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Local industries in Ghana have expressed their commitment to working with the government to revive the economy through the 24-hour Economy initiative.
Led by the Association of Ghana Industries (AGI), the business community has called on the government to prioritise the needs of indigenous companies, especially those in the manufacturing sector, to benefit from the policy.
AGI and its members have proposed several measures to help businesses thrive under the 24-hour economy plan. These include:
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- Financial support
- Tax reforms
- Fair trade policies
- Stabilisation of the cedi against major foreign currencies
Sectors expected to benefit include poultry, metal fabrication, textiles, pharmaceuticals, vegetable oil production, and cosmetics.
These concerns were presented to government representatives, including Ghana Revenue Authority (GRA) Commissioner General Anthony Sarpong, Presidential Advisor on the Economy Seth Terkper, and Presidential Advisor on the 24-hour Economy Goosie Tanoh. The discussions took place behind closed doors at the AGI National Council Retreat on Friday, February 21, 2025.
Speaking at a press conference after the meeting, AGI President Dr. Humphrey Ayim-Darke emphasised the need to revamp the manufacturing sector to support economic growth.
“We discussed how focusing on key sub-sectors like poultry, metal works, textiles, and pharmaceuticals can help reset the economy and create jobs for Ghanaians,” he said.
AGI members also raised concerns about challenges affecting their operations, such as high taxes, unstable foreign exchange rates, and unfair trade practices.
“There was an admission from government officials that tax collection gaps exist in import duties and VAT. We proposed solutions to bridge these gaps and improve revenue generation,” Dr. Ayim-Darke added.
Former AGI President James Asare Adjei stressed the importance of strengthening local businesses to benefit from the government’s policies.
“For Ghana to take full advantage of the African Continental Free Trade Area (AfCFTA), our industries must grow and play a major role in regional and continental trade,” he explained.
He also highlighted the need to strengthen Ghana’s import substitution policy by focusing on agribusiness value chains.
CEO of AGI, Seth Twum-Akwaboah, added that industries are ready to work with the government to ensure long-term economic stability.
“We must develop key value chains in strategic sectors to help industries operate continuously under the 24-hour economy model and create jobs for the youth,” he said.
The AGI National Council Retreat, an annual event, provides a platform for industry leaders to discuss critical business and economic issues.
The 2025 retreat, held on February 20 and 21, was themed “Resuscitating Industry to Spur Growth, Fiscal Balance, and Job Creation.” The two-day event allowed AGI members to engage directly with government officials to explore solutions for boosting industrial growth and job creation in Ghana.
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