Nothing, Short Of Industrialisation

Solutions to Ghana's economic woes can be solved when much premium is placed on industrialisation, says Francis Mensah, Executive Director of the World Industrilisation Partnerships Corporation (WIPCOR)-Ghana Network.

Industrialisation he said will help maximise governments revenue generation to support its budget rather than the over reliance on foreign loans and grants.

Mr Mensah was speaking at the launch of WIPCOR Ghana Network held in Accra last week.

WIPCOR Ghana Network is a non governmental organisation with the aim of promoting industrialisation led economy for the country through public and private sector institutions.

'Ghana must take the bold decision of moving from raw material producer economy to value addition end products producer economy. WIPCOR presents the industrial captains for the take off national industrialisation drive,' he said.
Mr Mensah indicated that the political independence and the available industrial resources for the country are enough to motivate economic independence.

'Ghana can be a country with sound economy driven on industries if we take up the initiative to do it' he pointed out.

To address the country's economic woes, Mr Mensah said there is an urgent need for industrial advancement in manufacturing, engineering, Information Technology and agriculture.

He stressed the need for more direct foreign industry investments in the country rather than the trading investments to stimulate local industry establishment.

Mr Mensah also called on financial institutions to channel efforts towards developing an industrialised led economy.

The minister of Trade and Industry, Ms Hannah Tetteh, who performed the launching, expressed the government's commitment to provide the enabling environment for industries to grow.

She said the government recognises the role of industries in development of the country and therefore will work towards promoting a sustainable industrialised led economy.

To achieve the country's industrialisation drive, Ms Hannah Tetteh said there is the need for collective will on the part of key stakeholders.

She commended members of the WIPCOR for the initiative, saying that it is relevant at the time government focus is on private public initiative.

The board chairman of WIPCOR Ghana Network, Professor S E Anku has called for governments support for local industrialists to enable them to expand their operations.

This he said will provide employment as well as some solutions to the country's developmental efforts.