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Business News of Monday, 7 May 2018

Source: Myjoyonline.com

Juapong, Akosombo Textiles set to receive government's stimulus package

Juapong Textiles and Akosombo Textile Limited are set to receive their portion of funds allocated for existing but struggling companies as part of the stimulus package programme by the government.

These funds when released are expected to complement effort by the management of the companies to turn around the fortunes of the once vibrant textile manufacturing firms.

This was disclosed by Deputy Minister of Trade and Industry, Carlos Ahenkora in an interview with JoyBusiness after opening the second Ghana-China trade week in Accra.

“They have begun talks with their banks a few weeks ago and the money should be ready by now, I can assure you that the funds will be released to them soon because we have finished all the necessary documentation,” he noted.

Though he declined to mention the amount for each company, he believes this will go a long way to turn the fortunes of the local textile industry.

“The government wants to see our brothers and sisters in the textile industry return to work to earn a living so we’re not going to wait for the companies to die completely before taking an action,” he said.

He also disclosed that the task force which was inaugurated last year to check the influx of inferior textile goods in the various retail markets will return with their operations.



The China Trade Week is a three-day exhibition and conference to showcase the industrial machinery and other manufacturing opportunities in the Chinese economy.

The event brought together over 50 exhibitors to showcase their high-quality products, advanced technology and superior services among others.