President John Evans Atta Mills says local businesses will thrive under his government.
Speaking at his inauguration Wednesday December 7, 2009, he said, “I will create the atmosphere in which the resuscitation of local businesses will go hand in hand with the growth of foreign investments.”
The President said he will to create the right environment for local businesses to flourish adding that he would not allow local businesses to suffer undue disadvantage from cheaper imports.
Indeed, as a result of globalization, most industries in Ghana have collapsed.
Cheaper imports, have led to the collapse of particularly, the manufacturing industry in Ghana, especially the textiles industry.
Ghana’s growth in 2009 has been projected to fall to 5.1% from above 6% recently.
Foreign Direct Investments into Ghana according to records available has grown from $145 million in 2005 to $855 million in 2007, a percentage growth rate of 22.3%.
Meanwhile, the global financial crisis is expected to have unexpected impacts on developing countries including Ghana. Forecasts so far, by the World Bank and the International Monetary Fund (IMF) say the economic outlook for Ghana in 2009 could be bleak.
The newly installed President Mills, therefore, would have a Herculean task of turning the economy around as well as juggling the delicate business of making sure that the country gets its fair share of FDI without undermining the steady growth of local businesses to ensure economic growth and development.
By Emmanuel K. Dogbevi