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Industrial policy gets cabinet approval

By Kofi Ahovi
Cabinet has approved the Industrial Policy which was developed by the Ministry of Trade and Industry, Business Week has gathered.

The policy, which aims to strengthen the industrial sector to make meaningful contribution into the economy, would make Ghanaian industries live up to expectation and also improve their service delivery.

The policy takes into account how registration at the registrar general should be to assist the development of industry in Ghana.

It also focuses on competitiveness situation especially with regards to funding for linking distribution channel in the rural areas.

It also addresses taxation problems facing industrial players by clearly identifying the kind of tax incentives needed for specific sectors of the economy especially the industrial, agribusiness and services sectors.

The thrust of the industrial policy is the promotion of an accelerated and sustainable industrial development within a liberalized and global economic development.

It is the aim of the ministry to increase industrial share of Gross Domestic Product (GDP) to 37% from the current level of 16% with an average growth rate of 12%.

In a separate development, the Ministry of Trade and Industry last week embarked on a two-day retreat to enable it assess its performance for the 2010 half year and develop appropriate strategies for the rest of the year.

At the retreat, the deputy minister of trade and Industry, Mahama Ayariga, said a broad stakeholder workshop would be held at Tamale in September this year to develop a comprehensive strategy to revive and make the cotton industry one of the major export sectors of the country.

Alhaji Amadu Sorogho, Chairman of the Parliamentary Select Committee on Trade and Industry, lauded the Minister for providing the platform for the Committee to interact and exchange ideas with officials of the Ministry.

However, he called on other Ministries to emulate the ministry to enable Parliamentarians to exchange ideas with the ministries for which they had oversight responsibilities.

Alhaji Sorogho advised the ministries not to wait until the approval of their budgets before they rushed to Parliament with their programmes.

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