Haruna Iddrisu, the Minister-designate for Trade and Industry, says Ghana should nurture and protect indigenous businesses and promote internal trade.
Mr. Iddrisu said this when he appeared before Parliament’s Appointments Committee Thursday which is vetting President John Mahama’s ministerial nominees.
In addition to helping create large firms, he said, the government should focus on establishing a niche manufacturing industry that could accommodate new and existing small and medium scale enterprises.
By using the already extant Export Development and Investment Fund, the government could expand women’s access to credit and can identify and aid under-financed entrepreneurs, he stated.
Along these lines, he echoed President John Mahama’s mantra that in order to improve the benefits that public-private partnerships bring to the country, politicians should be willing to grant contracts to businesspeople regardless of their party affiliation, ethnic background or religious views.
Many industries have suffered, he said, because of the political elite’s unwillingness to do business cross party lines, when in fact public-private partnerships should be the driving force of development in Ghana.
He also called for a reexamination of the nation’s tariff system so that it favors an export-based economy over import-reliance. Poultry tariffs, he explained, currently stand between 38-40%, but local producers still cannot compete with the prices of imports. The minister-designate suggested that an increased focus on guinea fowl production, in tandem with tariff revisions, could improve the situation for Ghanaian poultry farmers.
Furthermore, he said, the cost of doing business in Ghana must be reduced. One way that he intends to achieve this is to decentralize the business registration process away from Accra so that business owners do not need to travel a long way just to register with the state. On this topic, he pledged to ensure that businesses owned by foreigners also register so that they, like Ghanaian-owned businesses, pay their share in taxes.
Mr Iddrisu told the Committee that reducing the costs of doing business could also improve Ghana’s international reputation as a safe place for manufacturing, investments, and commerce. This, he said, would draw more foreign investment, a crucial step in moving the nation from an aid-based economy to a trade-based one and consequently cementing the country’s middle class status.
He added that such foreign investment is crucial to adding value to Ghana’s natural resources, many of which are currently exported in their raw forms. The country’s free zones, he posited, should attract investors from around the world.
- World Bank classifies Ghana as high debt distressed country; debt to GDP to hit 104%
- While others mocked me, Seidu Agongo offered to help – Kofi Amoabeng
- ‘Suck a breast within October’ – Health expert advises men
- Daddy Lumba opens up on being bedridden for over 5 years
- Child Rights International places ¢10k bounty on head of man flogging toddler in viral video
- E-levy: GRA blames charging entities for wrongful deductions
- President’s son loses army post after Twitter spree
- Auctioning of vehicles at Tema Port to go online by end of October, 2022- GRA
- ‘I sold my mansion for me not to go broke’ – Kofi Amoabeng
- UTAG, 3 university labour unions to strike on October 13
- We need a national discussion on how to make Ghana’s debt sustainable – Ato Forson
- Morocco issues first cannabis production permits
- Ukraine’s uphill battle to gain Africa’s support
- Victims of human trafficking need adequate information on the issue – Media consultant
- IMF won’t lend to Ghana if debt levels are unsustainable -Dr. Acheampong
- Black Sherif releases ‘The Villain I Never Was’
- Ghana’s debt to GDP is not properly accounted for – Ato Forson
- Scientists, policy makers to benefit from KNUST’s Building Stronger Universities project
- Nigerian oil export terminal had theft line in the sea for 9 years
- We are determined to build trustworthy and robust institutions – Chief Justice assures
- B. A. Mensah: Ghanaians are about to get a break from the fuel crisis
- Playback: PM Express discusses Ghana’s unsustainable debt levels and impact on IMF negotiations
- I will deal with government officials found complicit in galamsey activities – Akufo-Addo
- Sadiq Abdulai Abu, Bessa Simons, Spiky, others confirmed as speakers for 2022 Ghana DJ Clinic
- Nigerian singer Asa threatens Joeboy with copyright lawsuit, demands ₦300m