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Negative influences on business will not be a feature of my Government – Akufo-Addo



Business News of Sunday, 9 December 2018

Source: atinkaonline.com

Akufo Addo  PresidentPresident Nana Addo Dankwa Akufo-Addo

President of the Republic, Nana Addo Dankwa Akufo-Addo says the periods in the history of the country when businesses suffered very negative influences that resulted in the down turn of productivity of industries in the country will not reach occur under is presidency.

In his keynote address on the theme: "Transforming the Ghanaian Economy through Industrialization", at the 7th Association of Ghana Industries (AGI) Ghana Industry Awards and Celebration of AGI @ 60, President Akufo-Addo said under his watch as Head of State of the Republic, the troubling issues that greatly hurt businesses in the country would not be entertained.

"One thing I can assure you is that the days of high public debts, high fiscal deficits, high interest rates, rapidly depreciating currency, erratic power supply, will not be a feature of my government", the President said.

To that end, the President assured the industry captains that his government is determined to continue down the road of fiscal discipline that has seen a marked improvement and strengthening of the micro economy in the last two years. He added that his government "will in this meeting of parliament, legislate a fiscal rule that will outlaw any attempt by government to generate the fiscal deficit in excess of five percent in any given year".

1D1F Programme

The President in his address indicated that thus far under his watch, "Seventy Nine (79) Factories have been established Under the "One District One Factory" programme, with another thirty five (35) going through credit appraisal by officials of the Ministry of Trade and Industry and Financial institutions that are supporting the Programme". Government he said will not relent in its efforts attain the policy objective of "One District One Factory".

Automobile Industry

It is the anticipation of government according to the President that the three automobile companies, Volkswagen, Nissan, and Syno Track, who are planning the establishment of their assembly plants in Ghana will become operational in 2019. "Ahead of that, a comprehensive Automobile Industrial policy will be launched to provide clear and consistent guidelines for the sector", the President said.

President of the AGI

President of the Association of Ghana Industries (AGI), Dr. Yaw Adu – Gyamfi, in his remarks said the prospects for job creation in Ghana "will improve if local industry experiences sustainable growth to alleviate the unemployment situation in the country". He observed that the theme for the Awards ceremony, "Transforming the Ghanaian Economy through Industrialization", should remind the entire country of the journey ahead in light of the fiscal policy of government for the Year 2019.

"Six priority areas; Agriculture, Industry, Infrastructure, Entrepreneurial Support, Revenue Mobilisation and Social Interventions", were captured in the 2019 national budget statement as recently presented to parliament by our Finance Minister. Indeed, we are anxious to see the impact of these on our industrialisation agenda" Mr. Adu – Gyamfi said.

Award Winners

In all, eight (8) companies received Recognition Awards and twenty three (23) companies received Awards for various achievements in their fields of operation. Nestle Ghana Limited, won the overall best industrial company of the year, the overall National Best quality company and the oldest surviving expatriate company awards. Unilever Ghana Limited, took home the best corporate social responsibility company of the year award and Olam Ghana Limited, won the best company employer of the year award.

AGI Industry and Quality Awards

The AGI instituted the AGI Industry and Quality Awards to reward companies and industries in different areas of Business performance. The Awards ceremony is an annual event and it marks the climax of the "National Industrial Week Celebration". AGI believes that it owes it to industry to recognize the many achievements of businesses that have distinguished themselves. The Awards essentiallyseeks to honour companies that have achieved outstanding successin various areas of industry and innovationin the year under review.

The AGI

In the immediate post-Independence era, Ghana embarked on an import-substitution industrialisation policy with the active involvement of the State. The development of the manufacturing sector was thus spearheaded by the State with support from multi-national companies such as UAC, and a few emerging Lebanese and Indian industrialists. However, some nationals felt that the sustained growth of industries in Ghana would depend on the development and active participation of local industrialists. Consequently, in 1957, a small group of about 7–10 indigenous Ghanaian Industrialists came together to form the Federation of Ghana Industries, led by the indefatigable Dr. (Mrs) Esther Ocloo of Nkulenu Industries Limited who became the first President.

The objective then was to protect the interest of the emerging indigenous manufacturers. In 1961, realising that all Ghanaian manufacturing companies faced a common destiny irrespective of ownership, the base of the Federation was broadened to embrace both the state-owned and foreign-owned manufacturing industries. The name of the Association was therefore changed to Ghana Manufacturers’ Association.

In 1984, the need for all sectors of industry to be under one umbrella was considered desirable. The Association’s Constitution was therefore amended to admit membership companies whose services impinge on manufacturing, namely, financial institutions, insurance companies and specialised associations such as Liquor Manufacturers' Association of Ghana, Ghana Printers & Paper Converters’ Association, Furniture & Wood Products’ Association of Ghana, Ghana Timber Millers’ Organisation, Advertising Association of Ghana, amongst others, as Associate Members. The name of the Association was accordingly changed to the of Ghana Industries (AGI).

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