AGI advocates establishment of development banks to grow start-ups

Mr Seth Twum Akwaboah, the Chief Executive Officer of the Association of Ghana Industries (AGI), has called for the establishment of more development banks to help 'start-ups,' especially those under the One District One Factory, with capital injections to carry out their businesses effectively.

He explained that development banks, unlike commercial banks, were more inclined to the financial needs of new businesses and understood their operations better.

Mr Akwaboah told the media at the Association's Annual General Meeting for the Western the Central regions that Ghana could leverage on her vast land resources for agriculture and bauxite for aluminium products to compete favourably under the continental free trade.

The AGM was on the theme: "Positioning Ghanaian Industries for Global Competitiveness," which calls for the development of local production capacities to compete favourably in the Sub-region as well as globally.

Mr Akwaboah, therefore, called on the Government to help industries to chart the competitive path, create prosperity and help in shared growth.

He noted that growing women entrepreneurs had become one concern of the AGI, which had resulted in the creation of Women in Business to enable them to contribute effectively in the business climate.

Mr Kwabena Okyere Darko-Mensah, the Western Regional Minister, said the Government was implementing the business regulatory reforms for a conducive business environment in partnership with stakeholders.

He said industries must pay significant attention to tracking their global competitors to fully understand their customer segmentation models and how to break through or penetrate as local businesses.

He said the strategic objective of the reforms was to make Ghana the most business friendly nation in Africa by the end of 2020.

The Regional Minister, therefore, charged the AGI leadership to track conversations on businesses in Parliament and follow up to ensure the House came out with good results.