GTP launches its golden jubilee celebrations

Tex Styles Ghana Limited, manufacturers of GTP and Woodin range of African print fabrics has invested over GH? 30 million in plant and equipment over a three year period ranging from 2012 to 2015.

The company also invested an additional amount of GH?2 million in water treatment for the company and its immediate surrounding communities.

Mr Kofi Boateng, the Managing Director, Tex Styles Ghana Limited said this at the launch of the Company’s Golden Jubilee celebration in Tema on Wednesday.

The celebration would provide an opportunity for the company to pause and look back at this fifty year journey and also chart the path forward into the future.

He said company last year paid GH?33 million in taxes to government, making them one of the large tax payers in the country.

He commended government for some policy interventions which have helped GTP and the other local manufacturers in the industry.

He said GTP exports to most West African markets putting Ghana’s name on the international map with an export value of eight million dollars in 2015.

He said the fortunes of the Company have been very diverse, mirroring the economic and political climate prevailing in the country.

The Managing Director said despite the numerous challenges, the Company together with its sister company Premium African Textiles Company Limited have kept faith with Ghana throughout these years.

He said GTP has contributed and continues to contribute immensely to the economy and culture of Ghana and other West African states.

He said in terms of employment, the company employs close to 1, 000 Ghanaian directly and again offered training and skills development opportunities to students.

On the issues of creativity and innovation, he said GTP continues to create new designs and colours and ready to wear lines to ensure that the company drive the fashion industry in Ghana and in the sub-region.

He said the company has positioned itself to take full advantage of emerging market trends.

“We will continue to be much more creative, cost efficient and productive. We will continue to expand our frontiers beyond Ghana,” he added.

He said the company faced the frightening menace of counterfeiting and smuggling of their products and brands.

“This has greatly curtailed the contributions that GTP could make to the economy in terms of increased employment, foreign currency earnings and taxation,” he added.

He appealed to the Ministry of Trade and Industries to take some urgent steps to save Volta Star from collapse.

Mr Kweku Ricketts-Hagan, the Deputy Minister of Trade and Industry commended management of the company for their immense contribution to the socio-economic development of the country.

He said government was commitment and would continue to support the fabric industry to cloth the nation, adding that it was for this reason that government has introduced the National Export Strategy to support the sector.

He said the Ministry was posed to increase and promote the exportation of locally manufacturing garments for the development of the economy.

Dr Ishmael Yamson, the Chairman of the Board of Directors of the Ghana Investment Promotion Centre said governments need to rebuild on the manufacturing and agricultural sectors to improve on the economic fortunes of the country.

He said governments past and present have not performed well in the manner they support companies to succeed, even though they have major roles to play.