The Government in collaboration with the private sector is set to establish three state-of-the-art garment factories, each with the capacity to provide 3,000 jobs per shift, creating a total of 27,000 employment under the 24-hour Economy Policy.
Mrs Elizabeth Ofosu-Adjare, the Minister of Trade, Agribusiness and Industry, made the disclosure at the Second Edition of the Kwahu Business Forum at Mpraeso in the Kwahu South District of the Eastern Region.
The Trade Minister said this formed part of President John Dramani Mahama’s rapid industrialisation for job initiative, and the Ministry was promoting strategic value addition to revive deformed industries and scale up production for both domestic and international markets.
“We are also set to launch the Pharmaceutical Manufacturing Development Policy, offering robust incentives to encourage local production of essential medicines,” she said, inviting pharmaceutical stakeholders to seize the opportunity and scale up operations for local and export markets.
The two-day Forum, which was opened by President John Dramani Mahama was on the theme: “The Future of Business: The Role of the Financial Sector”.
The Forum is a major initiative of the Government to foster entrepreneurship and support the growth of Ghana’s small and medium enterprises (SMEs).
Mrs Ofosu-Adjare said the Ministry was currently finalising a component manufacturing policy to support the automotive sector with a special call to the nation’s industry power dealers at Abossey-Okai, Kokompe and Suame Magazine, to consider investment in vehicle component manufacturing.
The Minister reiterated the Government’s firm commitment towards resetting the country’s development agenda with a focus on creating an enabling environment that was responsive to private sector needs and capable of driving investment in strategic sectors.
She said the theme for this year’s Business Forum stressed the importance of aligning the nation’s financial systems with national development priorities to support entrepreneurship, industrialisation and inclusive economic growth.
She said at the Ministry of Trade, Agribusiness and Industry, they were spearheading the transformation through the Business Regulatory Reform Programme, a cross-cutting initiative that coordinates reforms across 50 institutions, including Metropolitan, Municipal and District Assemblies (MMDAs), private sector associations and professional bodies.
Other key institutions were the Office of Registrar of Companies, the Ghana Revenue Authority, the Lands Commission, the Environmental Protection Agency (EPA), the Ghana National Fire Service, the Judicial Service and the Bank of Ghana, all of which were at the forefront of this effort.
“Our achievements so far include the establishment of a centralised electronic registry of business laws and an online public consultation portal on business regulations,” Mrs Ofosu-Adjare stated.
She said this year, a top priority was the passage of the Business Regulatory Reform Commission Bill, which would institutionalise these reforms, mediate public-private sector concerns and enforce regulatory impact assessments.
She said furthermore, the national development blueprint places great emphasis on building strong partnerships across three core levels, government to government, government to business and business to business.
She said in “today’s rapidly evolving global trade landscape, Ghana is taking bold steps to position itself strategically for increased market access and competitiveness,” and their key initiatives focused on export development, trade facilitation and the provision of financial and technical support to businesses.
She said their flagship Accelerated Export Development Programme was designed to empower Ghanaian exporters to penetrate regional and international markets, including ECOWAS, the EU and UK, focusing on high-potential sectors such as garment, processed food and pharmaceuticals.
Together with the Ghana Export Promotion Authority and the National Africa Continental Free Trade Area( AfCFTA) Coordination Office, the Ministry was embarking on targeted export expeditions to deepen trade relationships and improve market access.
Mrs Ofosu-Adjare announced that, under a special initiative by the President, she would be leading a high-powered private sector delegation to China to pursue targeted Business-to-business (B2B) engagement that promises to unlock significant economic opportunities between their countries.
The Government was also working closely with the Ministry of Finance to implement sustainable solutions that would ease constraints on the business community, especially in customs operations, rules of origin certification and compliance with international trade protocols and AfCFTA, she said.
Again, the Government was implementing the Feed the Industry programme, which promoted contract commercial farming of grains, oils, seeds and meat, ensuring reliable supply chain for agro-industrial processing and thus they were working closely with the Ministry of Food and Agriculture, the Minister said.
Mrs Ofosu-Adjare explained that a key initiative under this programme was the development of the Afram Plains Agro-Industrial Zone with a focus on cassava, maize and soya bean value chain.
“We appeal to our revered traditional leaders to support this effort through land availability and encourage the business community to invest in agro-processing,” Mrs Ofosu-Adjare stated.
Additionally, they were supporting agro-processing classes in sectors such as food, beverages, cassava derivatives and cosmetics with a strong focus on women-led businesses by providing training, equipment and market access.
The Minister said in line with their inclusive development goals, they were rolling out targeted initiatives to empower women and youth through access to funding, skills training and access to markets.
