President Nana Addo Dankwa Akufo-Addo says government is putting in place new arrangements that will ensure that Agricultural Development Bank (ADB) and National Investment Bank focus on their core mandate of providing funds for medium- and long-term investments for industrial development.
According to president Akufo-Addo, government is not relenting on its plan of boosting industrial development in the country which is premised on a 10 point plan.
“The industrial transformation agenda is anchored on a 10-point plan, confronting the private sector and its ability to spearhead the development of our country. Some of those are the high cost of doing business, lack of access to medium- and long-term financing, poor infrastructure and logistics support for enterprises and commercial activities, inadequate skilled manpower and limited access to technology, innovation and research,” he said.
The president was speaking at the commissioning of the Fujian Sentuo Ceramics Company, a ceramic tile manufacturing company operating under the 1-District-1-Factory initiative, located in Kpone, in the Greater Accra Region.
He indicated that Government is working hard to “bring down interest rates so that we increase the ability of businesses to fund their activities’’
In addition to these, President Akufo-Addo noted that, in the course of the last two years, the monetary policy rate of the Bank of Ghana is reducing, and inflation has also come down significantly, adding that “all of these are efforts that we are making to improve the business environment and make it possible for our enterprises in Ghana to be competitive”.
Touching on the cedi, the President stated that “I am extremely upset and anxious about it too, but I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability, in order to improve the competitiveness of Ghanaian industry. Very soon, we will be seeing the results of our policy.”
He urged residents of the people of Tema Kpong Katamanso “to embrace this factory and the work that is being done here and give the Chinese promoters of the factory the maximum support.”
President Akufo-Addo reiterated that “I am determined in my period in office to make the steps that will bring about structural changes in the manner in which the Ghanaian economy works, so we can have the sustained development and progress that our people are looking for.”