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Business News of Wednesday, 28 September 2022

Source: GNA

AGI calls for collaboration between private, public sectors for industrial growth

Seth Twum Akwaboah is CEO of AGI Seth Twum Akwaboah is CEO of AGI

The Association of Ghana Industries (AGI) has called for collaboration between the government and industries to chart a competitive path toward building a stronger economy for jobs and shared prosperity.

The AGI believed that the spillover from the Ukraine and Russia War, coupled with the adverse effects of COVID-19 could be mitigated through greater collaboration between the private and the public sectors for the industrial development of the country.

Mr Joseph Garbrah, the Chairman of the AGI, at the Annual General Meeting (AGM) for the Western and Central branches of the Association, said the private sector was a key engine in the country’s growth agenda and must be given the needed attention through well-tailored policies and programmes.

The meeting hinged on: “Levering Public-Private Collaboration to accelerate Sustainable Industrial Development,” sponsored by the EU Investment Promotion and Business Linkages Project.

Mr Garbrah said the much talked about sustainable industrial development should revolve around leveraging the private-public sectors, finance, and investment by companies and corporations.

“More largely it should be about leveraging resources, skills, and knowledge that the private sector can bring to the table to support and implement sustainable industrial development,” he said.

Mr Francis Osei Kusi, a Business Development Linkages Expert, urged members of the AGI, particularly Small and Medium Enterprises (SMEs) to be investment, export and Linkages ready through the right governance and best business practices.

He said the country could boast of many entrepreneurs but lacked well thought out business sustainable plans into the future.

“Most businesses have the wife and husband as the board with no proper structure…I remember my days with the Commercial Bank and the many businesses we helped in this region but, today, looking back, I can count only a few surviving,” Mr Kusi said.

He, therefore, encouraged them to develop their businesses to transcend generations.

Mr Seth Twum Akwaboah, the Chief Executive Officer of the AGI, encouraged the SMEs to develop the “eyes and nose” for investment opportunities and fully take advantage of them.

The AGI would continue to work to meet the needs of the business community through effective national and international engagements, he noted.

Mr Kwabena Okyere Darko-Mensah, the Western Regional Minister, reiterated the need for effective collaboration to develop innovative solutions for challenges facing companies.

He said the Government was working hard to deploy appropriate technologies and innovations in favor of businesses.

Some participants at the AGM said the revival of the Tema Oil Refinery must be a matter of concern to the government to reduce fuel costs for businesses.

They called for tax exemptions to encourage subnational start-ups to create employment.