Business Dev’t Minister assesses businesses, promises low interest rates

Business News of Monday, 20 February 2017

Source: citibusinessnews.com

2017-02-20

Awal Ibrahim Ministrerfor BusinessdevelopmentBusiness Development Minster, Alhaji Mohammed Ibrahim Awal

The Ministry of Business development has begun an assessment of the various businesses to shape its policy of creating twenty big companies at least within the next four years.

The plan is among others expected to make Ghanaian companies competitive, expand and create employment for the teeming unemployed youth.

“We are looking at all the businesses, and we are to make sure that within our first four years in office Ghanaian businesses should not only be very effective, but they should be competitive enough to get foreign markets,” Ministerof Business development, Mohammed Awal said at the sidelines of a meeting with business executives in Tamale.

The sector minister however explained to Citi Business News the policy will largely hinge on the readiness of SMEs with the needed strategy.

“Each region will have its fair share, but I need to advice our businessmen and women here to put your house in order. Grow your skills and grow your capacity so that government can support you to ensure that the high employment rate in this country is reduced.”

Alhaji Mohammed Ibrahim Awal reaffirmed government’s plan to establish huge industries to reduce the nation’s high rate of unemployment.

“The President’s vision is to make sure that Ghanaian businesses thrive. They need to expand and can withstand global competition, and that is why I have come around to see the businesses we have in this part of the country so that together with other ministries and agencies, we can fashion out policies and initiatives to strengthen their capacity and to make them competitive.”

The Business Development Minister said government would place premium on the agriculture sector; which is the economic mainstay of most rural dwellers. “Agriculture features prominently in the President’s policy initiatives, and much attention will be paid to that sector as to other sectors of the economy.”

He realized that bicycle, motorcycle and lorry tyres were on high demand in the north, and promised to establish a factory to start producing such products.

Alhaji Mohammed Ibrahim Awal embarked on a two-day working visit to the Northern Region where he paid courtesy calls on some traditional rulers, the clergy and interacted with a cross section of the youth.

He also called for peaceful co-existence in the Northern Region to attract investors. As a business mogul, the former Managing Director of Graphic Company Limited hails from Kumbungu district in the Northern Region.

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