AGI launches 50th anniversary celebrations

Accra, July 18, GNA - The President of the Association of Ghana Industries (AGI), Mr Tony Oteng Gyasi on Wednesday urged government to play a more proactive role in helping and supporting the private sector, saying creation of enabling environment alone was not enough to accelerate growth.

Speaking at the launch of the 50th anniversary celebrations of AGI, Mr Oteng-Gyasi said the government's refusal to participate in business under the guise of only creating the environment was hurting industries, economic development and employment opportunities. He said it was time government shied away from the current passive stance and intervened in the market to prop up the private sector if the need arose.

"It is time government gets actively involved in shaping the private sector to move forward," Mr Oteng-Gyasi, adding that the private sector would only be able to take advantage of opportunities being offered when government assisted them to become competitive to break into the global market.

Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, said government had in the past few years given tremendous support to industries through reduction in interest rates, improved economic climate to make planning possible and avenues to make capital available. Despite these efforts access to credit, land tenure, obsolete equipment and weak financial management still remain the bane of industries.

Mr Baah-Wiredu said government was addressing these challenges through legislative reforms, establishment of the venture capital fund, credit reporting bill and various tax incentives in a bid to lift the burden that industry faced. He assured the captains of industry that government would continue to come out with productive policies to enhance the growth of the private sector.

Mr Kwadwo Afram-Asiedu, Deputy Minster of Trade, urged the AGI to have unity of purpose, saying that "stand lone approaches" would not work for them.

He said to remain relevant AGI's efforts should be geared towards helping the small and medium scale enterprises. The year-long anniversary would be held on the theme: "Creating African Industrial Giants." Some of the activities slated for the anniversary are a series of lectures, ECOWAS private sector exhibition, the institution of an endowment scheme and the presentation of a 10-year industrial development plan. The AGI was establihsed in 1958 by a group of Ghanaian industrialists under the direction of the late Dr Mrs Esther Ocloo.