The Ministry of Trade and Industry has begun disbursing ¢282 million to businesses to revive the industrial sector from the shocks of COVID-19 pandemic.
According to a Deputy Minister, Herbert Krapa, this was part of efforts to ensure the implementation of some targeted reforms to continue to increase Foreign Direct Investments in Ghana.
Speaking at the maiden edition of Spark-Up-Summit, he indicated that the move would fast-track the growth of industry.
“To emerge strongly from the havoc of COVID-19 and restore the impressive trajectory of Foreign Direct Investments, the ministry has accelerated efforts to build industrial parks and special economic zones across the country. The Ministry of Trade and Industry has also established business resource centres across the country to provide relevant business venture information and technical resources to private sector investors,” he said.
“We have also established joint business councils with some African and European countries to provide ministerial level support for driving investments between Ghana and partner countries. Under the Ghana COVID-19 Alleviation and Revitalisation Enterprises Support, the Ministry of Finance has graciously allocated ¢282 million to the ministry to pursue interventions for the revival of an active trade and industry sector,” he said.
The Chief Executive of the Ghana Investment Promotion Centre, Yofi Grant, called for partnerships to monetise assets to benefits from the African Continental Free Trade Agreement.
“Africa is very well endowed but unfortunately we export our raw materials and then import the finished goods of the raw materials we exported. I believe that the AfCFTA is a great impetus to change the whole dynamic. But once again, the inspiration of the President of a Ghana Beyond Aid resonates loudly on the African continent for us to monetise assets we have through partnerships and linkages,” he said.
Meanwhile, the Minister of State at the Ministry of Finance, Charles Adu Boahen, has assured that his outfit will implement policies that will make firms competitive to attract more FDIs.
“Essentially to support FDI growth effectively and consistently, we realised that we have to provide a proper framework of policies, institutions and support services that make our firms competitive, provide incentives for skills transfer and provide an opportunity for investors to realise risk adjusted returns in Ghana which are far above the sub-Saharan Africa average,” he indicated.