The Association of Ghana Industries is calling on its members to set up factories in the various districts across the country in a bid to take full advantage of government’s stimulus package.
Chief Executive Officer of the association, Seth Twum Akwaboah said, “The stimulus package, the one 1D1F. In fact, we are currently encouraging our members to focus on moving into the districts for their industrial projects. It’s very important we engage government closely on this.”
Speaking at the launch of the 60th anniversary of the Association, Mr Twum Akwaboah pledged to deepen engagement with government on its industrialization and manufacturing agenda.
He believes the sector needs more incentives to improve hence the need to collaborate with the government.
“If you listen to the government there is a key focus on industrialization and it’s the reason why a lot of initiatives they came up with is related to industrial development so going forward, we want to support the government on this initiative,” he added.
Latest growth figures show that the sector contributed GH¢638.4 million in the first quarter of 2018 as compared with GH¢619 million in the first quarter of 2017.
Latest growth figures show that the sector contributed GHc638.4 million in the first quarter of 2018 as compared with GH¢619 million in the first quarter of 2017.
But the president of the AGI, Dr Yaw Adu Gyamfi, says the private sector continues to have a deep interest in key government projects as the ‘One District, One Factory’ initiative.
According to him, it will be imperative for industries to explore various districts rather than concentrating on the urban areas for industrial growth.
Dr Adu Gyamfi said, “The current structure of an import-based economy is not what we expect. Indeed, high imports impact hugely on our macroeconomic stability, job creation prospects, port logistics management and local capacity development as a country.”
He said, “It is for these reasons that AGI is in full support of government’s initiatives aimed at promoting industrialization in Ghana. I urge you all to put your shoulders to the wheel to drive this agenda of a truly industrialized economy.”
AGI @ 60
The launch of AGI’s 60th anniversary also saw industry players raise concerns over the cost of doing business in the country including the high import levies, industrial tariffs, interest rates associated with borrowing and utility costs.
The efforts from the government with the reduction in policy rate and inflation rate coming down have made significant improvements in the macroeconomic environment but needs to transcend into lower costs of doing business, this, Dr Yaw Adu Gyamfi believes will encourage industrialization in Ghana.
The Association of Ghana Industries (AGI) is a non-profit organization, registered in Ghana.
AGI was established in 1957 and incorporated in 1958 by a group of indigenous manufacturers led by Dr Esther Ocloo.
Today, AGI has over 1,200 members across the regions of Ghana and is recognized as the leading voice of the private sector.