Investors’ community concerned over raid on private businesses – GNCCI

By Ernest Bako WUBONTO

The Ghana National Chamber of Commerce and Industry (GNCCI) has condemned the violent raid on Electrochem Ghana Limited’s Ada facility, the country’s largest private salt mining company, warning of its detrimental impact on investor confidence.

The Chamber raised concerns about the insecurity affecting private businesses and the impunity with which legitimate investments were being vandalised after the 2024 elections.

President-GNCCI Stephane Miezan, who led the chamber’s delegation to the salt mine in Ada, reiterated the importance of maintaining a climate of peace, stability and trust for both local and foreign investors.

Mr. Miezan reiterated that monitoring the international environment, the actions have raised concerns about the risks and uncertainties of doing business in Ghana – especially during times of change in the country’s  government, which is bad for local businesses when securing funding abroad.

Business groups, he said, have expressed worries that these crackdowns send mixed signals and further hurt the local economy, even as government is in the process of resetting it.

“This is not just disastrous to Electrochem; it is disastrous to the investor community, the business sector and the nation as a whole. We cannot continue to undermine ourselves in this manner and expect our country to grow.

“As government plans to scrap some taxes, the burden will shift to the business community to fill the funding gap. If we target the very businesses that generate these taxes, what will happen to the country’s development?” he questioned.

The Chamber has called on government to prioritise the protection of businesses to help realise the nation’s economic recovery goals. It also urged government to provide security support for firms, particularly during these challenging times, to alleviate the additional costs incurred in strengthening their own security measures.

“It is only government that can order the military or the police or any other security agency to be here. So, our call is not on security agencies but on government to ensure this company is well-protected,” the president added.

Mr. Miezan further encouraged investors to come into the country and pledged the Chamber’s commitment to continuing advocacy for a safer environment in the business space and woo investors into the private sector.

Kweku Ampromfi, Group Chief Executive Officer-Electrochem Ghana Limited, provided further details on the extent of damage to the salt mine concession. He revealed that the company’s long-term plan includes fostering international partnerships to establish a technical university for training industry experts, as well as building a refinery.

However, he noted that international business partners have expressed concerns over recent events – clearly indicating their fears of losing future investments due to similar incidents.

“We had a plan to build a port right here in Ada and develop the community into a very huge industrial enclave that would match Tema. We had partners and investors expressing interest from around the globe, but they are now asking questions about the safety of investment and human capital which are valid – and so this is a bad development for Ghana on the international market,” he stated.

It will be recalled that on January 9^th 2025 some community thugs invaded the Ada Songor Salt Mine of Electrochem Ghana Limited, vandalising properties and making away with some valuable items.

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