The Association of Ghana Industries (AGI) has urged the Government to speed up the processes, especially the release of funds, towards achieving the objectives of its special initiatives to boost industrialisation.
“The AGI acknowledges Government’s industrialisation plan, which is a strategic focus, introducing initiatives such as 1D1F, the stimulus package, development of industrial economic zones and industrial sub-contracting, it said in a communiqué, issued at the end of its National Council Retreat, held on February 6 and 7, in Accra.
“No doubt these will make significant positive impact and trigger industrial growth if well implemented, especially in the wake of the African Continental Free Trade Agreement.
“However, the Association is concerned about the delay in the release of funds to support the private sector in implementing these initiatives”.
The communiqué was signed by Dr Yaw Adu Gyamfi, the President of AGI, and copied to the Ghana News Agency, on Friday.
It would, therefore, step up dialogue with action ‘in order to gain more traction and wield more influence on policy makers to achieve the desirable level of industrialisation’.
The Association said though Governments had been determined to get the wheels of Industry moving, the kind of business climate and incentives needed to bolster growth for local industries were yet to be seen.
The AGI, therefore, took a critical look at its core function of advocacy in line with its vision and 60th Anniversary theme, “Transforming the Ghanaian Economy through Industrialisation.”
Though business confidence for the Fourth Quarter of 2018, it said, saw an improvement over the preceding one, the Association was worried over the slow pace of policy implementation, making it difficult for Industry to come alive.
“Industry continues to bear the brunt of high cost of electricity and cedi depreciation, among others, and therefore, is willing to continue making input into the electricity tariff negotiations with the Public Utilities Regulatory Commission and the appropriate agencies to ensure competitive tariffs for Industry.
“The AGI Council notes that Ghana belongs to the high energy cost category of countries in the sub-region, therefore AGI expects that the ongoing discussion on the review of the electricity tariff would take the competitiveness of Ghanaian industry into account”.
The communiqué urged the Bank of Ghana to speed up its plans to enhance the operations of the non-banking financial institutions to help restore total confidence in the entire financial system.
The Government should strictly adhere to the tenets of “Fiscal Responsibility Act” to maintain macro-economic stability in both the short and long terms.
It should also devise measures to control the growing uncertainty among businesses to improve port clearance procedures, which it said, had ‘been deep worrying’.
The Business Community should also cooperate with the Ghana Revenue Authority in its digital revenue mobilisation efforts to maximise the benefits and mitigate any negative impact.