Government committed to empowering local industries to face emerging global architecture – VP Bawumia

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The Vice President, Dr. Mahamudu Bawumia, has reiterated government’s dedication to empowering indigenous industries so that it will get them equipped for the emergence of what he known as, a brand-new international architecture.

Speaking on the 25th Anniversary of the established order of Tropical Cable and Conductor Limited in Tema on Wednesday June 22, Vice President Bawumia said, the continued international economic crisis will result in a brand-new phenomenon, in which countries could no longer must rely a good deal on outside merchandise and services, however depend upon their neighborhood industries.

He therefore, called for a rethink, and the presenting of extra assist to local Ghanaian industries, to empower them and turn out to be as a success as Tropical Cables so that it will be globally competitive.

“The on-going global economic crisis, which is the result of the COVID-19 pandemic and the Russia-Ukraine war, will bring about a new global architecture, where countries will have to be more dependent on themselves,” Dr. Bawumia said.

“If we are going to succeed in this new global architecture we have to support our local industries to succeed and that is what other countries are going to do.”

“So there has to be a rethinking of the policy environment; what can we do to empower our local industries.  We don’t know when this war between Russia and Ukraine will end but it will end, even if it is five years, it will end.”

“But we have to be prepared for the new emerging global architecture and we can only be prepared for it if we are empowering our local industries to produce and to compete globally,” he said.

The Vice President confused that the Akufo-Addo government’s industrialization agenda, which become initiatiated proper from the onset of the government in 2017 earlier than the present-day international disaster struck, couldn’t had been executed at a higher time, because it suits into the agenda to reinforce local industries, be self-reliant, create jobs for the teens and additionally enhance the economy.

“Industrialization has been a strategic priority of the President Akufo-Addo government. The One District-One Factory (1D1F) initiative has been transformed from a political mantra into an effective flagship programme geared towards revamping of the economy to create job opportunities for our teeming graduate youth,” added the Vice President.

“At the heart of the One District One Factory (1D1F) concept lies government’s firm determination to transform the Ghanaian economy from one known as a supplier of raw materials to the international market, supplying foreign industries with our natural resources to the detriment of our locally based ones, to one that feeds local value enhancing entities in the country.”

“This is why our government in 2019 launched the Ghana Beyond Aid program, with the overriding objective of adding value to our raw materials at source.”

Source: Ghanatodayonline.com

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