The Association of Ghana Industry (AGI) has urged the government of Ghana to help develop the country’s local industrial capacity to take advantage of the African Continental Free Trade Area (AfCFTA).
A communique issued and signed by AGI president Yaw Adu Gyamfi at the association’s just-ended industrial summit here asked the government and local industries to leverage full operationalization of the AfCFTA agreement.
The AGI said failure to build the capacity of local industries could lead to Ghana’s marginalization for other sister African countries to take full advantage of the AfCFTA.
The communique also called on policymakers, trade experts and the government to chart a comprehensive plan to train local industries in this regard.
The AGI said though it supported economic cooperation and multi-lateral trade, it was vital for the government to motivate the local industry for competitive advantage.
The association suggested that 90 percent of tariffs levied (products) under the AfCFTA must be carefully evaluated, taking into account local capacity for some of the products for which Ghana already had significant local production capacity.
It said it was committed to promoting and building quality among local businesses since they had their eyes on the international market.
The communique further urged Ghana’s Public Utility Regulatory Commission (PURC) to reverse its current tariff regime, saying the current electricity tariff level did not make local industries competitive to their counterparts in West Africa.
It also supports the establishment of Ghana’s Fiscal Stability Council with the objective of strengthening and enforcing stability risks, transparency as well as intensifying the integrity of Ghana’s financial sector. Enditem