Investing In Ghanaian Industries Is Very Crucial -AGI President Stipulates

 

The President of the Association of Ghana Industries (AGI), Dr. Humphrey Kwesi Ayim Darke, has expressed the importance of investing in the private sector, particularly local industries for economic growth, transformation and sustainability.

He indicated that, successful businesses drive growth, create jobs, and pay taxes that finances services and investment. 

Adding that, the private sector generates 80 percent of Jobs, funds 60 percent of investment and provide more than 80 percent of government revenues,

making the private sector the best place to invest.

On the need to invest in local industries, the AGI President indicated that “it's very crucial in these times, taking into accounts the

the challenging times in which we find ourselves. “We see the global economy, still reeling from the COVID 19 devastation and then the Russia's invasion of Ukraine, signaling uncertain outlook in the private sector milieu.”

“Against the difficult backdrop, a variety of economic challenges mount our country, including elevated inflation, high cost of the cedi against the dollar, high cost of fuel and high cost of credit.”

“So this gathering is very strategic, to to find pathways of generating investment and capital to advance our Industries.”

“It is imperative to note that no country can ever industrialise without deliberate policies and programmes to support industries or businesses,”

“The government has a role to play by ensuring that an enabling environment is created for industries to thrive, especially with the African single market opportunity created.” Dr. Kwesi Ayim Darke stated.

The AGI President conveyed that, GISE has become the premiere platform not only for the presentation of industry knowledge and concepts, private sector policies and programs, but also for unique networking opportunities and showcase of products and innovations.

He added that the AGI is impressed with the enthusiasm and support demonstrated by sponsors and  patrons over the years, especially the Volta River Authority, NPG, Fidelity  Bank, GIZ and the European Union,

as well as the commitment shown by industry players and the business community to place the GISE as a must attend event.

Dr. Ayim Darke further outlined the objectives of the summit, as a promoter of industrial and investment opportunities to invigorate the private sector, which will impact on economic growth thereby enabling local industries to leverage on the possibilities of the Single African Market.

He also expressed the gladness of the AGI, for the introduction of the Development Bank to inject medium to long-term capital to support industries, as advocated by the AGI over the years.

Dr. Humphrey Kwesi Ayim Darke outlined, as he welcomed participants, exhibitors and delegates at the opening of the AGI 5th Ghana industrial 

Summit & exhibition actively and keenly involved by captains of industry and the business community.

The Ghana Industrial Summit & Expo under the theme: "Investing in Ghanaian industries to leverage opportunities in the single African Market", is ardently participated by industry players and members of Ghana's business community.

It was opened by the Minister of Trade and Industry, Hon. Alan Kyerematen.

The 3-day event ,at the Labadi Beach Hotel, would end on the 18th 

of August, 2022, from 9am-5pm 

The 5 objectives of the summit are: 

1.To promote innovation and technology, with the aim of enhancing industrialisation.

2.To established and encourage networking between indigenous industrialist and their international counterparts for knowledge sharing.

 3.To engage key government agencies in a constructive dialogue, in search of viable solutions to challenges facing industry.

4.To endeavor to gather all sectors of the economy, to chat a common path towards industrial advancement.

5. To create opportunities between sellers and buyers through match making programmes and exhibitions.

AGI President Joins Panel To Discuss Solution To Ghana's Economic Crisis.

 

Dr Humphrey Ayim-Darke, President of Association of Ghana Industries (AGI), joined Dr John Kwakye, Director of Research at the Institute of Economic Affairs (IEA)and Ms.Hamdiya Ismaila, General Manager of the Venture Capital Trust Fund, to address over 100 participants from the business community, academia, civil society and the media, at the just ended Graphic Business, Stanbic Bank Third Quarter Breakfast Meeting, held at the pleasant Labadi Beach Hotel, Accra.

Under the theme: Living Within our means, an imperative for economic success; the AGI President, Dr Ayim-Darke expressed that, Industrialisation and massive investment into productive sectors of our economy is the way forward.

He further indicated that, the structure of Ghana's economy is still very dependent on the export of raw materials, which is not the best for the growth and sustainability of the economy.

He noted that, Ghana still exports all its resources, such as gold, timber, cocoa and oil, in their raw state, which does not fetch enough for the country.

“Over 60 per cent of the items exported are still in the raw state, and as long as you do that, your revenue streams will not be sustainable and enough to meet the various needs and wants of your country”.

“So the limited resources as a result of the pre-colonial structure become a hindrance to living within our means,” Dr Ayim-Darke emphasized.

On enhancing domestic revenue,

Dr John Kwakye, Director of Research at the Institute of Economic Affairs (IEA) stipulated that, for the country to effectively live within its means, the government must put in place measures to boost domestic revenue.

“As a country, our total revenue is just about $12 billion, so if we have to live within our means, then we must spend either up to that amount or not too higher than that; but that is not enough. $12 billion is peanut for a whole country,” Dr Kwakye opined.

The renowned economist, indicated that, the country was not collecting enough taxes.

For Ghana to effectively live within its means, the government should be able to mobilise about $20 billion in revenue annually, Dr Kwakye exclaimed.

On the need for Ghana to expand the tax net, Ms.Hamdiya Ismaila, the General Manager of the Venture Capital Trust Fund was of the view that, for Ghana to be able to live within its means, it was necessary to widen the tax net to capture a lot more people.

“Less than two million Ghanaians pay tax at the end of the month, out of 30 million. How can two million people pay taxes to finance 30 million people? So, basically, we are starting from zero,” Ms.Hamdiya Ismaila stressed.

She said it was also necessary for the financial industry in the country to provide capital for small and medium enterprises which had the potential to grow and employ more people.

By so doing Ms.Hamdiya Ismaila indicated, new workers who would be employed would also pay taxes, which would increase the country’s revenue base.

To climax the breakfast meeting was a very interactive  questioning and answering session that got all participants agog.

First Ever Pension Fair Held, By Enterprise Trustees: To Mark 10Th Anniversary

"The way forward is to Sign up for a Personal Pension Plan today and secure your future. Dial *714*333# or click the link https://bit.ly/EPPSign-up" says Mr. Joseph Ampofo, Managing Director of Enterprise Trustees, to mark the first ever Retirement Planning Fair, at Ridge, the forecourt of the Advantage Place, Ghana's number one Hub for financial products and transactions. 

This is part of activities to mark the 10th Anniversary celebrations of Enterprise Trustees, aimed at creating awareness on the importance of retirement planing, as a necessity for all, from both formal and informal sectors.

Present at the opening ceremony to lend his support, was the  Chairman of the Enterprise Group, Mr. Keli Gadzekpko.

There was also a cultural display and a dance drama, on the importance of pension planning, coupled with expert panel discussion on the subject.

The fair featured over 20 exhibitors with products ranging from pension planning, insurance, life insurance, investment, personal and health insurance, health, fitness, housing and funeral planning.

Enterprise Trustees, the Pensions Management subsidiary of Enterprise Group Limited (EGL) was incorporated on 8th November 2010 in partnership with the Sanlam Financial Group of South Africa.

It was one of the first Corporate Trustees to be licensed in 2011, by the National Pensions Regulatory Authority (NPRA).

Trustee operations however began in November 2012 following the commencement of the Tier 2 & Tier 3 Pension Schemes by the Regulator. Expertise was drawn largely from the Enterprise Group as well as strongly leveraging on its International Partner.

AGI Embraces National AfCFTA Policy Framework And Action Plan With Optimism:

 As they call on the business community and Industry, to join Government in the full implementation of this National Policy Framework.

The President of The Association of Ghana Industries (AGI), Dr.Humphrey Kwesi Ayim Darke, has remarked that, the ceremony to launch the National AfCFTA Policy Framework And Action Plan is a milestone on Ghana's journey towards being the largest Single African market.

He said, the ceremony also defines a clear roadmap for our local industries for trade in AfCFTA. 

Dr. Ayim Darke, full of joy expressed that, this is a proud moment for the AGI and it's membership, and that they would like to profoundly thank the Ministry of Trade and Industry and all the architects of this Policy Framework and Action Plan, for their all-inclusive stakeholder engagements that have brought us thus far, as the AGI look forward to the future with optimism.

The AGI President indicated that, trading effectively within AfCFTA, goes beyond the launch of the policy framework and action plan, mentioning that, "there is the need to augment local production capacity in a competitive manner, granting our industries the support to progress into export-oriented production." 

 "It is also our expectation that the National AfCFTA Policy Framework, including the Phase 1 negotiations, will prioritize interventions for Industry, to accelerate Ghana’s Industrial Transformation Agenda."  

"The disruptions in global supply chains across the world, on account of the COVID  pandemic and the Russia-Ukraine war, precipitate our need to develop local supply chains within Africa with the National AfCFTA framework as our catalyst",Dr. Ayim Darke expressed.

 He further communicated that:

"Given that some of our businesses are already in the sub-region trade markets, it is obvious that a good number of us are yet to leverage on the provisions of AfCFTA, for reasons of constraints, which include capacity and competitiveness."

"We have seen troubling contractions in manufacturing sub-sector’s contribution to GDP growth rate, thus from 2.3% in Q4 of 2021 to 0.6% in Q1, 2022." 

 "However, Deepening economic engagement is crucial vis-à-vis well aligned regional policies, and trade regulations, especially where we have signed unto other trade agreements, such as the UK Partnership agreement, the interim Economic Partnership Agreement."

 Dr. Humphrey Kwesi Ayim Darke conveyed that, drawing from the ECOWAS experiences:

"We call on all the relevant institutions to help eliminate the Non-Tariff-Barriers, which continue to frustrate regional trade development and integration. 

He concluded by calling on the business community and Industry, to join Government in the full implementation of this National Policy Framework, to deliver concrete benefits and transform trade in this Single Continental market, with AGIs belief that, the success of this National Policy Framework will be to the mutual benefit of our Private sector and Government for job creation and shared prosperity."