WELCOME MESSAGE FROM THE MINISTER OF TRADE AND INDUSTRY
WELCOME MESSAGE FROM THE MINISTER OF TRADE AND INDUSTRY
The number one priority for the new NPP Government is to put in place the policy framework that will help businesses expand and create jobs, as well as promote the growth of entrepreneurship opportunities for young Ghanaians in particular.
In pursuit of the above, the Ministry seeks to achieve the following policy goals: improve private sector productivity and competitiveness; attract private sector capital from domestic and international sources; pursue and expand market access; promote an enabling environment and effective regulatory framework for corporate management; and promote rapid industrialization driven by strong linkages to agriculture and other natural resource endowments.
To realize the above policy goals, the Ministry has embarked on a comprehensive and integrated programme for industrial transformation under the “Industrialization for Jobs and Growth” initiative. The programme is anchored on ten pillars as outlined below:
The criteria for the selection of beneficiary companies include the following:
To date, over 300 applications have been received from business operators in sectors including Agri Business, Pharmaceuticals, Garment and Textiles, Cosmetics, Building and Construction Materials, Packaging and Plastics among other. A team of experienced consultants have conducted diagnostic studies of the companies to determine the appropriate stimulus package for the resuscitation of these distressed firms; to which 80 beneficiary companies have been qualified for the first phase of the programme. In addition to the stimulus package, the Ministry has designed mechanism to provide technical and managerial assistance to enhance the organizational capacity of these beneficiary companies.
The 1D1F initiative seeks to achieve the following five strategic objectives;
A Technical Support Group (TSG) made up of experienced consultants has been established at the Ministry of Trade and Industry and is providing technical backstopping for the implementation of the District Enterprise Projects.
The Ministry working with its Technical Support Group has reviewed 234 Business Plans and Proposals out of a total of 350 received to date. About 59% of these District Enterprise Projects are going to be developed in the manufacturing sector while 33% are interested in the agricultural and industrial plantation to feed the manufacturing plants. It is envisaged that more than 60 districts will start actual implementation of their enterprises during the year with a potential to generate over 40,000 direct jobs.
The DIP has the potential of transforming the industrial landscape of Ghana and contribute significantly to the socio economic development agenda of the country as a result of the implementation of the programme.
In order to promote and attract investments to support the implementation of these initiatives, the Ministry is using its foreign trade and investment offices in selected countries including the USA, UK, Belgium Switzerland, China, Turkey, Japan, Nigeria and South Africa to attract potential investors, as well as identify export market opportunities in those countries. In addition to the above, the Ministry is working assiduously with other institutional partners including Ghana Investment Promotion Center and bilateral Development Institutions to attract global companies to invest in these sectors.
It is the vision of the ministry that, this initiative will significantly improve Ghana’s ranking in the World Bank’s Ease of Doing Business Index since it targets one of the major constraints investors and entrepreneurs face when starting a business.
As at now, the Ministry has identified interested parties including foreign investors who have initiated the construction of these industrial parks in Ashanti, Greater Accra and Western Regions.
In order to efficiently achieve this objective, the ministry has completed work on the development a draft National Local Content and Participation Policy and Bill for the country. The policy is aimed at building the capacities of local businesses and facilitating sub-contracting arrangements with the larger companies.
It is imperative to note that following the extension of The African Growth Opportunities Act (AGOA) Initiative by the US Government, a strategy is being rolled out to enable the country derive the full benefits under the initiative. In addition to the above, the Ministry has put in place systems to take advantage of intra-African trade particularly the Continental Free Trade Area (CFTA) and ECOWAS Trade Liberalization (ETL) scheme.
The business environment reform agenda is focused on the following strategic components:
These measures are envisaged to ensure a significant improvement in Ghana’s ranking in the Ease of Doing Business and the Global Competitiveness Index. To this end, the ministry is collaborating with Development Partners and other MDAs to ensure removal of bottlenecks and impediments that adversely affecting businesses operating in Ghana.
The implementation of these programmes will greatly enable the business sector to make significant contribution towards inclusive and sustainable economic growth with improved employment creation opportunities for the good people of Ghana. This ambitious programme is well integrated to offer holistic approach in dealing with structural deficiency od Ghana’s industrial structure and build the productive capacities of businesses operating from Ghana to be able to compete at the global market place.
Under my leadership, the ministry has reformed the operations and functional structure of work in order to deliver results in more effective and efficient manner. We are putting in place new measures to improve the technical capabilities and competencies of the personnel of the ministry to deliver world class services as a business ministry. The Ministry of Trade and Industry is aggressively leading the job creation agenda of the NPP Government led by H.E President Nana Addo Dankwa Akufo-Addo to create economic opportunities and wealth for the ordinary Ghanaian.
Ghana is open for business.
Hon. Alan Kwadwo Kyerematen
Minister Of Trade And Industry
Republic of Ghana
Copyright 2020. All Rights Reserved