The Association of Ghana Industries (AGI) has endorsed the direction of the economy, saying it is showing clear signs of recovery, with evidence of improved macroeconomic stability, sustained cedi performance, easing inflation and renewed policy support for local manufacturing.
“The continuous stability of the cedi against major trading currencies and the gradual easing of inflation give credence to the fact that the management of the economy is heading in the right direction,” the outgoing President of the association, Dr Humphrey Kwesi Ayim Darke, said.
Speaking at the 2025 National Annual General Meeting (AGM) and Job Fair of the AGI in Accra yesterday, Dr Darke stressed that sustained stability would allow industries to invest confidently and scale up production.
He explained that the current gains were critical for businesses because they reduced production costs, enhanced planning certainty and created a more competitive environment for local manufacturers to grow and expand.
The event
The 65th AGM and Job Fair provided an opportunity for members to discuss strategies to strengthen the business community and to elect new leaders to guide the association’s affairs.
Participants in the 65th National Annual General Meeting and Job Fair
It also served as a platform for members and companies to showcase their products and services to potential clients, while enabling job seekers to network and explore employment opportunities.
Held on the theme, “Creating a conducive business environment for industrial competitiveness: A 24-hour economy in perspective”, the event attracted government officials, association members, and leaders from the agribusiness and industrial sectors.
Govt engagement
The AGI President said the association had secured several policy interventions through sustained advocacy to significantly ease the cost of doing business.
"These include the extension of zero-rated VAT (Value Added Tax) on locally manufactured pesticides to 2028, the abolishment of the COVID-19 Health Recovery Levy, and adjustments to the GETFund (Ghana Education Trust Fund) and the NHIL (National Health Insurance Levy) tax structure to allow equal deductions.
"Other measures such as restrictions on raw rubber exports, VAT waivers on locally produced sanitary pads, and upfront VAT relief for manufacturers were also highlighted as major wins.
“These are not mere policy moves.
They are a testament to the power of consistent dialogue, data-driven advocacy, and unity of purpose,” he said.
Dr Darke commended the government for consolidating fiscal discipline and urged policymakers to sustain the gains.
“It is our fervent hope that the macroeconomic stability achieved so far will be consolidated and sustained for long-term industrial growth,” he added.
24-hour Economy
Touching on the proposed 24-hour Economy initiative, the AGI President said the concept must go beyond extended work hours.
“A true 24-hour economy demands efficiency, reliability and safety.
It requires continuous power supply, seamless logistics, digital connectivity, transport infrastructure and financial systems that can operate around the clock,” he said.
He said a well-structured 24-hour economy would enhance productivity, lift constraints and create more jobs, especially for the youth.
He urged policymakers to place manufacturing and value addition at its core.
In spite of the touted successes, he said there were persistent challenges such as unfairly traded imports, smuggling, production cost pressures and irregular power supply.
He, however, stated that the resilience of the Ghanaian industry remained unbroken.
VAT reforms
The Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Kwasi Sarpong, said the government would begin full implementation of the newly introduced VAT reforms in 2026, working closely with the AGI to simplify the tax system and ease compliance for businesses.
He explained that the new Integrated Tax Administration System (ITAS) would also go live by March 2026 to streamline tax registration, filing and payment through a more efficient digital platform.
Mr Kwasi Sarpong announced that the 2027 Budget would feature major amendments to both the Income Tax Act and the Customs Act, with strong input from industry players to ensure transparency and predictability.
Infrastructure expansion
The Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Simon Madjie, stated that after stabilising the economy, the government was now shifting towards rapid infrastructure expansion through the Big Push initiative — a $10 billion project designed to link district capitals, regional hubs, major road networks, and key food-producing areas to create thousands of jobs.
He explained that the Big Push would stimulate broad private-sector activity, with contractors, suppliers and service providers, such as cement and iron rod producers, standing to benefit significantly as the government increased investment in large-scale development projects.
“We are all talking about a 24-hour economy, and our ambition is to move from an eight-hour production cycle to a full 24-hour system, but the real investment will come from the private sector,” he added.
