‘Add Value To Ghana’s Resources’- Otumfour

asantehene-otumfuo-osei-tutu

The Asantehene, Otumfuo Osei Tutu II, has called for value addition to all Ghana’s natural resources to make them competitive on the international market to strengthen the economy. He said the reason for the current trade imbalances was as a result of the continuous exportation of the country’s resources in their natural forms without the pursuit of adding value to them in order to make them competitive on the international market. According to the Asantehene, the way forward was for Ghana to industrialise and focus more on export than the over reliance on the importation of all manner of goods into the country.

He said President Akufo-Addo’s Ghana ‘beyond aid’ mantra would remain a mirage, if Ghana did not shift from an import-driven economy to an export-driven economy. The Asantehene made the call when the management and board of Eximbank called on him at the Manhyia Palace in Kumasi last Friday.

wpid-otumfour

Job creation : Otumfuo also stated that it was not the responsibility of the government to create jobs but rather support the private sector through the creation of enabling conditions for the latter to thrive and create employment for the people. He said the Eximbank was one of the institutions that could complement the government’s efforts by putting up the needed infrastructure for the private sector to grow. The Asantehene, however, called for regular monitoring of Eximbank support to the various sectors to ensure prudent management.

Economic transformation : The Chief Executive Officer of Eximbank, Lawrence Agyinsam, announced that plans were afoot for government to site one of its biggest factories in Kumasi as part of its policy to transform and expand the economy. He said government was ready to commit between $5 to $10 million in what would become the Ashanti Region’s biggest factory. Mr Agyinsam also hinted that about 34 projects, including some One-district, One-factory projects, had been approved by the bank for a take-off. The Board Chairman of Eximbank, Mr Kwadwo Boateng Genfi, said the bank would help reform the economy with timely and strategic interventions across the country.

Eximbank : The Eximbank, an amalgamation of three companies; Edith Bank; Export Finance and Exim Guarantee, which is helping to add value to 10 agriculture produce, is also supporting the government’s flagship programme; One-district, One-factory. The support includes making the poultry industry more viable, enhancing the pharmaceutical industry with $50 million, expansion and growth of cashew and oil palm production and an investment of GH¢15 million in cassava seedlings to produce starch for export as well as value addition for the production of shea butter.

0 comments

Other articlesgo to homepage

16 Suspected Illegal Miners Arrested At Kobro Forest In Ashanti Region

16 Suspected Illegal Miners Arrested At Kobro Forest In Ashanti Region

16 miners has been rounded up deep inside the Kobro forest reserve in Ashanti Region, a place believed to have huge mineral deposits. The taskforce working under the Inter-ministerial committee retrieved 14 long butt pump action assault rifles and one rare military grade M16 assault rifle. Six new excavators were also grounded. The arrest of

KUHIS Assistant Head Summoned Over Sodomising Allegations

KUHIS Assistant Head Summoned Over Sodomising Allegations

The Ashanti Regional Directorate of the Ghana Education Service (GES) has summoned an Assistant Headmaster of the Kumasi High School (KUHIS), Mr George Amponsah-Duodu, to appear before its disciplinary committee over allegations of sodomising a student. In a letter dated November 20, 2018 and signed by the Head of the Legal Unit of the Directorate,

Kumasi Metropolitan Assembly To Destroy 400 Sited Houses In Waterways

Kumasi Metropolitan Assembly To Destroy 400 Sited Houses In Waterways

Four hundred houses sited in waterways in the Metropolis of Kumasi is soon to be demolished by KMA. This intended exercise, which would require GHc1.99 million, following a valuation for its implementation, aims at averting flooding in the metropolis. The mayor of Kumasi, Osei Assibey Antwi, who gave hints of the said exercise, while addressing

Best Bluetooth Headset, HandsFree Wireless Earpiece

Best Bluetooth Headset, HandsFree Wireless Earpiece

As much as we enjoy being home all day listing to music from out Super base home theaters and Sub-woofers, we have to leave the house sometime. Leaving the house for a day does not mean we have to leave our soul food, all the best music at home, but with some high quality and

Rattray Park To Take New Shape- KMA

Rattray Park To Take New Shape- KMA

New development is set to upgrade itself at the Kumasi Rattray park. The Kumasi Metropolitan Assembly (KMA) under its 2019 Action Plan, is going to provide additional recreational facilities and services at the Park to bring in more revenue. Mr. Osei Assibey-Antwi, the Metropolitan Chief Executive (MCE), said a medical unit would be established at

read more
banner

Contacts and information

Please use any of the above contact information to get in touch with us...

Social networks

Most popular categories

All rights reserved.