You are here: HomeBusiness2014 04 21Article 306789

Business News of Monday, 21 April 2014

Source: GNA

Trade Ministry to modernize markets in selected communities

The Ministry of Trade and Industry (MoTI) is pursuing the modernization of market infrastructure, through the Model Market Concept, for the effective functioning of domestic markets to distribute and sell locally manufactured products.

The Ministry has also initiated the process of engaging a Transactional Adviser to undertake feasibility studies on the development of modern market infrastructure in some identified Metropolitan Municipal and District Assemblies.

Taking his turn at the “Meet the Press” series, Haruna Iddrisu, the sector Minister, said the Ministry in collaboration with the Ministries of Finance and Local Government and Rural Development and the Ghana Investments Promotion Council (GIPC), were facilitating the implementation of the project across the country.

He expressed worry about the high level in which trade in pirated textile designs and trademarks of Ghanaian companies had assumed, and the adverse effects on the textile industry.

He reassured the stakeholders of government’s commitment to rid the country of pirated textiles, which was having a negative toll on the industry.

The Minister said the MoTI, with a 9 million-Euro funding support from the European Union, had begun the implementation of a three-year Trade Related Assistance and Quality Enabling (TRAQUE) Programme.

“The programme is aimed at improving capacity and performance of MoTI, and related agencies, as well as support the development and implementation of a National Quality Policy to establish credible National Quality Infrastructure.”, he added.

He said as part of the TRAQUE programme, laboratories of selected standards related institutions would be upgraded with the installation of modern equipment.

According to him, the Ghana Free Zones Board (GFZB) had licensed 29 companies to operate under the Free Zone programme with an estimated capital investment of 62.9 million dollars ($62,984,888.75) and an export contribution of about $11.4 billion dollars ($11,362,454,102.06).

“Taxes paid by these free zones companies to government amounted to about 8.3 million dollars ($8,336,075.37), while the companies employed approximately 16,170 Ghanaians”, he said.

The Minister cited cashew processing, assembling of mobile phones, laptops, electronic equipment, oilfield support services, salt refinery, development of oil and gas, free port complex and the production of wood briquettes as areas of operation.

Send your news stories to and features to . Chat with us via WhatsApp on +233 55 2699 625.

Join our Newsletter