Ghanaian entrepreneurs have been advised to shy away from old economic theories and adopt innovative ideas that would make them experts in modern practices to enable them to survive global competition.
"You have to focus on exploring a large number of innovative business models in sectors ranging from agriculture, tourism and software development", Mr Kwesi Blay, Deputy Western Regional Minister said.
He was addressing the Annual General Meeting of the Western and Central regional branch of the Association of Ghana Industries (AGI) in Takoradi.
The Deputy Regional Minister also advised AGI members to improve on their standards to enable them to enjoy patronage of their products and strengthen customer loyalty.
Mr Blay noted that the Ghanaian entrepreneur was capable of dealing with the ever-changing global market environment only when he was up-to-date and adopting best business practices for sustainability.
The Deputy Regional Minister suggested to the AGI members to consider pooling their resources and where possible merge businesses to overcome the problem of financing.
On the current energy crisis, Mr Blay expressed sympathy for members whose businesses had been affected by the power rationing and said the government had introduced measures that would allow for uninterrupted power supply in the country.
He commended the Association for offering technical training for some students from the Polytechnics and the Universities and other tertiary institutions during vacations.
He gave the assurance that the government would continue to implement policies that would enhance the growth of the industrial sector.
Mr Andrew K Koomson, Western Regional Vice Chairman of AGI said the meeting would offer members the opportunity to reflect on their performance and chart a new course that would help to accelerate development of the sector.
He expressed member's gratitude to government "for putting industry on a high pedestal" and said the campaign to market made-in-Ghana goods was in the right direction.
Mr Koomson said membership of the Association from the Western and Central regions was growing steadily and five new membership applications were being considered.
He said in 2005 the Association organised a series of workshops and seminars to upgrade the skills and knowledge of members.
Mr Carlo Hey, AGI Director of Finance and Administration, said the Association also organised a series of training courses for its members to enhance their operations.
He announced that this year's AGI National Industrial Week would be celebrated next week to deliberate on important issues affecting industries and strategise to enhance growth in the sector.
Mr Hey said AGI made substantial inputs for the 2007 budget that would enhance economic growth and advised members to support the operations of the Association and honour their financial and other obligations to enable it to deliver.