Stabilize the economy by investing in local manufacturing industries – Govt told

The Importers and Exporters Association of Ghana has appealed to Government to invest in the manufacturing industry to boost Ghana’s economy amid the Coronavirus pandemic.

The Executive Secretary of the Association, Sampson Asaki Awingobet, in an interview on the ‘Epa Hoa Daben’ show stated that the Government has not been completely honest on the resilience of Ghana’s economy.

He recounted that in the budget reading to parliament last year, the Finance Minister, Ken Ofori Atta, announced that the Ghanaian economy could withstand any shock for the next three months because of its resilience. However, after just three weeks of lockdown, the country was in ‘chaos’.

“COVID-19 has exposed us in the way we handle our economy. The Finance Minister made us understand that our surplus if anything should happen to us, can help us for three months. I was surprised because after what the minister said, in less than three weeks it was chaotic”, he said.

He noted that the solution to a robust economy was to focus on Ghana’s manufacturing industry. “We should concentrate on our manufacturers. Let’s restrategize and give good interest rates to our manufacturing industry. NABCO is only a cushion. But improving our manufacturing industry can stabilize our economy”, he added.

The Coronavirus pandemic has adversely affected trade volumes and values both domestically and internationally. Many have called for the enhancement of local production of goods and services as the pandemic has provided the opportunity for import substitution.

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