Dr. Mahamudu Bawumia, vice president, has reaffirmed the government's commitment to working with the private sector to strengthen the regional economy.
Dr. Bawumia said the government, through its industrialization policy, was committed to providing an enabling environment for the private sector to partner with the government to develop and sustain businesses, create jobs, reduce poverty, and enhance value addition. He was speaking at the 25th anniversary celebration of Tropical Cable and Conductor Limited (TCCL), an electrical cable manufacturer, in Tema yesterday[June 22, 2022].
Michael Okyere Baafi, the deputy minister of trade and industry, William Owuraku Aidoo, the deputy minister of energy, and captains of industry attended the event, which had the subject "25 Years of Impacting Ghana: New Ideas, New Products, New Markets."
The TCCL took advantage of the chance to add its newest product, a coaxial cable entirely created in Ghana, to its line of products. Coaxial cables are a type of transmission line used to convey high-frequency electrical impulses with little loss.
Despite the many obstacles present, the vice president claimed that Ghana could overcome them and compete globally with the right support and business environment. He cited the TCCL as evidence that what other countries had accomplished could be accomplished in Ghana and even go above and beyond expectations.
He stated that the government was extremely conscious of the multiple difficulties that Ghanaian business operations faced, such as the lack of access to financing, the high cost of inputs, and the intense competition from imported goods, and that its policies were focused on addressing these issues.
Dr. Bawumia reaffirmed the President's commitment to fostering the expansion of the nation's industrial sector and the success of tried-and-true companies like the TCCL in order for them to significantly contribute to the creation of both direct and indirect jobs.
Industrialisation
The Vice-President stated that the government was on track to reaching its goal of industrialization, added that more work needed to be done to encourage local players, and pledged to do all in his power to make Ghana the best environment for small enterprises to succeed.
He said that the world's problems, such the conflict between Russia and Ukraine and the coronavirus epidemic, made it even more crucial for nations to develop their own economies.
He expressed his satisfaction that a significant initiative, like One District, One Factory, was getting traction and promised that the government will do more to support indigenous firms so they could flourish, create more jobs, and strengthen the nation.
He asserted that the government had made industrialization a strategic priority from the outset of its term, and that programmes like the 1D1F had evolved from being mere political slogans into effective flagship initiatives aimed at reviving the economy and generating employment opportunities for young people.
Local material
While praising the TCCL management for its entrepreneurial spirit and advancement over the past 25 years, Dr. Bawumia said there was no reason local organisations like TCCL couldn't become regional and ultimately continental champions with the implementation of the African Continental Free Trade Area, which has its secretariat in Accra.
He urged organisations like the Ministry of Energy, the Electricity Company of Ghana, the Volta River Authority, the Ghana Grid Company Limited, the Northern Electricity Distribution Company, the mining firms, and as many local entities as possible to increase their use of the products of domestic firms like the TCCL to build capacity in the manufacturing industry for electrical cables, conductors, and accessories, among other things.