National Policy Summit

Ghanaian President Nana Addo Dankwa Akufo-Addo on Monday outlined 10 pillars aimed at transforming the country’s industrial sector.

The initiatives include building the competitiveness of existing local industries by facilitating access to medium to long-term finances at low interest rates; introducing strategic anchor industrial initiatives which will create new growth poles for the Ghanaian economy, and establishing at least one industrial park and special economic zone in each of the 10 regions.

Speaking at the second national policy summit in Accra, Akufo-Addo said these policy initiatives and programs would be complemented by other policy interventions across government to leverage optimal support to the development of the private sector and create job opportunities for the youth.

He said the government’s agenda for economic growth and job creation was underpinned by program of rapid and aggressive industrialization and value addition, especially in agro-processing and vibrant manufacturing.

The Minister of Trade and Industry, Alan Kwadwo Kyerematen, said Ghana was learning from the Chinese experience to drive its industrial transformation agenda.

Speaking to the investor community, Kyeremateng said the government was using policy as an instrument for change, a situation he said was employed by Chinese leaders some 30 years ago to turn the fortunes of the country around.

“First was the policy to open up to foreign investments to invest in China and secondly also not to rely on the domestic market of China but to take advantage of the export market. Two major policies have made China now an economic power. We in Ghana would like to use policies as instruments of transforming our economy,” he said.

The two-day Summit is under the theme of The Industrial Transformation of Ghana, and is expected to help government elicit feedback to enhance further policy development.

It assembled captains of industries and other stakeholders to examine critically the government’s industrial transformation agenda. Enditem

Source: Xinhua/