Contribute finance to what govt provides – Alan Kyerematen tells private sector

Date: 2018-09-19

The Minister of Trade and Industry, Mr Alan Kyerematen, has urged the private sector not to only generate ideas but also contribute its quota financially to complement the support from government.

He said the government was keen on supporting the private sector to create industries throughout the country but the sector lacked the wherewithal to meet the government’s effort midway to achieve the expected outcome.

Mr Kyerematen observed that many local investors usually came up with good proposals but more often than not they lacked the equity to start the businesses and had to fall on the government.

He made the appeal at the opening session of this year’s Ghana Industrial Summit and Exhibition in Accra on Tuesday. 

The three-day summit, on the theme: “International partnerships for value-added industrial and local content development”, has brought together stakeholders from the business community to discuss possible ways of enhancing trade and boosting the operations of industry.

“Businesses which are seeking to take advantage of the various government initiatives, including the One-district, One-factory (IDIF), must at least have some form of financial support before asking the government to assist them.

“There are so many businesses with ideas but they are unable to provide any financial equity with their proposed business plans. Partnering the government means that you should at least have some form of equity before any further engagement,” Mr Kyerematen said.

Government agenda

Explaining some of the government’s agenda to grow the economy, Mr Kyerematen said the various industrial initiatives by the government were aimed at creating an environment where businesses could thrive.

He said measures were being instituted to ensure that the private sector received the needed incentives and equity support that would increase employment in the sector.

Regarding partnership, Mr Kyerematen said Ghanaian businesses must endeavour to seek strategic alliances with other businesses to expand their operations and make them viable.

He said without partnerships, businesses would suffer, and as a result affect their production capacity, adding: “It will be in the interest of companies to seek assistance that will benefit their growth.”

Mr Kyerematen further advised the private sector to find ways of engaging the government regarding the implementation of the various programmes, such as Planting for Food and Jobs.

The Trade Ministry, according to Mr Kyerematen, had so far received 700 proposals from businesses and would soon come up with modalities concerning the partnerships.

Commitment of AGI

The President of the Association of Ghana Industries (AGI), Dr Yaw Adu-Gyamfi, said  the association remained committed to forging international partnerships as a strategic option to scale up and build a robust industrial sector that would increase job creation.

He commended the government for the trade reforms rolled out in line with the World Trade Organisation’s Trade Facilitation Agreement and said the AGI would continue to initiate and lead policy reforms in the interest of the private sector of the country.