AGI pushes for industrial bank

The Association of Ghana Industries (AGI) says establishing an industrial bank will accelerate the goals of the government’s ‘One District One Factory’ initiative.

AGI chair for Ashanti, Bono and Ahafo regions, Gyamfua Owusu Achaw, in an interview with 3news.com suggested such initiative to boost industrial growth needs strong financial backing for sustainability.

“From the AGI point of view, we really, really want an industrial bank,” she stated, adding “When you go to China they have the construction bank, they have the industrial bank…they have all that, so we need an industrial bank which will be concentrating only on industries”.

For her “production is cyclical.”

She explained industry players go through several stages to get the final product ready for the market which needs time and for that matter a flexible credit facility is always required to take care of the process, hence a special bank for the Ghanaian industries.

1D1F mitigates industry challenges

Mrs Owusu Achaw disclosed the One District One Factory has solved many challenges which hitherto faced industries, stating “now we get loans from Exim bank to expand our businesses at a very low interest rate, coupled with other opportunities to promote growth”.

On government’s partnership with existing industries under the initiative, the AGI chairperson said it has been beneficial.

“People talk about some of the industries under 1D1F being in existence already…yes…I have been existence already but I have accessed it because I want to improve upon it to increase productivity, to employ more people to help the country,” she said.

She said industry is the backbone of every economy and when it is improved it will positively affect the country’s GDP.