Chief Executive of Association of Ghana Industry (AGI), Mr. Seth Twum-Akwaboah, has said that in the midst of the challenges faced by Industry under the current economic circumstances, it is important to identify local products as import substitutes and empower local industries to produce them for the Ghanaian market.

He indicated that as result of the Cedi depreciation, some imported finished products have also become very expensive, and therefore presents opportunity to explore local substitutes. He admonished local industries to identify such products and seek support to remain competitive under the present circumstances.

Speaking at AGI’s industry and technology fair in Takoradi, on Tuesday July 29, 2014 Mr. Akwaboa urged estate developers, importers, exporters as well as manufacturers who complain about the effects of the dwindling cedi has had on their businesses to explore new alternatives that will aid their ailing ventures.

He said businesses can, for instance, explore “…possibilities of trying to obtain local raw materials if they exist”.

Businesses in the country have been plagued by economic challenges among which include constant depreciation of the local currency, rising fuel prices, soaring utility tariffs, hikes in taxes, poor power supply.

 The AGI, some months ago, admonished government to accelerate the implementation of the issues agreed upon at the National Economic Forum (NEF) that was held at Senchi in May this year.

The Senchi consensus was the outcome of a three-day forum attended by various stakeholders from diverse backgrounds to provide solutions to the ailing economy.

A 22 -key point communiqué was drawn as vital solutions to address the country’s dwindling economy.

The AGI has since bemoaned delays in implementing the 22-point propositions put forward by 140 participants of the national economic dialogue.

The Association says such delays "will dash all hopes and prospects of getting our economy back on a sound trajectory."

With the presentation of the report to the President, the Implementation Advisory Group (IAG) ,which was mandated by the government to ensure the implementation of the consensus has begun meetings to accelerate the process.

Meanwhile, economic pundits including former Economic Minister, Prof Kwesi Botchwey is certain the implementation of the Senchi consensus will save the country from its current crisis.

The full report of the Senchi forum was recently published.