Kumasi: The Association of Ghana Industries (AGI) has emphasised the need for businesses to strategically focus on policy, infrastructure, and innovation as well as access to finance to thrive. Mr. Kwasi Nyamekye, AGI Regional Chairman for Ashanti, Bono, Bono East, and Ahafo, stated that industries need to anchor on these pillars to add value to raw materials produced in the country and be leading exporters of finished products and other commercial raw materials in Ghana.
According to Ghana News Agency, Mr. Nyamekye highlighted that while policy stability is the foundation of successful businesses, investors and industrialists require assurance that regulatory changes will not occur abruptly. It is necessary for the government to deepen engagements with AGI and other stakeholders in shaping industrial policies to reflect realities.
Mr. Nyamekye was speaking at the 26th Regional Annual General Meeting for the Ashanti, Bono, Bono East, and Ahafo Regional Branch of AGI in Kumasi. He mentioned reliable and efficient infrastructure and innovation as other pillars for business growth, emphasizing the importance of investing in digital infrastructure and promoting innovation ecosystems.
Mr. Nyamekye further explained that access to finance remains the greatest challenge amid high interest rates, which stifle local industries. The best way to address this issue is for financial institutions and regulators to develop tailored products for manufacturers, especially SMEs, with longer tenures and affordable rates.
The Chairman called on AGI members to adopt sustainable practices, embrace technology, and invest in skills and development to stay competitive on the African continent and beyond. Mr. Seth Twum-Akwaboah, Chief Executive Officer of AGI, stated that the Association is working in numerous ways to make local and international transactions easier for businesses.
These efforts include working through the Export Development Council, which supports the ecosystem for exports. Additionally, AGI, according to Mr. Twum-Akwaboah, is strategizing with the government for businesses to benefit from the 24-Hour Economy policy. The meeting was held on the theme: 'Creating a Conducive Business Environment for Industrial Competitiveness: 24-Hours in Perspective.'
