80 companies set to receive stimulus from government – MOTI

Belinda Ayamgha/Victoria Enyonam Adonu, GNA

Accra, July 26, GNA – Eighty companies have so
far qualified to receive support to boost their businesses under government’s $
50 million National Industrialisation Revitalisation Programme.

They have been selected from more than 350
viable business facing distress who submitted applications for the programme to
the Ministry of Trade and Industry (MOTI).

Mr Robert Ahomka-Lindsay, Deputy Minister for
Trade and Industry (MOTI), said government believed that the best way to create
jobs for citizens of the country was to embark on an extensive industrial
transformation drive.

It, however, recognised the various challenges
that the private sector  had faced over
the past years, which had adversely impacted their performance, including
electricity challenges, high cost of borrowing, and exchange rate volatilities,
among others.

He was giving the keynote address at the 41st
Annual General Meeting (AGM) of the Ghana National Chamber of Commerce and
Industry (GNCCI) in Accra on Wednesday.

He expressed the hope that the companies were
viable but in distress, and would be able to improve their performance with the
industrial stimulus package.

“The next steps are that over the next few
days and weeks, we will be corresponding with these entities with a view to
putting together an implementation schedule for those companies to get the
benefits of the stimulus package.”

He said the objective was to ensure that those
that had stood the test of time were helped to become leaders in industry.

Mr Ahomka-Lindsay said the ministry, as part
of its 10-point intervention to support the private sector was also working to
implement the ‘One District One Factory’ policy.

He said the ministry had received about 400
business plans, of which 340 had been analysed.

He expressed confidence in the ability to meet
and exceed the target of one factory in every district and pledged the
Ministry’s commitment to working with the GNCCI and its members to achieve

Mr Yaw Osafo Marfo, Senior Minister, in a
statement read on his behalf by Mr Robert K. Poku Kyei, at the AGM, said in
order to achieve government’s transformational agenda, anchored on
macro-economic stability and debt sustainability, infrastructural development,
accelerated industrial development and agricultural transformation, there was
the need for significant increase in investments and political will.

He said government was committed to partner
the private sector to deliver these programmes.

“In this regard the private sector will be
supported to develop their capacities and position itself to partner government
in implementing the key initiatives identified under the coordinated programmes
of the government,” he stated.

The GNCCI recorded profit before tax of GH¢840,251.00
for the year 2015 compared to GH¢143, 486.00 in 2014.

Profit for the year for the 201 financial year
also stood at GH¢1, 029,212.00.


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