In order to prepare them for the development of what he called a new global architecture, the Vice President, Dr. Mahamudu Bawumia, has reaffirmed the government's commitment to boosting indigenous companies.
On June 22, Vice President Bawumia said, "The ongoing global economic crisis will bring about a new phenomenon, where countries would no longer have to depend heavily on external goods and services, but depend on their local industries." He was speaking at the 25th Anniversary of the founding of Tropical Cable and Conductor Limited in Tema.
In order to empower them and help them achieve the same level of success as Tropical Cables, he advocated for a change of perspective and the provision of additional assistance to indigenous Ghanaian industries.
According to Dr. Bawumia, a new global architecture where nations would have to be more dependent on themselves will be brought about by the present global economic crisis, which is the outcome of the Covid-19 epidemic and the Russia-Ukraine war.
Government is dedicated to assisting local businesses to compete with new world architecture, according to Bawumia
"Other nations will do what we must do to assist the success of our own sectors if we are to flourish in this new global architecture."
Therefore, the policy environment has to be reconsidered. What can we do to support our local industries? Even if it takes five years, the conflict between Russia and Ukraine will eventually come to an end.
But he said, "We must be ready for the new, developing global architecture, and we can only be ready for it if we provide our local companies the resources they need to compete on a global scale."
The government's plan for industrialisation
The Vice President emphasised that the industrialization agenda of the Akufo-Addo government, which was launched right from the start of the government in 2017 before the current global crisis struck, could not have been done at a better time, as it fits into the agenda to support local industries, be self-sufficient, create jobs for the youth, and also boost the economy.
The government of President Akufo-Addo has made industrialization a strategic priority. The One District-One Factory (1D1F) project has evolved from a political slogan into a successful flagship programme designed to revive the economy and offer work opportunities for our teeming graduating young, the Vice President said.
The government's steadfast determination to change Ghana's economy from one known as a supplier of raw materials to the global market—supplying foreign industries with our natural resources at the expense of our locally based ones—to one that supports local value-adding entities in the nation is at the core of the One District, One Factory (1D1F) concept.
With the primary goal of increasing value to our raw materials at source, our government developed the Ghana Beyond Aid initiative in 2019 for this reason.
Excellence at TCCL for 25 Years
Dr. Bawumia expressed happiness that an indigenous Ghanaian firm, which began on a low note and faced the obstacles of industrialization, has evolved to be an industry leader and has also become globally competitive in his congratulations to Tropical Cable on its 25th anniversary.
The significance of this achievement shines out even more when one considers the special obstacles faced by the manufacturing sector, according to Dr. Bawumia. "Twenty-Five Years in the Life of Any Business is Certainly Worth Celebrating," he stated.
"We've come together to celebrate and congratulate your firm on reaching this outstanding milestone. The scope of what we see here today was probably difficult to imagine 25 years ago, but your diligence, discipline, innovation, and hard work have paid off and propelled you to the top of your industry, where you now provide power utilities, the real estate and construction sectors, the mining sector, and other industries with cables and conductors that are internationally certified.
"As a country, we are really happy to have a homegrown business like Tropical Cable. The notion that this country can develop and maintain industrial greatness has been given significance by its accomplishments over time.
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