<<Print>>The Asantehene, Otumfuo Osei Tutu II, has urged Ghanaians to brace themselves up for the adverse effects of the current IMF financial bailout, at least in the short term.
He said much as he was optimistic about the long-term prospects, which might include stabilising the macroeconomy, Ghanaians should be ready for the short-term consequences that could lead to retrenchment and high utility tariffs.
The Asantehene, whose speech was delivered on his behalf by the Dompoasehene, Okofo Sobin Kan II, at the 12th Ashanti Business Excellence Awards in Kumasi last Friday, therefore, urged the government to quickly address the apparent dysfunctional management of the economy to benefit local businesses.
The awards ceremony was held to coincide with the 80th anniversary of the restoration of the Ashanti Confederacy.
In all, 39 companies received various awards for their excellence in business in the Ashanti Region.
Fourteen companies received recognition in the Silver category, 21 in the Gold and four, including mining giant, AngloGold Ashanti, in the Platinum.
The other Platinum winners were Guinness Ghana Breweries Limited, in the manufacturing category; the Produce Buying Company (PBC) in cocoa and produce marketing, and the State Housing Company Limited in estate development.
It was the fourth successive Platinum award that AngloGold had received in the region.
Beyond its main core values of mining, AngloGold was celebrated for its numerous social interventions in its catchment areas, including health and sports.
Other award winners were the Ghana Oil Company Limited (Gold category), Golden Tulip (Gold), Total Petroleum Ghana Limited (Gold), Toyota Company Ghana Limited (Gold), Unity Group (Gold), Akate Farms and Trading Company Limited (Gold), Anyinam Lodge (Silver) and Anita Hotel (Silver).
The Asantehene challenged the government to address the high budget deficit and the decline in business activities and its multiplier effect on the ordinary Ghanaian.
He called for initiatives and innovations to salvage the economy, including a long-term sustainable approach, as well as dealing with import substitution issues.
The Deputy Minister of Trade and Industry, Murtala Mohammed, said to resolve some of the local business challenges, there was the need to support some selected industry players, such as poultry farmers, with capital and capacity to compete with international producers to cut down on the importation of poultry into the country.
He called on Ghanaians to have a change of mind-set to move the youth from the over-reliance on the state as the main employer to the creation of their own businesses.