Trade Minister continues industrial engagement with visits to Kasapreko, Guinness — Pledges govt support for local businesses 

The Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Agyare, has reaffirmed government’s strong commitment to supporting local businesses to grow and thrive, describing the private sector as central to Ghana’s economic recovery and long-term development. 

She said Ghana’s macroeconomic indicators have significantly improved, particularly the stability and appreciation of the cedi, which has eased one of the biggest challenges businesses previously faced—exchange rate volatility. 

She recalled that upon assuming office, industry players consistently raised concerns about currency instability, pricing difficulties and shrinking working capital, but said recent economic reforms under President John Dramani Mahama’s agenda have restored confidence and predictability for businesses.

Event

She was speaking during an industrial tour of Kasapreko PLC and Guinness Ghana Ltd on Friday, February 6, where she assured management and staff that the government would continue to provide practical support to remove operational bottlenecks and create an enabling environment for expansion.

The Minister, accompanied by her Deputy, Mr. Sampson Ahi, and other officials of the Ministry, first visited Kasapreko PLC, where they were warmly received by the Managing Director, Mr Richard Adjei, and members of the company’s management team.

At Guinness Ghana Ltd, the Minister and her delegation were welcomed by the Managing Director, Mr Frédéric Ferraille, together with senior management members, for a brief engagement ahead of a tour of the production facility.

At both companies, the Minister and her team were taken through presentations on the firms’ histories and production processes, after which the Managing Directors outlined key challenges confronting the industry and appealed for government support to help address them.

Boosting exports

Mrs Ofosu-Agyare highlighted deliberate government actions aimed at boosting exports and easing doing business, including regular engagement with exporters to resolve challenges promptly. 

One key intervention, she said, was the timely resolution of issues surrounding the repatriation of export proceeds, which has helped improve liquidity and operational planning for exporting firms.

Emphasising her support for indigenous enterprises, the Minister stressed that her visit demonstrated government’s interest not only in attracting foreign direct investment but also in encouraging Ghanaian-owned companies to expand and take a stronger position in the industrial space. 

She described local businesses as deeply rooted in the country, driven by national interest, and therefore deserving of sustained support.

In a clear show of commitment, she announced plans to personally engage the Ghana Water Company to address water supply challenges affecting Kasapreko and other factories along the Spintex Road enclave. 

She said access to reliable utilities is a government responsibility and essential for industrial expansion, assuring that solutions would benefit not just Kasapreko but the wider industrial community in the area.

"Now, the visits are done and I've seen one issue that is popping up and that is water, availability of water. We're going to work closely with the Ministry of Water Resources as well as the Ghana Water Company to make sure that they get adequate water supply," she said. 

"All the things that they've told us in respect of the regulators and regulating agencies, we will have a meeting with them and make sure that all these are resolved. That is our responsibility as a ministry responsible for industry." 

"So we'll continue to visit industry, inspire them, solve their problems to make sure that they are able to take advantage of the accelerated export development programme as well as the 24-hour economy programme," she said. 

Manufacturing

The Minister also used the occasion to encourage importers to transition into manufacturing, arguing that local production creates jobs, reduces pressure at the ports and eliminates the burden of import duties. 

She further urged importers to source locally where domestic manufacturing capacity is sufficient, citing sanitary pad production as an example where imports are unnecessary.

"I think that Guinness is doing well. What we encourage them to do is to keep on upgrading what they have, keep on expanding, hiring more people, and then exporting same and so all in all, I think that I'm excited about what I've seen," she added.

Economic stability

Managing Director of Kasapreko PLC, Richard Adjei described the past year as the company’s best in its history, attributing the strong performance to improved macroeconomic stability and government policy reforms that have significantly reduced the cost of doing business in Ghana.

Mr Adjei praised the government for stabilising the economy, noting that inflation has dropped to about 3 per cent while the cedi has appreciated by nearly 40 per cent. 

He said these developments have sharply reduced import duties, borrowing costs and working capital pressures, enabling businesses to plan, borrow and expand more confidently. 

According to him, lending rates have fallen to about 15 per cent from levels above 30 per cent, while tax reductions and the cancellation of the decoupling of the NHIS and GETFund levies have effectively returned about five per cent to businesses.

"Last year was a very good year for the business and we say a very big thank you to yourself  and then the president as well for  stabilizing and resetting the economy to make sure businesses do well.  For us, with inflation going down to about 3 per cent, the cedi appreciating  almost 40 per cent, that has helped us even in terms of duties." 

Mr Adjei appealed for stronger protection for local manufacturers against smuggling and unfair competition, while calling for greater attention to Ghanaian-owned enterprises alongside foreign direct investment. 

Stronger partnership

The Managing Director of Guinness Ghana Ltd, Mr Frédéric Ferraille reaffirmed the company’s long-standing commitment to growth, quality production and collaboration with government during a visit by the Minister of Trade, Agribusiness and Industry to the brewery.

He described the engagement as an important opportunity to strengthen a partnership-based relationship between Guinness Ghana and the government, emphasizing mutual support rather than a one-sided approach. 

According to him, such collaboration is key to sustaining growth and improving outcomes for both the company and the wider economy.

“In Guinness Ghana Brewery, we are committed to growth and to producing the best quality products for the satisfaction of our consumers. We are also very grateful for your visit to the brewery and factory, and for the opportunity to engage with management on how we can mutually support each other,” he said.