The Association of Ghana Industries (AGI) has called for deliberate policies to scale up Ghana’s industrialisation drive.
It also urged the government to help develop the local value chains to feed industry.
Dr Humphrey Ayim Darke, President of AGI, said efforts towards industrialisation ought to be targeted at the growth pillars of the economy, which have the potential to create a multiplier effect.
He said this at the 64th Annual General Meeting of the AGI held at the Accra International Conference Centre (AICC) on the theme: “Navigating the Uncertainties of Our Business Landscape to Sustain Productivity.”
The President said Ghana’s industrialisation drive over the years seemed to have stuck in the mud, adding that “we need to re-examine the policies and strategies deployed in the past. It will take deliberate policies to address these concerns.”
He said unfair practices continued to give way to the influx of imports of electrical cables, wheat flour, beverages, vegetable cooking oil and foam mattresses, among others, and it took the AGI and Ghana Standards Authority in an operation to close production sites of sub-standard mattresses.
Dr Ayim Darke said these practices required 24/7 monitoring, and until there was sustained surveillance of Ghana’s borders and vigilance by the Ghana Revenue Authority, the unfair practices would fester.
He said that although the AGI supported sustainable environmental management, eco-friendly technology, and green energy, the announcement of the Emissions Levy Act, 2023 (Act 1112), without clear guidelines, unsettled the local industries.
The President, however, commended the government for the dual benefits of the upfront VAT relief and the in-bond manufacturing dispensation that granted a duty deferment on imported raw materials.
“While the VAT waiver on locally produced textiles remains in force, the waiver of VAT on locally manufactured sanitary pads took effect this year to make the sector competitive. This has huge cash flow implications, and I commend the government and GRA for heeding our call,” he added.
Edward Apenteng Gyamerah, the Commissioner of the Domestic Tax Revenue Division, urged industry players to always separate policy issues from that tax, adding that businesses should engage the GRA on their specific tax needs.
He called on businesses to adopt and adapt the trends of technology into their businesses to be relevant and eliminate wasteful practices.
Seth Twum-Akwaboah, Chief Executive Officer of AGI, said there were plans to strengthen advocacy efforts and to provide a lot more business development services for members.
“We remained committed to advocating for policies and reliefs to tame the economic headwinds that we face. We have engaged government in several fronts in the course of the year, particularly on taxes, forex issues, influx of imports and unfair practices amongst others,” he said.
Source: GhanaWeb
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