The Minister-designate for Trade and Industry, Alan John Kyerematen says the country is on track towards achieving its objective in replacing foreign imports with domestic production.

At his vetting on Friday, the Minister-designate noted that government’s Industrial Transformation Agenda has chalked a significant achievement culminating in the development of the economy.

He explained that through the flagship programme of President Akufo-Addo, local businesses have witnessed a considerable increase in their production capacity, gradually meeting the goal of import substitution.

“… The President launched a comprehensive programme for Industrial Transformation which my Ministry has been leading. Basically, this transformation programme is anchored on two parallel tracks. First to ensure that we produce to export, and secondly that we produce for the purposes of import substitution.

"And so we have very comprehensive interventions that we have put in place very transformational interventions that are building the capacity of local businesses to be able to import substitute and even produce some products for exports," he informed Parliament's Appointments Committee.

Mr Kyerematen also stressed that "So we are already on the right track and that is the basis for our Industrial Transformation agenda."

The former Trade Minister, however, raised concerns about the rise of importation of commodities like rice, poultry and sugar which is currently to the tune of $1 billion.

These commodities, according to him, are "for no reason" since the country has equal capacity to produce them.

He was optimistic that the Industrial Transformation Agenda will solve the issue.