Strategic measures essential to unlock Ghana’s industrial potential — AGI
The Association of Ghana Industries (AGI) has called for the implementation of strategic measures towards unlocking the country’s industrial potential.
The Ashanti/Bono/Bono East and Ahafo Regional Chairman, AGI, Kwasi Nyamekye, said interventions such as policy stability, infrastructure and innovation and access to finance were key towards driving the nation’s industrial growth.
“We have to prioritise these pillars to add value to raw material produced in the country in order to be the origin and leading exporter of finished products like chocolate, jewellery and products whose raw materials are commercial quantities” he stressed.
AGM
He was addressing the 26th annual general meeting and job fair of the Ashanti, Bono, Bono East and Ahafo Regional branch of the AGI in Kumasi last Friday.
It was on the theme: “Creating a conducive business environment for industrial competitiveness: 24-hour economy in perspective”.
He called on government to deepen engagement with the AGI and other stakeholders in shaping industrial policies to reflect the realities on the ground, saying “investors and industrialists need assurance that regulatory changes will not occur overnight”.
Infrastructure
He said power supply, access to water, roads and ports must not only be reliable but should be efficient as well and stated that beyond the physical infrastructure, there must be investment in digital infrastructure and promotion of innovative ecosystems”.
“Ghana must become a hub for industrial innovation and not low cost of production” Mr Nyamekye said.
On access to finance, he said it remained one of the greatest challenges facing the sector, particularly high interest rate which continues to stifle the local industry.
“We urge financial institutions and regulators to develop tailored products for manufacturers, especially with small and medium enterprises with longer terms and affordable rates”.
While indicating that the AGI remained committed to being the voice of industry, he called on the members to rise to the challenge and adopt sustainable practices, embrace technology and invest in skills development to stay competitive in the African continent and beyond.
Economic environment
The Chief Executive Officer (CEO), AGI, Seth Twum Akwaboah, acknowledged that there is some reasonable stability in the macro-economic environment due to the appreciation of the local currency.
Although the local currency’s appreciation this year has been good, he called for the cedi’s stability for a reasonable period of time for players within the industrial sector to plan with it.
“With the appreciation of the currency, there will be appetite for imports.
However, if importers do not pay the right duties at the ports, it will negatively affect the country’s revenue generation” he said.
In an address on his behalf, the President, AGI, Dr Humphrey Ayim-Darke, called on members of the association to avail themselves and be actively involved in government’s 24-hour economic policy.
He said the policy would be private sector driven and therefore entreated the AGI members to take full advantage of it to contribute to the growth of the country’s industrial sector.
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