Support govt to raise revenue—Minister to industries

BY: Maclean Kwofi
Mr Charles Adu-Boahen, Minister of State at MoF

The Minister of State at the Ministry of Finance (MoF), Mr Charles Adu-Boahen, has called on industries to support the government to raise more revenue to accelerate the development of the country.

He explained that the 2022 budget was a rallying cry to industries to join forces with the government to salvage the economy from the ravages of the COVID-19 pandemic.

Speaking at the 10th AGI Ghana Industry and Quality Awards in Accra on November 27, Mr Adu-Boahen observed that the pandemic had wreaked havoc on lives and livelihoods such that only a united front, ready to share the burden and sacrifice a little for the nation, would help reverse the consequences, mitigate the impact and put the economy back on track.

For instance, he said, proceeds to be secured from the proposed levy on mobile money and other electronic transactions would be used to support entrepreneurship, youth employment, cyber security, digital and road infrastructure.

“We should all support tax measures contained in the 2022 budget such as the E-levy and see it as an opportunity to share burden and do our part for the country, so that we can be proud of what we have created as a nation.

“We want to use the proceeds of this levy to support the youth; we have a young population that need jobs which are not available currently and so the funds to be collected is to address the huge problem of unemployment,” he said.

Good stride

The Chief Executive Officer (CEO) of AGI, Mr Seth Twum-Akwaboah, stated that the AGI made a good stride in its advocacy this year and that was to do with the much-talked-about benchmark value reduction policy, which runs counter to the country’s industrial transformation agenda.

He said policies that put industries at risk of becoming susceptible to unfair trade practices, and other countries unduly using the Rules of Origin to their advantage were of major concern.

He said the lessons drawn from the pandemic should guide the country to quickly develop its local supply chains.

“There is no way we can develop our supply chains if we continue to promote policies that make imports cheaper.

It also defeats job creation and our 1D1F initiatives risk becoming redundant. AGI called for a review of the policy and thankfully, this has received government’s attention, he said.”

Engaging govt

The outgoing president of the association, Dr Yaw Adu Gyamfi, stated that over the years, the AGI had engaged the government on several interventions to create an enabling environment to support business growth.

He said the challenges such as the high cost of electricity, the straight levy and access to credit remained major barriers to industrialisation.

“We, therefore, appreciate the government’s effort towards establishing the new development bank to tackle the issue of long-term financing for industry and agriculture,” he added.

The awards

About 32 awards have been bestowed on companies at the 10th AGI Ghana Industry and Quality Awards in recognition of their ability to distinguish themselves in the various areas of operation in the midst of difficult times triggered by the outbreak of pandemic.

The recipients, who were presented with certificates of honour, as well as plaques, were Wilmar Africa Ltd, Olam Ghana Ltd, Nelplast Eco. Ltd, Tex Styles Ghana Ltd and Amponsah Efah Pharmaceuticals.

The others are Benso Oil Palm Plantation, Pumptech Ltd, IT Consortium, Fabrimetal Ltd, Jay Kay Industries and Guinness Ghana Breweries.

This year’s theme: “Repositioning Ghanaian Industries to leverage the AfCFTA,” sets the tone for good policy prescriptions that can propel industries forward.