Akufo Addo<\/figcaption><\/figure>\n<\/div>\nPresident Akufo-Addo yesterday gave a vivid account of how the erstwhile Mahama-led National Democratic Congress (NDC) administration literally collapsed a host of companies in the country.<\/p>\n
Speaking at the second edition of the National Policy Summit (NPS) under the aegis of the Trade and Industry Ministry under the theme, \u2018The Industrial Transformation of Ghana,\u2019 in Accra yesterday, he noted that during the period, \u201ca significant number of small, medium and large scale operators were all brought to their knees as a result of four years of \u2018dumsor\u2019 (intermittent power supply), induced by the mismanagement of the energy sector.\u201d<\/p>\n
Evidence<\/b><\/p>\n
He quoted a report by the Institute for Social, Statistical and Economic Research (ISSER) which indicated that \u2018dumsor\u2019 cost the country $680 million in economic activity in 2014 alone, the equivalent of 2% of GDP.<\/p>\n
He noted, \u201cThe four years of \u2018dumsor\u2019 cumulatively led to a loss of more than $3 billion in economic activity, and, in the process, thousands and thousands of Ghanaians lost their jobs.<\/p>\n
\u201cThe poor performance of industry and the business sector in general, could
also be attributed to other challenges they faced, including, but not limited to, lack of access to finance, high interest rates, an unstable exchange rate, high import duties on raw materials and machinery, poor facilitation of import and export trade, particularly at our ports, inadequate and poor quality of raw materials for industrial processing, a poorly developed domestic trade infrastructure, lack of effective collaboration between research institutions and industry, limited access to serviced land for industrial production activities and poor standards of regulation and certification.\u201d<\/p>\n
Also, he indicated that \u201cThe industrial sector has suffered one of the most significant setbacks in our history over the past few years.\u201d<\/p>\n
That, the president said, was evident in the fact that \u201cin 2014, for example, industry, which in 2008 \u2013 the last year of the government of the great Ghanaian statesman, His Excellency John Agyekum Kufuor, former President of the Republic \u2013 had grown to 15.1%, slumped to 0.8%, in 2015 to 0.3%, and further down to -1.4% in 2016. In 2015, manufacturing recorded a negative growth of -2%, while mining recorded a negative growth of -3.8%.\u201d<\/p>\n
Whiles recognising the fact that macroeconomic stability is necessary in the development of the nation, he noted, \u201cbut not sufficient condition for economic transformation.\u201d<\/p>\n
Plan<\/b><\/p>\n
It is for this reason that he has said, \u201cThe NPP\u2019s agenda for economic growth and job creation is underpinned by a programme of rapid and aggressive industrialisation and value addition, especially in agro-processing and light manufacturing.<\/p>\n
\u201cOur strategy is to address these challenges comprehensively in ways that will enable industry to thrive and become a major source of jobs, economic growth and prosperity.\u201d<\/p>\n
President Akufo-Addo set out his government\u2019s agenda for industrial transformation, which is anchored on building the competitiveness of existing local industries by facilitating access to medium and long term financing at low interest rates; implementing the \u2018One District, One Factory\u2019 (1D1F) initiative \u2013 designed to bring industrialisation to the doorsteps of the people \u2013 introducing strategic anchor industrial initiatives which will create new growth poles for the Ghanaian economy and establishing industrial parks and special economic zones \u2013 at least one in each of the ten regions \u2013 \u2018One Region, One Park.\u2019<\/p>\n
It also includes promoting small and medium scale enterprise development; establishing an industrial sub-contracting exchange that will link SMEs to the supply chain of large scale enterprises; promoting export diversification with particular emphasis on non-traditional exports; improving domestic retail trade and promoting domestically manufactured goods (\u2018Made in Ghana\u2019) goods, among other measures.<\/p>\n<\/p><\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Akufo Addo President Akufo-Addo yesterday gave a vivid account of how the erstwhile Mahama-led National Democratic Congress (NDC) administration literally collapsed a host of companies in the country. Speaking at the second edition of the National Policy Summit (NPS) under the aegis of the Trade and Industry Ministry under the theme, \u2018The Industrial Transformation of […]<\/p>\n","protected":false},"author":0,"featured_media":396308,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-411812","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\n
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![\"\"](\"http:\/\/adomonline.com\/ghana-news\/wp-content\/uploads\/2017\/04\/589106602_862171.jpg\" "\\"Akufo")
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