Government must prioritise industry, agriculture sectors to avoid economic recession – AGI
The Association of Ghana Industries has called for an aggressive industrial plan for local agribusinesses and manufacturing companies to avert a looming recession.
It comes as Finance Minister, Ken Ofori Atta, in the Mid-Year Budget Review, revised downwards Ghana’s economic growth by 2.7% to 3.6%.
Speaking at the launch of the AGI Industrial Summit and Exhibition between the 16th to 18th August, President of the AGI, Dr. Humphery Ayim-Darke warned that things could get worse in the coming months if an exclusive local content policy is not produced by the government.
“Our businesses are in trying times. The fast depreciation of the cedi, escalating fuel prices, rising fuel prices and public debt are of deep concerns to industries. Our strong recommendation is that in engaging the IMF, we must pay maximum attention to the industrial and agricultural sectors of our economy to hasten recovery.”
“Part of the reason for our economic crisis is the dependence on imported goods. We call for incentives to encourage local manufacturing to arrest this challenge”, he stated.
Meanwhile, there are indications of the government struggling to secure investor funding for various infrastructure projects as a leading investment promotion expert with the European Union Ghana Employment Specialisation Program (EU-GESP), Sean M Duggan, has revealed that Ghana is currently $6 billion short of investment funding this year.
“Ghana faces a substantial investment gap. According to the global infrastructure outlook estimate, Ghana – to achieve its SDGS will need more than $11 billion for the next 15 years. The current level of investment funding available suggests a funding gap of $6 billion a year. An investment summit of this nature by the AGI will discuss how to improve Ghana’s investment funding ecosystem to fill this deficit,” Sean stated.
The 5th Ghana Industrial Summit and Exhibition (GISE) will focus on industry and the African Continental Free Trade Market on the theme: “Investing in Ghanaian industries to leverage opportunities in the single African market”.
The event seeks to create an avenue for the Ghanaian private sector to dialogue with policy-makers, investors and other industry players.
The summit will hold discussions on technological advancements in industry, energy requirements, infrastructure, financing and many other thought-provoking topics needed by local businesses seeking to trade within the African single market.