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Business News of Monday, 15 January 2018

Source: citifmonline.com

Industry is seeing increased growth – Akufo-Addo

President Akufo-Addo has said that his government’s sound economic programmes are yielding positive results in industry compared to the abysmal results produced by the John Mahama government.

He stressed that the growth and development of industry is key to the development agenda of the country, hence its commitment and efforts to enable growth in the sector.

“…we cannot create the necessary numbers of high-paying jobs that will enhance the living standards of the mass of our people. Raw material producing economies do not create prosperity for the masses. The way to ensuring access to prosperity is the industrial development of our economy,” Akufo-Addo said.

The President made the comment when he commissioned the Twyford Ceramics Factory at Shama in the Western Region on Saturday.

Akufo-Addo said industry had not performed well in the past years as it recorded a growth rate of only 0.5% in 2016.

“[However], as a result of the normalization of the power situation in the country, and the implementation of government’s pro-business policies, I believe our objective of shifting the focus of our economy from taxation to production is bearing fruit, he said.

“In 2017, the industry grew at 17.7%, a radically marked improvement on its abysmal 2016 performance in the last year of the Mahama administration,” Akufo-Addo added.

While commending Sunda International, for the decision to site the factory in Ghana, Nana Akufo-Addo said he was confident the move will not only reduce the country’s ceramic tile imports but will also serve as a source of employment for the many youth residents in Shama.

“I am also happy to note that ninety-five percent (95%) of the factory’s raw material needs will be sourced locally. The promoters of this project should work towards increasing this figure to a hundred percent (100%),” the President added.