The Ministry of Trade and Industry has introduced new economic reforms that check and analyze the growth of the country’s economy.
The Deputy Minister Hon. Herbert Krapa revealed this while speaking at the Spark up 2021 summit, organized by the Ghana Investment Promotion Centre Program(GIPC), under the theme: Maximizing Ghana’s Investment Potential.
Hon. Herbert Krapa stated that the fundamental role of these reforms is to boost the economy of the country.
“Youth unemployment, poverty reduction, and inclusive economic growth continue to hinge on the strategic investment in critical sectors of our economy. Increasing strategic investment into our economy is a necessary condition to spare growth, and ensuring the right investment climate to sustain such investment is equally fundamental. The role of the ministry of trade and industry in maximizing Ghana’s potential cannot be overstated,” he said.
Hon. Krapa added that increasing the strategic mechanisms in the economy is a fundamental requirement to enhance growth in the domestic and international trade industry.
“In line with the President’s vision, the ministry of trade and industry, has a core mandate as a lead policy advisor to the government on the trade industrial private development, with the responsibility of formulating policy the promotion of domestic and international trade industry. Since 2017, the ministry has embarked on a ten-point industrial transformation agenda, aimed at maximizing amongst other things the potential of Ghana.
They include the national industrial revitalization program, the very popular one district one factory program, strategic anchor industries, industrial packs at special economic zones, development of micro, small, and medium scale enterprises, domestic retailing infrastructure enhancement, industrial subcontracting exchange, improving private sector dialogue and business regulatory reforms.”
He further stated that the implementation of these regulatory reforms seeks to establish transparency in the sector and will promote investor confidence in the country.
“The business regulatory reforms which are currently being undertaken by the ministry are to ensure transparency and stability in the investment climate of our country. Evidence shows that such a climate is a sure way of attracting investment into an economy. They are seven components of this program, currently being implemented. First targeted reforms initiatives, to ease the way we do business in our country and is a coordinated national program, to improve Ghana’s performance, in key indicators and annual ranking on World Bank’s ease of doing business index.
The E-register of business regulations, which is an online inventory. That provides businesses with an easily accessible, one-stop repository of up-to-date information of all business regulations, laws, directives, procedures, forms, and fees enforce in Ghana. The public consultation portal, regulatory impact assessment, and finally the public-private dialogue, a permanent mechanism for structured private dialogue, which involves regular consultation between government and the private sector.
In a few days, the ministry will be organizing the maiden presidential business summit with the framework of our public-private dialogue concept. The ministry of trade and industry believes that full implementation of reforms, coupled with the complementary efforts of the Ghana investment promotion center and other related agencies will further improve investor confidence in Ghana,” he added.