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High public debt, rapidly depreciating currency will not be feature in my gov’t – Akufo-Addo

Business News of Sunday, 9 December 2018

Source: Myjoyonline.com

Akufo AGI.jpegPresident Akufo-Addo delivering his keynote address at the AGI Awards

President Akufo-Addo has given captains of industry the firm assurance of a sound business environment in Ghana.

Delivering his keynote address at the 7th AGI Ghana Industry and Quality Awards, the president assured that a “high budget deficit, erratic power supply” coupled with the high cost of doing business among other constraints will not feature in his administration.

“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,” Nana Akufo-Addo assured.

With the 7th AGI Ghana Industry and Quality Awards hinged on the call for heavy industrial growth in the country, President Akufo Addo hinted of the passage of an automobile bill in the coming of three automotive giants to the country who will be establishing their assembling plants in 2019.

“As we anticipate the establishment of assembly plants of Volkswagen, Nissan and Sentara in 2019, a comprehensive automobile industrial policy will be launched to provide clear and consistent guidelines for the automobile sector,” he revealed.

Also, president of the AGI, Dr Yaw Adu Gyamfi stated that industries are “anxious to see the impact of some 6 priority areas” (Agriculture, Industry, Infrastructure, Entrepreneurial Support, Revenue Mobilization and social intervention) that were captured in the 2019 budget on government’s industrialization agenda.

Dr Adu Gyamfi cautioned that job growth could stall and manufacturing volumes grounded if priority is not given to the industry and manufacturing sector.

“Our prospects for job creation will improve if local industry experiences sustainable growth to alleviate the unemployment situation. A couple of years back, the once vibrant sectors of manufacturing such as textiles, alumina, vehicle assembly, glass manufacturing and the processing of agricultural products like meat, sugar, tomatoes and citrus processing have all collapsed,” he said.

According to him, “industry continues to shrink and we risk losing our industry base if government policies do not address these challenges to revive the industrial sector”.

The Chief Executive Officer of the AGI, Seth Twum Akwaboah commended government “for demonstrating a clear commitment to industrial development through its industrial transformation agenda”. According to him, AGI’s commitment to this agenda is unwavering thus the association stays committed to assisting government implement such industrialization policies.

In all, 32 companies were awarded for their various contributions to the economy and society as a whole. This included major award categories and sector awards.


Overall Best Industrial Company of the year — Nestle Ghana Ltd
Best Corporate Social Responsibility Company – Unilever Gh. Ltd
Best Company Employer of the Year – Olam Ghana Ltd

National Best Quality Award

Overall National Best Quality Company – Nestle Ghana Ltd
National Quality Award Diamond (Food Category) – Nestle Ghana Ltd
National Quality Award Diamond (Non-Food Category) – Tropical Cable & Conductor Ltd
National Quality Award Gold (Category A) – Everpure Ghana Ltd

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