“Do not be ignorant, know what is going on, not just in your business, but in politics, international markets, Africa’s emerging economy, and most importantly, your own industry and Know whether your sector is growing or shrinking,” he said.
The Managing Consultant was speaking at the Ghana National Chamber of Commerce and Industry (GNCCI) Accra Branch Executive Business Forum on the theme, “Navigating Economic Uncertainty: Strategic Outlook for Ghanaian Businesses.” in Accra.
The gathering brought together business leaders, entrepreneurs, and stakeholders who are profoundly committed to the growth and development of Ghana’s private sector.
It offered a valuable opportunity to share insights, forge partnerships, and develop forward-thinking strategies that will sustain and grow businesses.
He said a single innovation, such as Artificial Intelligence, had the potential to disrupt an entire industry, and that without the necessary knowledge, business leaders may be unable to anticipate or mitigate the risks these advancements brought.
Mr. Mensah advised business leaders to strengthen their networking skills to broaden the range of people they engage with because valuable insights often came from connections outside their immediate circles.
He said the business landscape was constantly evolving, with certain factors beyond a company’s control and others well within its influence.
The Managing Consultant said as business leaders, it was essential to adopt a resilient mindset, one that empowers them to persevere and make progress, even in challenging times.
“Leadership is fundamental, while not everything is within your control, being in a leadership position means you are responsible for making decisions that impact the company and its employees, either positively or negatively,” he said.
“It is important to understand your role in making strategic choices that drive consistent growth,” he added.
Mr. Alexander Bewong, Second Vice of GNCCI, said the forum took place at a time when both global and local economic landscapes were under pressure.
He said on the international front, trade tensions among advanced economies, coupled with tariff sanctions by the United States on exports, were distorting global trade flows and supply chains.
Mr. Bewong said as businesses in Ghana increasingly look outward under AfCFTA, these disruptions presented both risks and opportunities they must prepare for.
He said the Government had initiated commendable reforms, meanwhile, monetary policy had tightened, with a recent 100-basis-point increase in the Monetary Policy Rate.
The Second ViceI said this was aimed at curbing inflation which the IMF now forecasted at a challenging 17.5 per cent for 2025, alongside a slow GDP growth of just 4 per cent.
“These indicators highlight the urgent need for strategic thinking and policy coherence,” Mr. Bewong said.
He said the GNCCI took modest encouragement in the slight appreciation of the Ghana Cedi in recent weeks, noting their observation of the recent engagements between the Ministry of Finance and the IMF concerning the future of Ghana’s three-year bailout programme.
He urged all businesses and stakeholders to remain focused and vigilant on long-term macroeconomic developments because of the uncertain global times.
Mr. Bewong said as a Chamber, they would continue to work with both public and private stakeholders to ensure that businesses were not only protected but positioned for resilience and recovery.
Mr. Imram Shams Kwakye, GNCCI Accra Regional Chairman, said the Chamber was dedicated to advocating for a vibrant and competitive business environment.
He said the event reflected their ongoing commitment to supporting their members and the broader business community with platforms for engagement, knowledge exchange, and plan of action.
GNA
