Budget to be private sector friendly

Dr. Kofi Konadu Apraku, Minister of Trade and Industry, on Wednesday said this year's budget is being carefully fashioned to ensure that the private sector thrives well to move the economy forward.

"We are holding meetings upon meetings over the budget, which is to be read on Friday, to ensure that the private sector is not constrained", he said.

DR Apraku was speaking at the re-launch of Domod Improved Non-stick Cookware, at the on-going Ghana Industrial and Technology Exhibition, dubbed, INDUTECH 20001.

He said under the former administration, the private sector, supposed to be the engine of growth, operated in a very difficult economic environment.

"I want to assure you here and now that you have a friend in the NPP government", he said. "If only you do your best, then you can be sure that government will do its best to ensure that your industries thrive".

He said to boost private sector growth, the government is proposing in this year's budget the re-institution of the Ghana Investment Fund (GIF) and a more proactive Business Assistance Fund (BAF) to support private sector activities.

Dr Apraku said seven billion cedis out of the ten- billion- cedi- BAF is in the hands of debtors, adding that the government is designing measures to ensure up-front payment of the debts.

He urged such debtors to start redeeming their debts.

DR Apraku said despite the trying conditions under which the private sector had operated over the past 20 years it is commendable that some industries have made it through creativity, innovation and the use of modern technology.

"I have personally talked to the Vice President and we are fashioning creative ways of assisting the innovative industries", he said. "Each industry would have to do more to ensure that government's support does not go waste".

He said the private sector and the economy as a whole can improve "if only we are committed to cutting mismanagement and corruption from the system."

Dr Apraku praised the management of Domod Company Limited for the strides they have made in the West African market with the export of quality cookware.

Touching on the HIPC initiative, the Minister said government acknowledges the sentiments of the public on the issue and would take a decision based on the best interest of the people.

Mr. Prince Kofi Kludjeson, President of the Association of Ghana Industries (AGI), appealed to the government to take pragmatic steps to address problems facing the private sector.

He expressed confidence that given the level of expertise of the people in the new government, the problems of the economy should be a thing of the past within the next four years.

Mr. Kludjeson announced that the AGI is creating a website to promote Made-In-Ghana goods on the international market.

This he said is targeted initially at Ghanaians living abroad to buy Ghana made goods through e-commerce.

Mr. Kudjeson described this year's INDUTECH as the best in terms of professionalism and government support.

Domod Company Limited re-launched their products and introduced new brands the Regency and Risiki ranges- for both the local and international markets.

The company also presented awards to 20 distributors, comprising five foreigners and 15 Ghanaians for their loyalty to Domod.