Govt, AGI partner to accelerate industrial development

Mr Gong (inset) addressing members at the AGM

THE government has reaffirmed its commitment to working closely with the Association of Ghana Industries (AGI) to address challenges facing businesses and create an enabling environment for industrial investment.

The Municipal Chief Executive (MCE) for Sagnarigu, Mr Abdulai Imoro Gong, stated that stronger collaboration among the government, industry, traditional authorities, financial institutions and development partners was crucial to unlocking the region’s economic potential and translating industrial growth into improved livelihoods.

He was speaking at the 23rd Annual General Meeting (AGM) of the Northern Regional chapter of the AGI in Tamale yesterday.

The meeting was held on the theme: “From Stabilisation to Growth: Strategic Industrialisation as a Catalyst for Economic Transformation”.

Mr Gong described the theme as timely, noting that although Ghana had made progress towards economic stabilisation, it was important to translate those gains into increased industrial production, job creation, higher incomes and improved living conditions, particularly in the Northern Region.

He called for strategic industrialisation, increased investment in local production and stronger public-private sector collaboration to accelerate economic transformation and create sustainable employment opportunities.

Mr Gong commended the leadership and members of the AGI for their continued efforts to bring government and industry together to discuss challenges confronting businesses and identify practical solutions to promote industrial growth.

Reflecting on the country’s recent economic challenges, he acknowledged that high inflation, currency depreciation and rising production costs had placed significant pressure on businesses, forcing some enterprises to scale down their operations or close down.

He, however, said improvements in key economic indicators presented an opportunity to consolidate the recovery and build a productive economy driven by manufacturing, industrial expansion and private sector investment.

Mr Gong further stressed that economic stability alone was not enough without deliberate efforts to establish factories, strengthen local businesses and create decent employment opportunities.

The Vice-Chairman of the AGI, Mr Dela Gadzanku, commended the government for reducing interest rates, saying lower borrowing costs could ease the financial burden on local businesses and create a more favourable environment for investment and expansion.

He indicated that affordable financing was essential to strengthening the private sector, promoting industrial development and supporting the growth of small and medium-sized enterprises (SMEs).

Mr Gadzanku assured members of the AGI’s commitment to working closely with banks and other financial institutions to improve access to loans and other financial support to enable businesses to establish, sustain and expand their operations.

He again assured members that the association would facilitate training programmes to enhance their technical skills, business knowledge and management capabilities.

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