Trades and Industries Minister, Mr Alan Kyerematen, has announced plans to revive the onetime special initiatives on garments and textiles as part of the government’s industrialisation drive to create employment and boost growth.
He is hopeful that the revival of the textile and garment initiative, which will be pursued alongside the integrated iron and automobile assembling plans, will be realise the next five years.
At the opening of the second National Single Window conference on trade facilitation in Accra, Mr Kyerematen said the garment textiles and the automobile assembling plants were key areas the government was seeking to diversify into, hopefully within the next five years.
“We will be diversifying our economy away from cocoa and gold to the petrochemical industry, creative arts and other sectors as we seek to create trade platforms that will require us to trade across borders in a cost effective manner,” Mr Kyerematen said.
He also appealed to the World Trade Organisation (WTO) to assist Ghana to fund its trade facilitation processes, which were costly and required capital injection.
The WTO has estimated that the trade facilitation agreement would generate over US$1 trillion in benefits annually to developing countries.
The minister also announced the government’s plan to partner the private sector to establish at least one major industrial park in each of the 10 regions.
This is also expected to aid its flagship industrialisation One-District, One-Factory policy so that industries can be established in any part of the country.
A Turkish firm has indicated its intention to invest US$150 million into the policy which will be a big boost to the country’s industrialisation agenda.
“With such industrial parks, companies can establish in each of the regions they prefer due to the available resources at the particular location,” he said.
On the facilitation agreement, the Trade Minister embraced the concept and called for more collaboration between the implementing agencies and the government.
“I see the combination of the enhanced trade facilitation and trade development programmes as a dynamic synergy for the economic development of our country” he added.
The Single Window is, therefore, enshrined in the TFA which is expected to help implement many of the policy measures by the government.
These developments, he said, were part of the government’s ambition to fundamentally change the way international businesses are regulated in the country by providing an enhanced business regulatory environment.