Source: newsthemegh.com
Dr. Humphrey Ayim-Darke, president of the Association of Ghana Industries, has counseled companies to prioritize their risk profiles.
He claimed that by doing this, they will be able to weather the current economic storm. He advised companies to use technology and move quickly to address the problems they are currently facing.
Dr. Ayim-Darke was speaking at an MTN Ghana-organized business executive meeting. According to him, the current state of the economy has had a cascading impact on numerous enterprises, raising the cost of production.
Therefore, he urged businesses to evaluate their risk profile and take responsible action to enable them to stay resilient.
Some companies, he claimed, “underestimate their own risk profiles.”
Keep in mind that you will be impacted whenever you lose sight of the big picture and there is a change in the price of crude oil.
“So you need to understand the overall picture so that you can evaluate your plan,” they continued.
He continued by saying that businesses must take these careful measures to guarantee the continuation of operations.
“You must also create a value chain, understand your supply chain, the technology you employ to improve, and quickly recognize the challenge resulting from information gathering for research and development.”
He advised using technology to improve decision-making in order to stay ahead of the curve at all times.
After the local currency’s rapid depreciation against the US dollar for several months, the Ghanaian economy has been reeling under immense pressure. The nation is enduring its most severe crisis in a generation.