President Nana Akufo-Addo said at the National Policy Summit on Trade and Industry held in Accra on Monday at the International Conference Center that, Ghana lost about $3 billion in our economic activities during the power crisis under the Mahama administration.
He said as per figures from the Institute of Statistical, Social and Economic Research (ISSER), the country lost about GHc618 million in economic activities in 2014 alone which is equivalent to 2% of GDP.
“Thus the four years of dumsor cumulatively led to a loss of more than $3 billion in economic activity and in the process thousands of Ghanaians lost their jobs,” prez Nana Addo said.
“Regrettably the industrial sector has suffered one of the most significant setbacks in our history over the past few years. In 2014 for example, industry which in 2008, the last year of the government John Agyekum Kufuor, former president of the Republic had grown to 15.1 percent slumped to 0.8 percent in 2015 to – 0.3% and further down to -1.4% in 2016. In 2015, manufacturing recorded a negative growth of 0.3%,” President Akofo Addo pointed out.
“A signification number of small, medium and large scale operators were all brought to their knees as a result of four years of dumsor induced by the mismanagement of the energy sector,” President Nana Addo regrettably said.
“I will ensure the success of what I believe will be one of the most significant contributions of my administration, to the transformation of our nation.” He assured Ghanaians.
President Nana Akufo-Addo has appealed for the private sector as government begins the implementation phase of its programme of industrial transformation of the country, thus, the agenda is anchored on building the competitiveness of existing local industries by facilitating access to medium and long term financing at low-interest rates.
It’s also anchored on the implementation of the “One District One Factory” (1D1F) initiative, designed to bring industrialisation to the people of Ghana.
Additionally, government will be introducing strategic anchor industrial initiatives which will create new growth poles for the Ghanaian economy.
President Amigo Addo further indicated that, “government will promote small and medium scale enterprise development and establish an industrial sub-contracting exchange that will link SMEs to the supply chain of large scale enterprises.”