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Businesses in Ghana Urged to Prioritize Risk Profiles Amid Economic Downturn

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The President of the Association of Ghana Industries, Dr. Humphrey Ayim-Darke, has urged businesses to prioritize their risk profiles to remain resilient during these challenging economic times. He advised that leveraging technology and taking quick steps to overcome the challenges arising from the current economic downturn could help companies stay afloat.

Speaking at a Business Executive Meeting organized by MTN Ghana, Dr. Ayim-Darke explained that the current economic situation has had rippling effects on many businesses and increased the cost of production. He therefore encouraged businesses to assess their risk profile and take prudent steps to enable them to remain resilient during these challenging times.

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For the most part, Dr. Ayim-Darke highlighted that some businesses underestimate the risk profile of their businesses. He stated that it is crucial to understand the global picture and evaluate plans in the wake of fluctuations in crude oil prices and other international dimensions that may affect business operations. Thus, companies must take prudent steps to ensure continuity in their 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.

Dr. Ayim-Darke emphasized that deploying technology could enhance decision-making and speed up research and development information gathering. This approach would ensure that companies are ahead of the curve in all respects.

The Ghanaian economy is yet to recover fully from its ailing state. Thus, it is crucial for businesses to take the necessary steps to remain afloat in these challenging times. As the country navigates through this difficult economic period, prioritizing risk profiles, leveraging technology, and establishing value chains would undoubtedly be beneficial for businesses.

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