16 distress companies granted US$237m stimulus package

President Akufo-Addo in company of AGI leadership
  • 35 others in queue

At the 60thAssociation of Ghana industries (AGI) anniversary and awards night, President Akufo-Addo revealed US$237 million stimulus package was made available for 16 companies in distress adding 35 others are being considered for support.

In line with maintaining stability of the country’s macro-economy in the last two years, the president assured fiscal deficits and interest rates, high public debt, depreciating currency and erratic power supply shall not be fate of his government.

The president declared the manufacturing sector was critical to the economy and well being of citizens adding “world leading economies developed through industrialisation and value addition.”

He said his government was determined for the country to become an export driven economy hence the acceleration of the One District, One Factory (1D1F) project, stimulation packages for industries, the economic stability in place drawing eager foreign car makers to set up auto assembly plants here in addition to reductions to electricity tariffs.

“Water tariffs have seen a 10 % reduction to stimulate revival of industrial activity.79 projects are being implemented under the 1D,1F project with another 35 going through credit appraisal. The AGI is partnering government to achieve the industrialisation dream. When the private sector leads the industrialisation drive supported by government public debts will not be high,” he submitted.

The AGI has instituted the AGI Ghana Industry and Quality Awards to reward companies and industries in different areas of business performance.

Nestle Ghana Limited emerged the Overall Best Industrial Company of the Year and the Overall National Best Quality Company.

Unilever Ghana Limited picked the Best Corporate Social Responsibility Company award,while Olam Ghana Limited was adjudged the Best Company Employer of the Year.

Some award winners

President of the AGI, Dr. Yaw Adu-Gyamfi bemoaned the unemployment challenge facing many graduates stressing a need to fund and support local industries to absorb the huge numbers adding once vibrant sectors like vehicle assembly, glass manufacturing,alumina, textiles, agricultural processing like meat, sugar and tomatoes have all shrunk. He called for government’s intervention to revive such critical sectors.

“Transforming the Ghanaian Economy through Industrialisation,” served as theme for the event.

The president as special guest paid glowing tribute to several business notables including Apenteng Appiah Minka and Esther Ocloo for their industrial contribution to Ghana’s development.

By Michael Eli Dokosi