President Nana Addo Dankwa Akufo-Addo says his government is determined to exploit, at long last, the strategic resources the country has in bauxite and iron ore deposits.
“To this end, an Integrated Bauxite and Aluminum Development Authority is to be established by law, in this meeting of Parliament, to spearhead the exploitation along the full value chain of our consumable bauxite resources,” he said.
According to the President, the exploitation of the country’s bauxite and iron ore deposits “will give a considerable fillip to our industrial development, as will also be the case for the exploitation of our iron ore deposits.”
President Akufo-Addo made this known on Saturday, 25th November, 2017, when he delivered a speech at the maiden edition of the Chamber Business Awards, of the Ghana National Chamber of Commerce, held at the Banquet Hall of the State House, in Accra.
Reiterating Government’s commitment to pursuing an aggressive Industrial Transformation Agenda with strong emphasis on private sector participation, the President stated that “it is absolutely vital that we transform the structure of our economy from being dependent on the production and export of raw materials to an industrialised, value-added one.”
Touching on the several elements to the Agenda of Industrial Transformation, the President stated that Government has put in place a Stimulus Package to revive financially distressed, but economically viable businesses, adding that over eighty companies have been selected for the Stimulus Package.
Under Government’s 1-District-1-Factory Initiative, he revealed that over 190 business proposals, and counting, have been selected under this programme, which is aimed at creating jobs and prosperity for the Ghanaian people.
“The 2018 Budget has allocated funding, as Government’s contribution either as equity or in-kind support, for the establishment of district enterprises. GCB Bank has pledged an amount of two billion Ghana cedis towards the One-District One-Factory project at the Industrial Forum, in May this year, organized by the Chamber,” he added.
The President continued, “An additional amount of $340 million has been leveraged from local financial institutions for the programme. This is the kind of leadership and collaboration that is required collectively to build Ghana Beyond Aid, and I encourage business people to take advantage of these opportunities that have been created by Government.”
To members of the business community, President Akufo-Addo assured that his government is fully committed to transforming Ghana’s economy, and leading the country into the new digital age.
The President stated that it is for this reason that his administration has introduced the e-business registration system, paperless port clearance system, digital addressing system, mobile interoperability system, and the national identification system, to ease the cost of doing business in the country, and generate greater efficiency.
He also assured that “as we go online, there are legitimate concerns about cyberspace threats, and I wish to underline Government’s efforts and commitment to secure our cyberspace.”
Having established the National Cyber Security Secretariat to implement Ghana’s National Cyber Security Policy and Strategy, the President added that he has also signed the African Union treaty on Cyber Security and Personal Data Protection, stressing that “all these measures are being put in place to secure the country’s cyberspace, and protect personal and business data.”
President Akufo-Addo noted also that the success or otherwise of his administration will be judged largely on his government’s record of job creation.
“It is for this reason that my government supports initiatives that will unleash the energies of business people, and stimulate the entrepreneurial potential of the Ghanaian. My view is clear. It is the private sector that can create the needed job opportunities for the people of our country, and I am confident that the Ghanaian private sector will rise to the challenge,” he said.
The President continued, “My government, on its part, will continue to build an enabling environment to provide the private sector with the needed catalyst to operate profitably, grow and remain internationally competitive.”