Gov’t must invest in local industry and patient capital to sustain economic gains – Coconut Grove Regency CEO

Chief Executive Officer of Coconut Grove Regency Hotel and National Treasurer of the Association of Ghana Industries (AGI), Ralph M.K. Ayitey, has outlined a bold set of policy recommendations to help the government consolidate recent macroeconomic gains, including currency stability and declining inflation.

Speaking in an interview with Myjoyonline after the Coconut Grove group of hotels announced reduced service rates in line with the falling Cedi, Mr Ayitey called for a strategic shift toward policies that support local production, value addition, and skills development within key economic sectors.

“We are seeing progress. The cedi is stable, inflation is easing, and business confidence is rising,” he said. “But these gains must be protected through deliberate policies that build our internal capacities.”

One of his top recommendations is a renewed focus on reviving Ghana’s cotton industry. According to Mr Ayitey, the ongoing Black Star Experience tourism initiative, launched by President John Dramani Mahama, offers an ideal platform to promote Ghanaian fashion, with direct links to agriculture and textile production.

“The Black Star Experience has massive potential. If properly integrated with the fashion industry, it can drive demand for locally grown cotton. It’s also exciting to see the President pledging to walk the runway himself. That kind of leadership inspires confidence,” he noted.

In the hospitality sector, Mr Ayitey highlighted the urgent need for a world-class training institute dedicated to grooming Ghanaians for managerial roles in 3- to 5-star hotels.
“We are seeing a positive trend with more Ghanaians managing top hotels. Let’s institutionalise it by setting up a top-notch hospitality school. That’s how we build for the long term,” he said.

He also expressed strong support for the government’s policy to drastically reduce poultry imports and urged hospitality operators to play their part by serving locally produced chicken, duck, guinea fowl, and quail.

“It’s time we became intentional about this. Ghana spends about $400 million annually on poultry imports. We need to retain that value right here in our economy.”

To support businesses and encourage growth, Mr Ayitey advocated for what he called patient capital—long-term financing with favourable interest rates.

“Businesses that qualify should have access to capital with a 10 to 15-year window and interest rates between 6% and 9%. That’s what will stimulate real investment and expansion.”

While praising the government’s “domesticated and indigenous” economic approach, he stressed the need for continued collaboration between the private sector and policymakers to build a resilient and inclusive economy.

“Business thrives on trust and predictability, and so does the economy. We must all act collectively—government, businesses, and consumers—to shield ourselves from external shocks.”

Mr Ayitey’s comments reflect the growing call from private sector leaders for a deeper, more intentional approach to industrialisation, tourism, and value chain development—key pillars, they argue, for sustaining Ghana’s current economic momentum.

Coconut Grove Hotels, Ghana’s leading hospitality brands, with facilities in Accra, Elmina and Obuasi, has announced significant price reductions of between 15% and 30% in response to the recent appreciation of the Ghanaian Cedi and a nationwide decline in inflation.

Read Also: Coconut Grove Hotels slash rates by up to 30% in response to strengthening Cedi, falling inflation

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