Business News of Saturday, 5 December 2015
The Association of Ghana Industries (AGI) says the high appetite for imported goods in the country is adversely affecting the value of the currency, the Ghana cedi.
President of AGI, James Asare-Adjei, who was speaking with the media at the launch of IMES, a Ghanaian-owned meter assembling company recently in Accra, said the situation is unhealthy for the country’s economy.
According to Mr. Asare-Adjei, excessive appetite of Ghanaians for imported products had led to many challenges in the country.
It continues to impact efforts being made by the private sector to grow the capacity of the local industries, it added.
Mr. Asare-Adjei said, “The private sector is increasingly realizing the urgent need to focus on growing the capacity of the local industries by taking advantage of the various opportunities that abound in our economy.”
“It is however worrying that Ghanaians’ excessive appetite for imported products has contributed in no measure to the pressures on our local currency and also to a large extent contributed to many challenges we face in our economy.”
AGI called on manufacturers and service providers to produce quality products that can compete on the global market to address the economic challenges.
It said that a strong manufacturing base backed by favorable policies would help grow the country’s economy.
AGI therefore urged government to actively support the production of made-in-Ghana goods and services.
According to Mr. Asare-Adjei, “Our industrial sector needs policies and strategies that will help boost the economy and make it more self-sustaining rather than relying on imported products.”
He added that “in most cases the challenge has been that made-in-Ghana goods are inferior. Let us support local industries so that we will be able to retool, build capacity, grow and then have sophisticated technology to improve quality.”