The Association of Ghana Industries, AGI, has reiterated calls for the introduction of deliberate policies and programmes to support industries or businesses.
According to the AGI, this is one of the best ways that the country can overcome its current economic crisis.
Speaking at the 5th Ghana Industrial Exhibition Summit in Accra, President of the Association, Dr. Humphrey Ayim Darke said investing in industries to ramp up domestic production is crucial in the current economic climate.
“It is imperative to emphasize that the solutions to Africa’s economic and industrial development lies in the domain of the private sector. As the refrain correctly goes, the private sector is the engine of growth. Successful businesses create jobs, pay taxes that finance services and investment, and ultimately drive growth. The private sector generates nearly 80% of jobs, funds about 60% of investment and provides over 80% of government revenues, making it a viable and profitable investment spot. Government has a role to play by ensuring that an enabling environment is created for industries to thrive, especially with the African single market opportunity created,” he said.
Meanwhile, Minister of Trade and Industry, Alan Kyerematen, assured of government’s efforts to promote industrialisation and economic development.
He said initiatives like the One District-One Factory, the identification of 10 strategic anchor industries including pharmaceuticals, automobile, aluminum and bauxite among others, are all aimed at diversifying and transforming the economy by creating new pillars of growth and expansion in the industrial sector.
The fifth edition of the Ghana Industrial Summit and Exhibition 2022 is an initiative of the AGI and supported by Volta River Authority (VRA), Fidelity Bank, Nuclear Power Ghana (NPG) and other partners.
It was under the ‘Investing in Ghanaian industries to leverage opportunities in the single African market’.