President Nana Akufo-Addo says government is exploring new economic growth poles, including the installation of vehicle assembling plants in the country with the view to accelerating economic development.
He observed that rapid acceleration of Ghana’s economy would occur if the country could create new growth poles to drive the development of the economy.
Making reference to Ghana’s gas resources, which he said, would provide cheap power for our industrial growth, he said, “We want to promote the installation of vehicle assembly plants, and move rapidly to establish petrochemical industries”.
Nana Akufo-Addo said this at the 6th Ghana Industry and Quality Awards organised by the Association of Ghana Industries in Accra on Saturday.
The President said government would also look at the revival of the textile and garments industry which has over the years slumped and caused loss of jobs due primary to the influx of cheap fake textiles.
He also said an Integrated Bauxite and Aluminum Development Authority would be established “to exploit the entire value chain of our considerable bauxite deposits”.
The bill on the Authority, he said, would be put before parliament for consideration and passage during its current sitting.
“In the same manner, an Iron and Steel Development Authority is also in the pipeline to do the same for our iron ore deposits,” he added.
President Akufo-Addo said once the requisite investments for these new industrial initiatives are secured, the development of the economy and its capacity to generate jobs, will be dramatically enhanced.
“We are going to do our maximum to secure these investments,” he assured.
He again said his government is designing innovative solutions to remove one of the main constraints to rapid industrial growth, which he identified as access to medium and long-term finance for our industrial enterprises.
“Very soon, the solutions for addressing this problem will be unveiled,” he said.
By Stephen Kwabena Effah|3news.com|Ghana