Review and update relevant policies to reflect current reality, said the government

Company News of Friday, May 31, 2019

Source: ghananewsagency.org

2019-05-31

Nana Appiagyei Dankowoso I, President of the Ghana Chamber of Commerce and Industry (GNCCI), called on the government to review and update the relevant policies to reflect the current reality locally and globally.

"We are struggling with outdated policies that do not correspond to modern realities, policies going back to our colonial past that are still emasculating and frustrating the robust growth needed to compete favorably with the rest of the world," he said.

Nana Appiagyei Dankowoso I spoke at the first edition of the Ghana Business Summit on "Achieving the Recovery of Growth in Manufacturing: The Role of Government" in Accra.

The goal of the summit is to revive the growth process of the manufacturing sub-sector and to maintain it until actual results begin to emerge and then continue.

It should also examine and consider how Ghana can take advantage of the decade declared by the United Nations (2016-2025 for Industrial Development (Third Decade of Industrial Development of Africa (IDDA III))).

He said that a thorough review of the policy, with respect to industries, was one of the most important imperatives of the reversal of growth.

He added that manufacturing companies were closing their doors, while those that managed to weather the storm were downsizing, the only way to stay alive and stay in business.

He added that the much-needed recovery and turnaround undoubtedly required an "equal playing field".

He said that the government must deliberately and strategically put more effort into creating an enabling environment and that more efforts needed to be made to protect and develop local industries more than what currently exists.

The president said the government should, in practice, recognize that the private sector was expecting a lot of the enabling environment needed to make this vision a reality.

Mr. Dankowoso 1 said that the vital growth variable, such as infrastructure, electricity, water and roads, among others, had become increasingly scarce and that this was increasing even further. production costs and made them non-competitive, which was an advantage for those who scarce affordable capital to stay afloat.

"I have no doubt that we have the means to achieve and maintain growth in manufacturing output," he added.

Mr Robert Ahomka Lindsay, Deputy Minister of Trade and Industry, said the government was focusing on industrialization to improve the economy.

He said that knowledge of the environment was key to the growth of the manufacturing sector and that the government's role was to create a favorable and growth-friendly environment.

"In the absence of an appropriate environment, the manufacturing sector is not going anywhere," he added.

He added that the second thing the sector players needed to know was the government's strategy, which was industrial transformation, adding that the government now had specific incentives for the sector.

On regulation, the minister said it was important and timely that the sector focus very much on the regulatory aspect, adding that the government had the ability and the power to facilitate agreements to help Ghanaian entrepreneurs to develop their business and contribute to the economy. .