• Latest
  • Trending
  • All
Ghana’s future is in Trade and Industry- Kandifo Institute speaks

Ghana’s future is in Trade and Industry- Kandifo Institute speaks

March 25, 2021
Ga’s will feature prominently in my gov’t – Alan Kyerematen to Ga Mantse

Ga Mantse prays for Alan’s victory in the upcoming NPP Flagbeararship race

March 14, 2023
Former KMA Presiding Member Applauds Alan Kyerematen’s Decision to Downsize Government.

Former KMA Presiding Member Applauds Alan Kyerematen’s Decision to Downsize Government.

March 14, 2023
Resign as veep and face Alan so we can see who is who – Owusu-Amankwah to Bawumiah

Alan’s credibility alone makes him a perfect candidate for President – Former NPP MP

March 14, 2023
Ga’s will feature prominently in my gov’t – Alan Kyerematen to Ga Mantse

Ga’s will feature prominently in my gov’t – Alan Kyerematen to Ga Mantse

March 14, 2023
Use Ghana As A Springboard for AfCTA’s $3.3 Trillion Market-Kyerematen Tells Turkish Community

Solomon Owusu writes: Alan is an Achiever, an Asset for Today and Tomorrow

March 14, 2023
The Alan News (Publication 101)

The Alan News (Publication 101)

March 13, 2023
The Alan News Paper (100th Publication)

The Alan News Paper (100th Publication)

March 7, 2023
ELECTION 2024: THE RIVETING TINUBU-ALAN CONNECTION AND PREDICTION

ELECTION 2024: THE RIVETING TINUBU-ALAN CONNECTION AND PREDICTION

March 2, 2023
Alan Kyerematen supports funeral of Yagbonwura

Alan Kyerematen supports funeral of Yagbonwura

February 27, 2023
Alans’ Charge for Change

Alans’ Charge for Change

February 26, 2023
I’ve what it takes to break the 8 with NPP—Alan Kyerematen

I’ve what it takes to break the 8 with NPP—Alan Kyerematen

February 25, 2023
NPP Flagbearership: ‘I’m Not Happy’, Bawumia Is Being Surrounded By ‘Liars’ Who Want His Money – Alan’s Spokesperson

NPP Flagbearership: ‘I’m Not Happy’, Bawumia Is Being Surrounded By ‘Liars’ Who Want His Money – Alan’s Spokesperson

February 24, 2023
  • Alan’s Profile
  • Endorsements
  • Documents
  • Gallery
  • Contact
Sunday, March 19, 2023
  • Login
THE ALAN NEWS
  • Home
  • General News
    • NPP News
    • Alan TV
    • Pro Alan Groups
  • 1D1F News
  • Projects
  • Wear Ghana
No Result
View All Result
THE ALAN NEWS
No Result
View All Result
Home General News

Ghana’s future is in Trade and Industry- Kandifo Institute speaks

by THE ALAN NEWS
March 25, 2021
in General News
0
Ghana’s future is in Trade and Industry- Kandifo Institute speaks
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The Ministry of Trade and Industry is the lead policy advisor to government on trade, industrial and private sector development with responsibility for the formulation and implementation of policies for the promotion, growth and development of domestic and international trade and industry. The ministry also advocates for the private sector within government and is the principal agency responsible for monitoring and implementing the Government’s private sector activities and development programs.

It also sees to it that Ghana derives maximum benefit from international trade relations and that domestic trade is conducted in a smooth and orderly manner. When it comes to industry, the Ministry’s policy thrust continues primarily to be the development of a more competitive industrial sub-sector with the potentials to make in-roads into the international market with value-added local products derived from local resources. The vision of the industry is to establish Ghana as a major manufacturing, a value-added, financial and commercial hub in West Africa. Alan Kyeremanten is the current Minister if Trade and Industry of Ghana who served in the same capacity between 2003-2007. As the Minister of Trade and Industry from 2003, he led the development, design and implementation of innovative programs and special initiatives which have created new strategic pillars of growth for the economy of Ghana. During his service from 2005-2007, he was given an additional responsibility for Private Sector Development. Being the Minister of the industry, he played a role in shaping Africa’s Trade Policy agenda in the World Trade Organization (WTO) Multilateral Negotiations and the EU-ACP Economic Partnership Agreement Negotiations. He happened to be one of the leading negotiators for Africa in the WTO Ministerial Conference in Cancun in 2003.he initiated, directed and managed the preparations for the hosting of UNCTAD XII in Ghana and introduced for the first time in the history of UNCTAD conferences, the World Investment Forum which has become a major calendar event now for UNCTAD. He was sworn-in in 2017as the minister of Trade and Industry. The economy of Ghana has a diverse and rich resources base which includes the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation and the exportation of diverse and rich resources like hydrocarbons and industrial minerals. Under his leadership in the ministry of trade and industry, Ghana was selected among six other countries which submitted bids to host the African Continental Free Trade Agreement (AfCFTA) Secretariat. The hosting of the secretariat promoted Ghana as an attractive investment destination and actively facilitates direct investments into Ghana. The AfCFTA Headquarters will also attract major international financial institutions to locate in Ghana.

The other international companies who do business in Africa are likely to consider Ghana as one of the most preferred location for siting their corporate headquarters. The Government of Ghana’s new Coordinated Program strives to create opportunities for all citizens such as deepen governance fight and enhance public accountability to maintain a stable, unified and peaceful Ghana, safeguard the natural environment and create a competitive business environment to build a resilient and strong economy. Through experience, Ghana has been able to demonstrate the possibility of rapid poverty reduction. Accelerated industrial growth is one of the priorities of Ghana in order to boost the welfare of her citizenry as well as economic development. The Ministry of Trade and Industry together with the Association of Ghana Industries and the National Council for Tertiary Education have called for the need to build effective and strong linkages between tertiary education and industry in various national documents.

The exponential increase in the population of Ghana and the need to meet the population’s food security needs while creating job opportunities have necessitated the implementation of the Planting for Food and Jobs initiative by the Akufo-led administration. Women in cross-border trading contribute significantly to and are an important component of many economies. Over the last couple of years, industry in Ghana, since independence has been dominated by the manufacturing sector and it’s gradually being overtaken by mining and quarrying subsector due to the discovery and subsequent production of oil and gas. The Industry is mainly dominated by micro and small firms, privately-owned and mainly located within urban areas in the form of industrial clusters. The Patterns of Labor productivity and the wages within Ghana’s industrial sector indicate the food processing subsector, foreign-owned and older firms as the most productive. The industrial sector is currently expected to play a pivotal role through enhanced growth in the infrastructure development in the oil sector, construction sector, energy and water subsectors and also an increase in output from the mining sector specifically in salt production.

The emerging policy issues relate to the key developmental objective of the current industrial policy including how to empower the private sector especially SMEs to expand productive employment and technological capacity within a highly competitive manufacturing sector such as how to promote agro-based industrial development to ensure value-addition to manufactures and Ghana’s exports. In Africa, the private sector contributes over 80% to total production as well as two-thirds of total investment and employ about 90% of the working age population. The private sector is very essential in fighting poverty, therefore improving the lives of the poor and ensuring inclusive growth. Ghana is currently a net importer of petroleum product. But now production of oil and gas has improved the balance of trade position.
SUGGESTED POLICY
1. There should be urgent need to support tertiary institutions to train the nation’s labor force in skills needed to promote sustainable industrial productivity and growth.
2. The Ministry of Trade and Industry should be open to international trade as countries who are opened to international trade tend to grow faster, innovate and improve productivity as well as provide higher income and more opportunities for their citizens.
3. Government should procure the necessary resources needed by the business resources centers across the country so they can extensively support the micro, small, medium and large enterprises.

Source : kandifoinstitute.org

Tags: Alan CashKandifo InstituteTrade Ministry
Share196Tweet123Share49
THE ALAN NEWS

THE ALAN NEWS

  • Trending
  • Comments
  • Latest
Alan Kyerematen is the new Heartbeat of Ghana

Alan Kyerematen is the new Heartbeat of Ghana

January 9, 2023
NPP Postpones Top Level Meetings

NPP Postpones Top Level Meetings

January 28, 2023
Hopeson Adorye Sacked from his Job for Supporting Alan Kyerematen

Hopeson Adorye Sacked from his Job for Supporting Alan Kyerematen

November 25, 2022
Gallery

Addressing The Misconceptions About ‘Alan Cash’

24

Alan John Kyerematen

0
Trade Ministry calls for public recommendations on automation of state institutions

Alan’s Agenda Of Job Creation For All – 1D1F THE GAME CHANGER

0
Ga’s will feature prominently in my gov’t – Alan Kyerematen to Ga Mantse

Ga Mantse prays for Alan’s victory in the upcoming NPP Flagbeararship race

March 14, 2023
Former KMA Presiding Member Applauds Alan Kyerematen’s Decision to Downsize Government.

Former KMA Presiding Member Applauds Alan Kyerematen’s Decision to Downsize Government.

March 14, 2023
Resign as veep and face Alan so we can see who is who – Owusu-Amankwah to Bawumiah

Alan’s credibility alone makes him a perfect candidate for President – Former NPP MP

March 14, 2023
THE ALAN NEWS

Copyright © 2022 The Alan News

Navigate Site

  • Alan’s Profile
  • Endorsements
  • Documents
  • Gallery
  • Contact

Follow Us

No Result
View All Result
  • Home
  • General News
    • NPP News
    • Alan TV
    • Pro Alan Groups
  • 1D1F News
  • Projects
  • Wear Ghana

Copyright © 2022 The Alan News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In