Dr. Kofi Konadu Apraku, Minister of Trade and Industry, has declared the Kufuor administration's commitment to providing financial support for the growth of the private sector.
"We are prepared to support firms that are prepared to expand," he told participants of the Ashanti Economic Forum during the closing session last Thursday.
He disclosed that his ministry had granted a total of $500,000 for the expansion of businesses this year as a result.
"The purpose of this is to make Ghanaian businesses competitive," he explained.
According to him, the facility would be available for businesses in the next eight years.
Apraku announced further that the government was sourcing a $100 million loan from the African Development Bank (ADB) for the rehabilitation of industries.
He said three major funds were now available in his ministry to serve the business community under the Ghana Investment Fund, which bill was passed in March, this year.
"We would go aggressively to source loans for you (businessmen) in order to advance," Apraku assured.
He mentioned that the Trade Ministry has provided ?150 million for the reactivation of the Kumasi Shoe Factory, following the successful divestiture of the factory, for full scale operations soon.
Dr. Apraku also announced that directives had been issued to all agencies under his ministry to give maximum support to all economic programmes in the northern sector.
About 13 new offices are to be opened to give advisory services to business concerns, particularly small-scale operators in this area.
The purpose, he said, is to make the Ashanti and northern sector become a major economic power for national growth.
In furtherance of this objective of ensuring growth in the cocoa industry, Apraku announced that a cocoa processing plant is to be sited in Ashanti to serve the Ashanti and Brong Ahafo regions before the expiry of the government's first term of office.
Apraku also disclosed that the Forestry Commission would soon introduce certification before woods can be exported to bring sanity into the timber industry.
According to him, the entire Free Zone programme would be reviewed soon and that a team from the World Bank (WB) would visit Kumasi so that effect this year.
The WB team would also visit the Takoradi harbour to consider its expansion.
Dr. Apraku, however, expressed concern about the over-liberalisation of the economy and said steps were being taken to reverse the trend.
He also mentioned some of the disturbing national problems as smuggling and the flooding of shoddy goods on the market.
The minister cautioned Ghanaians to comport themselves if economic policies were to succeed.
His ministry, he said, had issued directives to intensify random inspection of goods on the market.
