Finance Minister Dr. Cassiel Ato Forson detailed a new policy aimed at invigorating local industries. Apexnewsgh reports
This initiative mandates state agencies to procure essential goods exclusively from local producers, a move designed to fortify Ghana’s industrial base while promoting homegrown production.
The policy, set to be implemented soon, outlines several key components. State agencies will be required to purchase specified goods from local sources, with a comprehensive list of these goods to be released shortly. Furthermore, any procurement from foreign suppliers will now necessitate special approval from none other than the Office of the President, ensuring that government spending prioritizes domestic over imported products.
In addition to these measures, the government intends to tackle the issue of smuggling, which has presented a significant challenge to local businesses. To combat this, strict anti-smuggling regulations will be introduced, providing local producers a fairer competitive landscape.
As part of its broader economic strategy, the Ghanaian government is also promoting participation in the 24-hour economy program. This initiative is designed to encourage local businesses to ramp up production and fuel economic expansion around the clock.
The response from industry stakeholders has been overwhelmingly positive. The Association of Ghana Industries (AGI), which represents a wide range of local manufacturers, has welcomed this commitment to fostering local production. Dr. Humphrey Ayim-Darke, AGI’s President, lauded the budget policies laid out by the finance minister, expressing his optimism about the potential growth opportunities that could arise from such strategic support for the industrial sector.
With the implementation of this mandatory local procurement policy, Ghana stands on the brink of a significant transformation. It’s anticipated that this initiative will provide a substantial boost to local manufacturers, ensuring that government expenditures directly fuel the growth of domestic businesses.
By reducing dependence on imported goods and elevating the profile of local production, the government is taking critical steps toward strengthening the national economy and securing a prosperous future for Ghanaian industries.
Source: Apexnewsgh.com
