The Association of Ghana Industries (AGI) is demanding for an urgent review Ghana’s industrial policy to help in the resuscitation of the country’s manufacturing sector.
The Ghana Industrial Policy was developed together with the private sector five years ago, in addition to the Industrial Sector Support Programme, which served as an implementation programme.
President of the AGI, James Asare-Adjei, however says the implementation of the policy has been poor over the period, hence the need for the necessary measures and resources to make it work.
“Industry holds the key to job creation and it is for this reason that AGI is most concerned about the poor growth in the manufacturing sub-sector,” he said at the 56th Annual General Meeting of the AGI in Kumasi.
Ghana’s manufacturing sector has experienced negative growth rate twice in the past four years.
Per statistics from the Ghana Statistical Service, industry’s contribution to Ghana’s GDP has declined from 20.8 per cent in 2012 to the current 25.3 per cent.
Economist, Professor Stephen Adei, who addressed the AGM, noted that running the economy with a generalized policy would not rake in the requisite results, especially from the manufacturing sector.
He thus underscored the need to create an enabling environment for specific industries to thrive.
He also called for the effective management, supervision and accountability of public schools to improve the country’s basic education to serve as the bedrock of qualitative human resource base of industries.
This year’s AGM of AGI was on the theme “Growing Local Industry for Export Development and Job Creation”, which underscored the importance of growing export-oriented businesses to reduce the country’s balance of trade deficit and shore up the local currency.
Finance Minister, Seth Terkper, is confident the takeoff of the Ghana Export Import Bann (Ghana Exim) offers opportunities for Ghanaian exporters to access long term credit guarantees to enhance their operations.
Meanwhile, the Asantehene, Otumfuo Osei Tutu II, has assured industries of access to litigation-free lands in good location and in the desired sites for industrial and business parks.
He says the nation’s priority should be targeted to grow industries “bearing in mind always to protect local industries from foreign predators, among others”.
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