The American Chamber of Commerce Ghana (AmCham) Ghana has promised to advocate for a business-friendly atmosphere.

According to the Chamber, it has planned various activities to involve policymakers, experts, and other relevant stakeholders to present the case for improved ease of doing business and present the challenges faced by our member companies to the appropriate authorities.

The Chamber in its 2024 New Year Message expressed concern about the challenges that lie ahead for the country as it proceeds with its recovery process under the International Monetary Fund programme.

“Due to the program's conditions, the fiscal space will be severely constrained, leading to economic difficulties. Despite this, I am assertive that you have the resilience necessary to weather the storm”, the statement from the Executive Secretary, Simon Madjie stated.

“It has been evident for some time that the government will implement an aggressive revenue mobilization campaign. We urge members to be prepared as the government will be rolling out a series of new taxes”, the statement stressed.

AmCham added that it anticipates that the extractive sector will be subjected to high taxes, and therefore, “we advise our members in the mining, oil, and gas industries to remain resolute. As a Chamber, we will continue to leverage our relationships with institutions to advocate for equity”.

Business operations to face challenges due to power challenges

It also pointed out that business operations were likely to face significant challenges due to the power challenges caused by indebtedness to gas suppliers and power producers.

Therefore, it predicts that the government will raise utility tariffs to pay off its debts, which will have a major impact on the cost of doing business.

“Given the uncertain economic conditions and the electioneering period, we understand the complexities in planning, but we believe that these issues are temporary”.

It however concluded that Ghana has a reputation for being a shining example of democracy in Africa, with a long track record of holding free and fair elections that peacefully transfer power, and therefore there is no reason to believe that this coming election will be any different.