The Association of Ghana Industries (AGI) has assured the government of its utmost support to navigate the current economic challenges and return the economy to the path of stability and sustained growth.
The AGI, an association of manufacturing and service-related companies, said it believed it had the requisite skills and capacity for domestic processing and production which it would avail to the government to reduce imports, increase economic activities and shore up productivity and revenue.
The President of the AGI, Dr Humphrey Ayim-Darke, in an interview with the Daily Graphic over the weekend, said the association was willing and ready to work with the Minister of Finance, Ken Ofori-Atta, to accelerate industrialisation and boost market confidence in the short to medium term.
He, however, expressed concern over what he described as the unmeasured commentary about the economy and its handlers, noting that such a development risked fueling speculation and deepening the woes of companies, investors and the populace.
CEOs corporate forum
The interview was at the maiden AGI 2022 CEOs Corporate Forum held last Thursday to find solutions to the current challenges facing businesses.
It also afforded the association the opportunity to make inputs into the 2023 budget.
The Minister of Finance graced the meeting, which was attended by categories One to Three members of the AGI.
Dr Ayim-Darke indicated that calls for the removal of Ofori-Atta and the Minister of State at the Ministry of Finance, Charles Adu Boahen, would not necessarily resolve the economic woes.
Therefore, he said, those calls should not be seen as the greatest concern of industry.
The AGI President mentioned the development of the right policies and the effective implementation of same to support the industrial and productive sector as the key concerns of the private sector and the association in particular.
He added that the recent downgrade of the economy by international rating agencies and the increased exit of investors from the bond market were largely the result of declining confidence in the economy, fueled by speculation and other factors.
That, he said, underscored the need to continually guard against declining confidence, as it impacted negatively on businesses.
Dr Ayim-Darke noted that the issue would best be handled with tact to avoid worsening the economic challenges in the upcoming budget and the consequent negative impact on future budgets.
Domestic production
He emphasised the AGI’s belief in working together with the government and, therefore, welcomed the government’s proposal of boosting local manufacturing and industrialisation.
He described the two as critical in addressing the current challenges, noting that the AGI was available to put in the hard work to help increase domestic production and improve local substitutes for import.
According to Dr Ayim-Darke, that was crucial to reduce the pressure on the local currency, create sustainable jobs for the youth and return the economy to the path of sustainable growth and prosperity.
He, subsequently, appealed to the government for a working document to serve as a blueprint for industry to follow.
