AGI urges govt to focus on industrialisation policy
The Association of Ghana Industries (AGI) has urged the government to be steadfast and focused on the implementation of its industrialisation policy meant to transform the economy and ensure sustainable development.
It observed that although the government’s agenda might take some time to materialise, it was optimistic that when those policies began to crystalise, they would have an overwhelming impact on local businesses and economic growth.
Advertisement
In separate statements at the annual general meeting (AGM) of the Greater Accra Regional Branch of the AGI in Accra yesterday, kingpins of the association also described as commendable the government's overall agenda to move the economy from taxation to production, saying it must diligently be pursued.
The regional platform of the AGI affords industry players the opportunity to discuss trends in the sector and challenges facing business players and make suggestions to the government for policy interventions.
Optimism
The Vice-President of the AGI, Mr Humphrey Ayim-Darke, said the association was aware of the challenges confronting the government's industrialisation policies, but said in spite of those bottlenecks, the AGI was optimistic that the reforms would be in the larger interest of local businesses in the country.
"There could be challenges and some uncertainties about the industrialisation policies of the government, but the AGI believes that with steadfastness and resilience, the good efforts will crystalise into good fortunes for businesses in this country.
"We shall look forward for policy interventions such as the One-district, One-factory (1D1F) and the creation of industrial parks," he said.
He said although reforms in the energy sector and policy interventions, including a benchmark value, might not be perfect, the AGI would continue to ask for a critical look to be taken at those reforms in the interest of businesses.
He said the bigger desire of the government to move from taxation to production was critical and needed to be done with the urgency it required, so that businesses and industry would thrive.
Mr Ayim-Darke further stressed the need for key industry players to begin to adopt innovative strategies and also build their capacities to compete favourably, especially in the wake of the implementation of the African Continental Free Trade Area (AfCFTA) agreement.
Engagements
The Chief Executive Officer (CEO) of the AGI, Mr Seth Twum-Akwaboah, said the association was engaging the government on a number of policy interventions which needed to be given a second look to make businesses competitive.
For instance, he said, the AGI was still concerned about the benchmark value policy and the cost of power and other utilities which affected the cost of doing business.
He said the leadership of the AGI was also engaging the Ministry of Finance to make inputs into next year's budget.
Collaboration
The CEO of the Micro-finance and Small Loans Centre (MASLOC), Mr Stephen Amoah, said the centre had entered into a partnership with the AGI to provide members of the association with cheaper financing to grow their businesses.
As part of the collaboration, he said, 100 SMEs would be supported with funds at a competitive rate of 12 per cent, adding that the centre would increase the number of beneficiaries to 300 by February 2020.
A Deputy Minister of Energy, Mr Joseph Cudjoe, said the government was committed to providing reliable power to support businesses.
He said efforts were also being made to partner other stakeholders to facilitate the use of renewable energy sources to boost access to cost-effective power in the country.