Ghana government to develop local content policy

Ekow Spio-Garbrah - Minister of Trade
Ekow Spio-Garbrah – Minister of Trade

Dr Ekow Spio Gabrah, Minister of Trade and Industry, said government would be developing a local content policy to make it compulsory for foreign investors to partner with local businesses.

He said the situation where foreigners wholly owned businesses in Ghana is not the best practice and it is imperative that a policy is developed to make Ghanaian businessmen have a share in businesses owned by foreigners.

Dr Gabrah said this at the Ghana International Business Network breakfast meeting in Accra, organised by the Entrepreneur Foundation of Ghana on the theme “Enhancing Strategic Business Alliance between domestic and foreign investors for sustainable economic development”.

He said if the policy is implemented, foreign investors would be obliged to partner with Ghanaians before being issued with a licence or certificate to operate.

He said, government would continue to promote made in Ghana products as a way of creating employment for the youth as well as creating more entrepreneurs.

Mrs Mona Quartey, Deputy Minister of Finance, said Ghana has witnessed consistent economic growth in the last three decades, pushing it to a middle income status and is on track to reducing poverty.

She said government would continue to maintain micro economic stability in order to be able to withstand any shocks to the economy and keep base with its middle income status.

She said Small and Medium Enterprises (SMEs) play key roles in the economy, and that, its development are key drivers for economic growth.

Mrs Quartey said government is therefore developing policy intervention and institutional reforms to develop the SMEs and has launched the Ghana Alternate Market Platform to provide financial support to SMEs, broaden its investor base and provide liquidity for its shareholders.

She said there are many business opportunities in Ghana, especially in the area of manufacturing, oil and gas, tourism and others and urged the private sector to take advantage of it.

Source: GNA

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