Mr Kobina T. Hammond, the Minister for Trade and Industry, has iterated the government’s full commitment to working closely with key industries in the country to strengthen critical supply chains in the industrial sector.
According to the minister, the supply chains, especially those linked to local raw material producers and suppliers, would be targeted to enhance import substitution and export diversification. He noted that the government recognizes the private sector as an important partner in charting a sustainable path towards economic growth and industrial transformation.
“We fully recognize and accept that it is the Government’s responsibility to facilitate the business environment and ensure that it sets the framework conditions for making your continued success in keeping your supply chains efficient and sustainable as manufacturers,” Mr Hammond said.
Mr Kobina T. Hammond averred that developing a reliable and sustainable supply chain can be challenging, but once established, it could be rewarding not just for the company but also the actors along the value chain and within communities.
Mr Hammond made this known when speaking at the opening of the 6th Ghana Industrial Summit and Expo 2023 on the theme: “Industrialization through Sustainable and Efficient Supply Chains.” He noted that to ensure sustainability, it is important to build a supply base closer to the manufacturer to enable them to sustain “just in time” inventory for production. “As partners, we must continue to strengthen our long-standing relationship of consensus building on how we address some of the complex challenges facing the economy, and how we manage or mitigate any negative effects that may arise,” he said.
Mr Hammond indicated that an effective supply chain could engender improved efficiency, effective risk mitigation, and improved customer service as well as cost reduction. “These are what ensures that your products are delivered on time and in the right quantity, leading to satisfied customers, job security for employees, and increased profits for reinvestment,” he said.
Regulating Trading Standards
Mr Hammond expressed his determination to effectively regulate trading standards through the full implementation of some critical provisions of the Ghana Standards Authority Act to enhance fair trading and improve the enforcement of standards. “I have also directed the Ghana Standards Authority to initiate the processes to develop Measurement Standards for the Oil and Gas Industry in Ghana to enhance revenue assurance, transparency and accountability,” he said.
This also offers an opportunity to examine and address issues of concern to the industry and government, including enforcement of standards, adherence to environmental safeguards and market opportunities for existing producers to maximize the use of their installed capacity.
The Minister for Food and Agriculture, Mr Bryan Acheampong, on his part, appealed to Ghanaians to rally around the PFJ 2.0, which seeks to better mobilise investment into the sector and leverage technology to intensify on-going efforts for the modernization of Ghana’s agriculture.
Mr Bryan Acheampong explained that the programme prioritizes value chain development, private sector participation, market accessibility and inclusivity. He stated that agriculture presented the easiest and logical path to industrialization, adding that with effective planning and implementation of sound strategies, the sector can be relied upon to support industry through a sustainable and efficient supply chain.
Dr Ayim Darke, President of the AGI, on his part, said the Association is determined to scale up and build local production capacity for enterprise development to become African giants with the right support from Government. “Indeed, a combination of government and private sector-led Industrial development in the early stages of industrialization is non-negotiable,” he said.
Dr Ayim Darke noted that the AGI is prepared to work closely with the government to implement this import substitution policy which could inure to the country’s growth strategy.
Within this context, the raw material and efficient supply chain are crucial and the importance of developing the raw material base for local production cannot be overemphasized. “While finding pathways to deepen our industrialization drive in this three-day Summit, it is my wish that we explore ways of attracting investments to quickly develop the raw material base for what we grow, process and consume,” he added.