President of the Association of Ghana Industries, Dr Humphrey Ayim-Darke, has advised businesses to prioritise their risk profiles to remain resilient in these challenging economic times.
According to him, they must leverage technology and speedily take steps to overcome the challenges the businesses are facing as a result of the current economic downturn in the country.
Speaking at a Business Executive Meeting organised by MTN Ghana, Dr. Ayim-Darke said the current economic condition has had rippling effects on many businesses and led to an increase in the cost of production.
He therefore urged businesses to assess their risk profile and take prudent steps to enable them to remain resilient in this challenging times.
“Some businesses underestimate the risk profile of their businesses. Whenever you take your eye off the international dimensions and there is fluctuation in crude oil, bear in mind it will affect you. So you need to understand the global picture so that you evaluation your plan,” he mentioned.
He furthered that companies must take these prudent steps to ensure the continuity of the operations.
“You must also establish a value chain and appreciate your supply chain, the technology you use to enhance and speedily appreciate the difficulty as a result of research and development information gathering. You must deploy technology to enhance decision making so that at all point in time, you are ahead of it”, he said.
The Ghanaian economy is yet to recover fully from its ailing state.
Source: Ghana News
