Takoradi: The Western and Central Regional Branch of the Association of Ghana Industries (AGI) has held its 22nd Annual General Meeting, along with an Exhibition and Job Fair, to discuss strategies aimed at growing the business community.
According to Ghana News Agency, the event provided a platform for members and businesses to showcase their products and services to prospective clients, while offering job seekers the opportunity to network and explore employment opportunities. The meeting, held in Takoradi, revolved around the theme: 'Creating a Conducive Business Environment for Industrial Competitiveness: 24-Hour Economy in Perspective.'
Mr. Joseph C. Garbrah, the Western and Central Regional Chairman for the AGI, emphasized that the concept of a 24-hour economy should extend beyond just cities where shops, restaurants, and bars operate day and night. He suggested that it should be a strategy to boost Ghana's economic output by significantly increasing the operational hours of vital industries and sectors.
He noted that the past year has seen a rapid and mixed economic landscape, characterized by fluctuating prices of oil, gas, and essential agricultural products, as well as gains made by the Ghana Cedi against major international trading currencies. These developments underscore the urgent need for innovative solutions and collaborative strategies to navigate the shifting economic environment.
Mr. Garbrah highlighted the importance of creating a conducive environment for industrial competitiveness to accelerate development in the Western Region and nationwide. The AGM's theme was selected to bridge the gap from the theoretical concept of this new policy to its practical application, with the aim of spurring growth.
Mr. Joseph Nelson, the Western Regional Minister, stated that the 24-Hour Economy policy is a strategic shift to position Ghana as a hub of productivity and competitiveness. Supported by a $4 billion investment target over four years, the program will kick off with government seed capital of $300-400 million, aimed at attracting further private sector investments.
The Minister noted that recent growth and improvements in industrial activity have laid a foundation for renewed economic resilience. The new administration is committed to consolidating these gains and accelerating industrial expansion, enabling businesses to leverage the 24-hour economy framework.
Mr. Seth Twum Akwaboah, the CEO of the AGI, emphasized the need for industries to have a consistent supply of high-quality raw materials to maintain production standards. He advocated for partnerships within the supply chain to ensure that raw materials meet industry standards, supporting continuous operations. He remarked that collaboration holds the potential to transform challenges into opportunities, helping businesses thrive and communities prosper.