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Ghana gov’t says to provide stimulus packages for local businesses

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cediThe Ghana government has promised stimulus packages to assist selected indigenous industries to expand their operations and raise production.

Mr Haruna Iddrisu, Trade and Industry Minister, said five businesses each in the pharmaceutical, garment and apparel, handicraft as well as export and agribusiness industries would be supported by the Export Development and Agricultural Investment Fund (EDAIF).

An additional five industries in the poultry and allied sector would also benefit.

The Minister, who was speaking at the Ashanti/Brong-Ahafo Regional launch of the Seventh Economic Community of West Africa Trade Fair in Kumasi, said there was going to be tax incentives to businesses, investing in agricultural and the non-traditional export sectors.

“Regional Integration through Trade” is the theme chosen for the fair, fixed for October 24 to November 4.

Mr Iddrisu said the stimulus packages were part of a deliberate effort to boost production in the identified sectors to enable the country to take advantage of the African Growth and Opportunity Agreement (AGOA) initiated by the United States Government.

He announced financial support to Ghanaian entrepreneurs, who employ at least three university graduates a year.

A district industrialization initiative is being piloted under which industries at the district levels using local raw materials in their localities for production receive financial assistance through the EDAIF and the National Board for Small Scale Industries.

Mr Iddrisu said all these were being done with the aim of increasing export revenue from the current $2.2 billion to $5 billion dollars by 2017.

He urged businesses in the two regions to seize the opportunity offered by the fair not only to market their products but network to promote sub-regional trade.

Nii Lamptey Vanderpuye, Deputy Trade and Industry Minister, performing the official launch, said the fair was not meant to achieve short term goals or on-the-spot sale of products, but to establish useful contacts with prospective buyers and importers from other countries.

He encouraged entrepreneurs from the two regions to fully participate so as to grow their businesses and take advantage of the West African market.

Mr Samuel Yaw Adusei, Deputy Ashanti Regional Minister, said government would continue to introduce initiatives and interventions to aid local businesses to compete on the international market.

Source: GNA

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