Ghana's industrial policy under review

Trade and Industry Minister, Hanna Tetteh

A three-day stakeholders meeting to review Ghana's Industrial policy has opened in Accra.

The review meeting is part of efforts by government to strategically position Ghana as the most competitive production and supply hub in West Africa, according to Trade and Industry Minister, Hanna Tetteh.

She stated that the Industrial policy requires effective coordination of sector strategies and actions with a range of Millennium Development Agenda (MDA'S), science and technology, finance and economic planning and infrastructure and social development.

She added that the policy review would help in making viable and innovative policy solutions for addressing challenges faced by the manufacturing sector.

According to her, an approved conceptual framework for Ghana's next Private Sector Development Strategy(PSDS II), which is to be implemented from 2010, provides a fitting context for industrial policy adding that the vision for the Private Sector Development is “A thriving Private Sector , Creating jobs and Enhancing Livelihoods”.

''This is in acknowledgement of the potential of the private sector to drive the creation of jobs and generation of incomes that we need, for sustainable livelihood and widespread poverty reduction'', she reiterated.

Hanna Tetteh explained that industries play a role in addressing the problems of unemployment which is the centre pillar of trade capacity development agenda from 2010 onwards and therefore, should be the primary focus of industrial policy measures.

She hinted that from 2010, the government would achieve much higher growth rates, reduce unemployment and pursue an agenda for the widespread economic and social transformation based on agricultural modernization as well as enterprise development.

''It is also recognized that industrial policy can only be successfully implemented, if it is fully harmonized with associated policies, such as a stable and supportive macroeconomic and regulatory environment , appropriate skills development and education driven by Science and Technology as well as trade policies”, she added.

Hanna Tetteh, therefore encouraged all stakeholders to adopt a healthy participatory approach to sharpen the right policy directions for industrial development.