By Thomas-Moore ADINGO
Domestic manufacturers have described the current tax regime as counter-productive, urging the next government to use its first budget to implement meaningful reforms and restore industry confidence.
Tax policies, including the prevailing value-added tax (VAT), import duties on raw materials and import discounts on products that can be produced locally, among others, are key concerns, according to Dr. Humphrey Ayim Darke, President of the Association of Ghana Industries (AGI).
He stated that businesses are looking to the next government for comprehensive and progressive reforms, coupled with incentives for producers, as these measures are critical for accelerating recovery from the recent economic crisis.
“In the coming year, the AGI expects to see more innovation from the incoming government regarding macroeconomic management and fiscal rationalisation in the quest to consolidate gains obtained under the International Monetary Fund (IMF) structured programme,” he said.
Dr. Ayim Darke spoke at AGI’s 64th Annual General Meeting (AGM) and job fair held in Accra. It was themed ‘Navigating the uncertainties of the business landscape to sustain productivity’.
The 64th AGM of the association, which is the umbrella body of leading producers, served as a platform to underscore the resilience of Ghanaian industrialists in navigating global disruptions, including trade instabilities, climate change and economic challenges.
It brought together key stakeholders to discuss strategies for growth and resilience in a complex global market.
GEPA calls for collaboration on export growth
Speaking at the event, the Chief Executive Officer of the Ghana Export Promotion Authority (GEPA), Dr. Afua Asabea Asare, highlighted the progress made under the National Export Development Strategy (NEDS). Launched in 2020, the strategy aims to exponentially increase non-traditional export revenues from US$2.85billion in 2020 to US$25.3billion by 2029.
Since its implementation in 2021, non-traditional export revenues have risen to nearly US$4billion in 2023, with key drivers including processed cocoa, iron and steel, aluminum and plastic products.
The GEPA CEO stressed the importance of collaboration between GEPA and AGI, noting that many AGI members are also exporters supported by GEPA’s programmes.
“A strong AGI and its members working with GEPA and other stakeholders will ensure that we meet the ambitious export target by 2029,” the CEO stated.
GEPA’s initiatives include revitalising key export crops such as pineapple, cashew and coconut, as well as providing capacity-building programmes for over 650 export-oriented SMEs, she said.
Additionally, the authority has prioritised empowering women-led businesses and youth exporters through mentorship, training and targeted support.
To further support exporters, GEPA established the Ghana Trade House in Nairobi, Kenya, which serves as a hub for promoting Ghanaian products in East Africa. Plans are underway to expand this initiative to Sierra Leone and other markets. Domestically, GEPA has refurbished the Aburi Craft Village and supported local artisans with production equipment, enhancing their ability to produce high-quality export goods.
“The path to achieving our export goals is not easy, but it is a journey worth taking. Each step brings us closer to a self-reliant and prosperous Ghana,” the CEO concluded.
AGI reiterates commitment to industrial growth
According to the AGI President, his outfit remains committed and dedicated to fostering industrial growth and sustainability through effective policy advocacy and business support services.
He commended the secretariat and regional offices for their unwavering dedication to supporting members, particularly in a year marked by mixed business sentiments due to unstable macroeconomic fundamentals.
