Accra, April 27, GNA - Mr Kwadwo Affram-Asiedu, Deputy Minister of Trade and Industry on Wednesday said the absence of affordable long-term capital was a critical constraint to industrial development in Ghana. He said the government had therefore designed programmes through agencies and parastatal institutions in collaboration with development partners to address the problem of capital.
Mr Affram-Asiedu said the Venture Capital Fund, expected to be in operation soon had been designed to help address industrial constraints.
Speaking at the launching of "Garmtex 2005" an exhibition and sales of locally manufactured clothing and accessories scheduled to take off from June 28 to July 3, Mr Affram-Asiedu said the wealth of exquisite designs and traditional techniques that characterised Ghanaian traditional textiles put Ghana in a unique position to develop a vibrant local textile and garment industry.
The exhibition, being held at the Aviation Social Centre in Accra on the theme: "Preparing to take full Advantage of the African Growth and Opportunities Act (AGOA)" is expected to attract over 150 local textiles and garment manufacturers.
He said those exquisite designs could also be explored to make significant inroads into the international markets including the ECOWAS sub-region.
Mr Affram-Asiedu therefore, commended "Obal Expositions Management", organizers of the exhibition for their initiative in complementing the Government's effort at promoting made-in Ghana goods, especially through the "National Friday Wear" programme.
"Aware of the potential of the production of textiles and garments to improve the standard of living of communities in developing countries, I am happy that the management of Obal Expositions and their sponsors have added their voice to the Government, international organisations and the private sector to develop programmes to help turn this potential into reality", he added.
Mr Daniel Kwasi Hagan, Director in-charge of Policy and Programmes at the Ministry of Trade and Industry expressed worry over the influx of fake clothings on the local market that had been a big hindrance to the promotion of Ghanaian fabrics.
He said a taskforce had been put in place to look at the effects on the importation of such fake and used clothings on the local market and make suggestions to address the situation.
Mr Richard Odoom, Managing Director of Obal Expositions, said the aim of the exhibition, to be made an annual event was to promote Ghanaian exports under the AGOA.
He said Garmtex 2005 would also precede a main trade show, dubbed: Garmtex 2006 scheduled for New York next year, which would be opened to selected manufacturers.