In 2018, we look forward to new opportunities for business development in Ghana. However, we are also concerned about significant challenges that the key stakeholders need to address. Our team at JCS Investments has identified five themes that should be at the forefront of conversations this year. We believe that some of these challenges require urgent attention by the Government of Ghana, civil society and policy experts.
- Environmental Pressures
- Continual action is needed to control unregulated and illegal mining operations that continue to pose a big risk to the environment. Small scale, highly damaging (and illegal)mines have become wide-spread in some areas. Mining activities have caused the displacement of cocoa farming in certain areas and the contamination of land and water resources, with the use of toxic chemicals and heavy metals. Continual Action is required.
- Plastic waste is a significant problem in many parts of the country, causing the pollution of Ghana’s coastal and inland waters. The Government of Ghana needs to take action toward taking policy action to address the issue. This policy has already been implemented by some emerging countries. The environmental cost of plastic waste is too high to not pay attention and act. Action is urgently required.
Renewable Energy
- Renewable Energy (RE) needs to be actively supported. Steps are required to help SMEs incorporate it in their ‘energy mix’. This is especially important as the high cost of energy is driving a lot of businesses to loss making institutions .Financing for renewable energy needs to be made more accessible.
Non Regulated Gambling
- Non Regulated Gambling poses a big risk to social stability and economic inclusion, particularly of the more vulnerable. Gambling companies are now creating Apps for mobile phones. The risk is greatest for young people and undermines attempts to encourage financial responsibility. Action is urgently needed to control this sector.
Supporting SME’s
- Financing SMEs and supporting their expansion continues to be a challenge in Ghana. Alternative financing channels are required to address the financing gap faced by small businesses .The existing financial channels have failed SMEs in Ghana. Innovative channels need to be encouraged aside the mainstream sources of capital.
Financial Inclusion and Fintec
- Financial Inclusion and Fintec are two areas that need to be promoted to support wider economic development. Blockchain technology could have a key role in addressing gaps in financial inclusion. We also believe that Agency Banking could evolve to address issues relating to funding of SMEs and business development.
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Patricia Safo, CEO, JCS Investments Ltd.
