By: Love Wilhelmina Abanonave
The Chief Executive Officer of B5 Plus Group, Mukesh V. Thakwani, has called on the government to strengthen support for local industries by introducing a comprehensive local content law that will place greater emphasis on the consumption of goods manufactured in Ghana.
According to Mr. Thakwani, Ghanaian industries have the capacity and capability to produce a wide range of products needed by the country, but the full potential of the industrial sector can only be realised when deliberate measures are put in place to create a strong market for locally manufactured goods.
He said the country must move beyond discussions about industrialisation and actively create an environment in which Ghanaian manufacturers can compete, expand production and supply the domestic market.
Mr Thakwani made the call in an interview on the GTV Breakfast Show where he said many factories in the country are already operating for extended hours citing B5 Plus group adopting the 24-hour economy, demonstrating that local manufacturers are capable of responding to increased demand when the necessary conditions are created.
The B5 Plus Group CEO argued that the emphasis should not only be on encouraging factories to produce but also on ensuring that locally manufactured products have access to the Ghanaian market.
He said a deliberate local content policy could help address the situation by requiring greater consideration for locally produced goods in government procurement, private-sector purchasing and other areas where imported products currently dominate.
Mr Thakwani maintained that Ghana has companies with the expertise, machinery, human resources and technical capacity required to manufacture products that can meet both domestic and international standards. According to him, B5 Plus Group deals in quality iron and steel manufacturing and trading and has huge capacity to produce.
He said the challenge was to create the right conditions for those industries to grow and become more competitive.
According to him, a strong local manufacturing sector would have benefits beyond the individual companies involved, as increased domestic production would create jobs, strengthen local supply chains, retain foreign exchange in the country and provide opportunities for small and medium-sized businesses that supply raw materials and services to larger manufacturers.
He further called for stronger collaboration between government and industry to identify products that Ghanaian companies are already capable of producing and develop policies that would encourage their use.
Mr Thakwani said government institutions, state-owned enterprises and other major buyers should give serious consideration to locally manufactured products whenever such products are available and meet the required standards.
He said such an approach would provide manufacturers with a predictable market and give them the confidence to invest in additional machinery, technology and human resources.
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