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Business news for Friday, February 26, 2021
Source: www.ghanaweb.com
02/26/2021
Alan Kyerematen, Designated Minister of Commerce and Industry
The Designated Minister of Commerce and Industry, Alan Kyerematen, has stated that his ministry has a progressive comprehensive intervention in place to reduce the import of three important products such as sugar, rice and poultry into the country.
Alan claimed that the country spends about $ 1 billion on importing these products into the country.
“We are almost close to a billion dollars in imports on average for no reason because we have the local capacity to be able to do import substitution to produce these commodities, but this supports the decision of the President of Ghana to launch a comprehensive program for the transformation industry that my ministry has been leading and basically this transformation program is anchored in two parallel tracks. First is to make sure that we produce for export and second also that we produce for import substitution purposes and then we have a very comprehensive intervention that we have implemented ”, he said.
In addition, he stated that “comprehensive transformative interventions include building the capacity of local companies to be able to import substitutes and also produce these products for export and we are already on the right track and that is the basis of our industrial transformation agenda” .
Responding to a question about how many 1 District 1 Factor (1D1F) was started during his first term, Mr. Kyerematen said, “The 1D1F is a revolutionary invention that has been introduced into the country.”
