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07.04.2009 Business & Finance

Ghana Business code to help cut production cost

By Daniel Nonor ([email protected]) - Ghanaian Chronicle
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The Ghana business code has been identified as one major tool for industries and companies to cut down on their production cost and maximize revenue earnings in the country.

Adopting the system would also serve as a life line for a lot more business who have had to grapple with increasing production cost especially at a time when access to credit has gone dry as a result of the effect of the global economic meltdown which has seen companies slash their work force by half, while others have collapsed under its intense pressure.

Mr. Johnson Ben Oduro, Sub-Component Manager of Improving Business Practice, facilitators of the Ghana Business Code explained that the business code encourage business to recognise the contribution of all business stakeholders in a manner that it creates cooperative and an understanding atmosphere within the production environment so that every body within the organization feels a part of the business and not as outsiders.

This he said creates a conducive environment for production, motivation and productivity gains which leads to increased production and revenue earning.

He added that the adoption of the code could promote a system where a good physical production environment in the form of organizational safety measures could reduce industrial accidents.

He indicated that human resource recruitment and development was an expensive investment cost which needs to be protected.

The Ghana Business Code (GHBC) is a set of principles introduced into the Ghanaian business environment through the initiative of three key business associations in Ghana - the Association of Ghana Industries (AGI) , Ghana National Chamber of Commerce and Industry (GNCCI) and Ghana Employers' Association (GEA) and the Danida funded project, Improving Business Practice (IBP), Sub-Component of the Business Sector Programme Support (BSPS).

The GHBC also includes a series of prescriptions based on UN Global Compact relating to human rights, labour standards, the environment and transparency in business operations.

he urged all companies to sign onto the code to enjoy the benefits therein.

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