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Business News Fri, 31 May 2019

Review and update relevant policies to reflect present reality, gov't told

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

“We are struggling with outdated policies that are sharply out of touch with modern realities, policies that date back to our colonial past that still emasculates and frustrates robust growth needed to compete favourably with the rest of world,” he said.

Dr Nana Appiagyei Dankowoso I, was speaking at the Maiden Edition of the Ghana Manufacturer’s Business Summit on the theme: “Achieving Growth Turn-Around in Manufacturing: Role of Government” in Accra.

The Summit is to kick-start the actual growth process of manufacturing sub-sector and stay on until actual results begin to manifest, and then subsequently sustain it.

It is also to discuss and examine how Ghana can benefit from the current United Nation’s declared decade (2016-2025 for Industrial Development (the Third Industrial Development Decade for Africa (IDDA III)).

He said a thorough policy review, as far as industries were concerned, was one of the most important imperatives for growth turn-around.

He said manufacturing companies were folding up, while those, who were managing to weather the storm were downsizing as the only way to stay alive and in business.

He said achieving the much-needed recovery and turn-around, no doubt, demands a “level playing ground.”

He said government must deliberately and strategically do more to provide the enabling environment and must do more to protect and grow local industries more than what obtains currently.

The President said government should, in practical terms, appreciate that the private sector was, indeed, in great expectation of the enabling environment needed to begin to make that vision a reality.

Dr Dankowoso 1 said the vital growth variable like infrastructure, power, water and roads among others has become more and rarer, and this was further shooting up the cost of production and making them uncompetitive, that was, for those, who manage to find ever scarce affordable capital to remain afloat.

“l have no inkling of doubt in my mind that we have what it takes to achieve growth turn-around in manufacturing and sustain it,” he added.

Mr Robert Ahomka Lindsay, the Deputy Minister for Trade and Industry, said government was focusing its attention to industrialisation to improve on the economy.

He said knowing the environment was key to the growth of the manufacturing sector and government has the role to provide the enabling and conducive environment for growth.

“In the absent of an appropriate environment, the manufacturing sector is not going anywhere,” he added.

He said the second thing players in the sector needed to know was government strategy, which was industrial transformation, adding that government now has specific incentives for the sector.

On issues of regulations, the Minister said it was important and appropriate for the sector to focus very well on the regulation aspect, adding that government has the capacity and power to facilitate agreements to support the Ghanaian entrepreneurs to grow their business and contribute to the economy.

Source: ghananewsagency.org