Nana Akufo-Addo, the presidential candidate of the New Patriotic Party (NPP), has reiterated his party’s resolve to focus on industrialization to create more employment opportunities for Ghanaians.
“You have heard me speak about our policy of ‘1-District-1-Factory’. It is an integral part of our policy of rapid industrial development. We have identified over 300 projects across the 216 districts of the country to bring this policy into fruition. We are going to do it, and in so doing, we will give a major boost to the activities of micro and small-scale enterprises in the country.”
Nana Addo was speaking on Monday in Tamale when he addressed an extraordinary general meeting of the Association of Small Scale Industries (ASSI).
He said his administration planned to emulate advanced countries which had succeeded in building their economies through nurturing and supporting the activities of micro and small-scale enterprises.
Nana Akufo-Addo gave examples of economies such as the United States of America, the European Union, United Kingdom, China, Japan, India, Korea and South Africa, which have established small and medium-scale enterprises to create more jobs for the people.
Referring to Germany, for example, which is currently the world’s fourth largest economy, Nana Addo stated that practically all German businesses were small to medium-scale industries, adding that about 3.6 million small industries currently provide more than 60 percent of jobs in that country.
“We will follow this example by expanding opportunities for small businesses in agro-processing, agribusiness, light manufacturing and industrial activity.”
He further said the 1-District-1-Factory policy would go hand-in-hand with the party’s resolve to stimulate private sector investment into a number of strategic, anchor industries, including iron and steel, cement, bauxite and aluminum, petrochemical industry, vehicle assembly and the manufacture of machine parts and equipment.”
Nana Addo was accompanied by Dr. Mahamudu Bawumia and other regional executives of the NPP in Northern Region.
Dependence on oil
Government has consistently relied on the oil sector and high taxes to mobilize revenues.
With the country’s exposure to oil revenue volatility from oil production and the decline in prices recently, government is hard-pressed for money.
According to ACEP, “This is what happens when government plays the ostrich with the oil boom period. For an estimated $484.79 million in petroleum revenues for the first half of the year, government only got $87.15 million.
“This is the lowest revenue Ghana has ever realized since oil production started in 2010. There is no other time to appreciate the signal than now that oil revenues should be invested as capital to aid economic diversification, failing which the budget continues to be revised on account of oil revenue shortfalls.”
High taxes
Government’s introduction of the ‘killer’ taxes has forced many businesses to relocate to neighbouring countries which have rendered many people jobless.
This is because a lot of companies cannot compete on the local market owing to the influx of imported goods whose prices are cheaper than locally made goods.
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