AGI pushes four-pillar strategy to drive nation’s industrial growth
By Praisebell Rosemond Larbi
The Association of Ghana Industries (AGI) has called on businesses to anchor their growth strategies on four critical pillars: policy stability, infrastructure, innovation and access to affordable finance, if Ghana is to unlock its full industrial potential and achieve sustainable transformation.
Delivering his remarks at the 26th Regional Annual General Meeting of the Association, Regional Chairman, Mr Kwasi Nyamekye, said Ghana’s long-standing reliance on the export of raw materials has limited the country’s ability to build a globally competitive industrial base.
He stressed that the time has come for government and private sector actors to align efforts to ensure that the country moves decisively into value addition and industrial processing.
“Policy stability is the foundation of successful businesses. Investors and industrialists need assurance that regulatory changes will not occur overnight. Government must deepen its engagement with AGI and other stakeholders so that policies reflect the realities industries face,” Mr Nyamekye stated.
The AGI Chairman emphasised that consistent and predictable policies would enable long-term planning, enhance investor confidence and create the environment necessary for industries to thrive.
Touching on infrastructure, he said reliable energy supply, efficient transport networks and strong digital systems were indispensable to lowering the cost of doing business.
He also highlighted that innovation, particularly in the digital space, must become a priority if Ghana is to compete in a global market that is increasingly technology-driven.
On access to finance, Mr Nyamekye noted the high cost of credit remains the most pressing challenge confronting local industries, particularly small and medium-sized enterprises (SMEs).
He described the prevailing double-digit interest rates as a chokehold on manufacturers and called for banks and regulators to design tailored financial products that offer longer repayment periods and more flexible terms.
Mr Nyamekye further urged industry players to embrace technology, adopt sustainable business practices and invest in workforce skills development in order to remain competitive under the African Continental Free Trade Area (AfCFTA).
AGI Chief Executive Officer, Mr Seth Twum-Akwaboah, reaffirmed the Association’s commitment to supporting businesses to ease the cost and complexity of both domestic and international trade.
He pointed to ongoing collaborations with the Export Development Council aimed at strengthening export ecosystems and providing industries with the support needed to tap into global markets.
Mr Twum-Akwaboah also spoke on the government’s proposed 24-Hour Economy policy, describing it as a potentially transformative initiative.
“If designed effectively, the 24-Hour Economy could provide industries with the flexibility and efficiency they need to scale operations, tap into export markets and drive inclusive growth,” he said.
Mr Twum-Akwaboah added that the AGI will continue to collaborate with government and relevant stakeholders to ensure that policies and initiatives are tailored to the realities of the industrial sector, so that businesses can expand opportunities and contribute meaningfully to Ghana’s economic transformation agenda.
