The surest way the country can overcome its current economic crisis is to aggressively promote local production of goods, the Association of Ghana Industries (AGI) has reiterated.
Its president, Humphrey Ayim-Darke, speaking at the opening event of the three-day Ghana Industrial Summit and Exhibition 2022 in Accra said investing in industries to ramp up domestic production is crucial in the current economic climate, wherein all major indicators are pointing to a downward spiral.
For instance, the cedi has lost about 30 percent of its value against the dollar this year alone; and on top of that food inflation has risen over 30 percent and transport costs more than 40 percent, according to Ghana Statistical Services.
Against this backdrop, Mr. Ayim-Darke said: “It is imperative to note that no country can ever industrialise without deliberate policies and programmes to support industries or businesses.
“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.”
Themed ‘Investing in Ghanaian industries to leverage opportunities in the single African market’, the event is an initiative of AGI and supported by Volta River Authority (VRA), Fidelity Bank, Nuclear Power Ghana (NPG) and other partners.
This year’s event marks the fifth edition and was attended by captains of industry and government officials.
The Minister of Trade and Industry, Alan Kyerematen, assured of government’s efforts to promote industrialisation and economic development.
He said initiatives like 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.
For his part, Emmanuel Antwi-Dankwa, VRA’s Chief Executive Officer said: “Considering the fact global economies have suffered some setback due to COVID-19 and the Russia-Ukraine crisis, this is the opportune time to encourage solutions and harness fresh ideas which can make our local economy a better one. In that regard, let us use this platform as an opportunity to share excellent business ideas which will improve our economy to be more resilient and able to support businesses”.