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29.07.2004 Business & Finance

Pioneer Aluminium Factory launches new product

By GNA

Tema, July 29, GNA - The government is addressing bottlenecks in doing business to enhance the socio-economic development of the country, Mr Ishmael Ashitey, Minister of State in charge of Trade, Industry and Presidential Special Initiatives has said.

The incentive and legal frameworks of business are also being reviewed to enhance efficiency of the private sector.

The minister was speaking at the launch of the "Torch Brand Colanders", a new product and a re-launch of "Torch Standard 1102", "Torch Elegance" and "Torch Prestige" aluminium brands for the Pioneer Aluminium Factory Limited.

He said access to capital is being improved through the establishment of the Export Development and Investment Fund, the Ghana Investment Fund, the Loan Guarantee Scheme among others, and to promote the private sector to effectively play its role as the engine of growth in the economy.

The government, he said, is confident that the private sector would continue to play its role effectively.

He said some Asian countries that started with Ghana at independence have broken away from the poverty net through the adoption of strategic measures.

The government, under its Golden Age of Business, would do everything possible to create a congenial macro-economic environment by promoting the private sector for industrial growth.

The Minister said the government is therefore committed to create a diversified, innovative, fully integrated and resilient private sector where new ideas and technological innovations are used continuously to improve products and services.

Mr Ashitey urged the company not only to upgrade its technology to enhance competitiveness of its products in quality, price and delivery but also to diversify into new areas, using aluminium as raw material. Mrs Barbara Bentsil-Enchill, a caterer and chairman for the function, appealed to the management of the PAF to produce large and heavy base utensils that can contain more food.

Togbe Afede XIV, board chairman of the PAF, said the company is faced with challenges of the closure of the Volta Aluminium Company (VALCO), the unfair competition from aluminium hollow ware manufacturers who are unregistered with the Ghana Standards Board, as well as the importation of cheap products.

He said even in the face of competition from the emergence of other products the company continues to offer quality and durable products to its customers and therefore comes out with products that satisfy customers.

Togbe Afede said the company would continue to explore markets in the sub-region and the African continent. The PAF was incorporated in Ghana in 1959 and started production under the Torch Brand and in 1995 the company went public on the Ghana Stock Exchange and has since won the Export Achievement Award on three occasions.

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