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Industrial Growth Hits Over 17% under NPP - NDC left -0.5 growth

General News

President Nana Addo Dankwa Akufo-Addo has stated that the new paradigm of economic development, which his administration is vigorously pursuing, which pivoted around value-addition industrial activities within a conducive and business-friendly environment, can make headway.

President Nana Addo Dankwa Akufo-Addo has stated that the new paradigm of economic development, which his administration is vigorously pursuing, which pivoted around value-addition industrial activities within a conducive and business-friendly environment, can make headway.

 

According to the president, it is common knowledge that, in recent years, industry has not done well, as growth rate in industry slumped to -0.5% in 2016, as opposed to a growth rate of 15.1%, at the end of 2008. 

He added, however, that as a result of the normalisation of the power situation in the country, and the implementation of his government’s pro-business policies, the objective of shifting the focus of the economy from taxation to production is bearing fruit.

“In 2017, industry grew at 17.7%, a radically marked improvement on its abysmal 2016 performance in the last year of the Mahama administration,” the president stated at the weekend when he commissioned the Twyford Ceramics Factory, at Shama, in the Western Region.

He noted that unless the country industrialised with the goal of adding value to its primary products, “we cannot create the necessary numbers of high-paying jobs that will enhance the living standards of the mass of our people. Raw material producing economies do not create prosperity for the masses. The way to ensuring access to prosperity is the industrial development of our economy.”

It is for this reason that the President congratulated the Chairperson, Board of Directors and Management of Sunda International for the decision to establish the factory in Shama.

The factory, he was confident, would not only reduce the country’s ceramic tiles import bill, and thus saving the country considerable sums of foreign exchange, but will also serve as a source of employment for many young men and women, resident in Shama.

“I am also happy to note that ninety five percent (95%) of the factory’s raw material needs will be sourced locally. The promoters of this project should work towards increasing this figure to a hundred percent (100%),” the President added.

In furtherance of Government’s commitment to improving the business environment, President Akufo-Addo revealed that Ghana National Gas Company Limited had responded favourably to the request of Twyford Ceramics Limited for a reduction of the price per unit gas supply to the company, and, indeed, to industries across the country.

“Through the new Industrial Development Tariff, authorised by the Minister for Energy, a new rate of US$6.50 per Million British Thermal Units (MMBtu) has been approved for industry, as against the previous rate of US$8.84 per Million British Thermal Units (MMBtu). Ghana Gas notified the company of this in its letter dated 22nd November, 2017,” he noted.

This Government, he said, “is determined to enhance the competitiveness of Ghanaian industries.”

President Akufo-Addo assured the partners of the project that, under his watch, Ghana would be a great place to do business.

“The experienced Minister for Trade and Industry will work with you to address any challenges that may arise, but, if, indeed, it becomes necessary, which I hope it will not, to go higher up the chain of authority, I want you to know that my doors will always be open. I do, on the other hand, insist that, on your part, you play according to the rules and regulations of the sector and the laws of the country as a whole,” he said.

The President wished all stakeholders in the project great success, adding that “we are on the threshold of something remarkable in Ghana, and I am pleased to have those involved in the Twyford Ceramics Factory as partners in our country’s exciting, new journey.”