The Association of Ghana Industries (AGI) has set out to re-strategize and work with the government to ensure development and growth in the industrial sector.
The objective of the meeting is to collate information ahead of the national economic dialogue and also for the 2025 budget.
Dr. Humphrey Kwesi Ayim-Darke, the President of AGI, speaking with the media said the Council had fruitful deliberations with Mr Seth Terkper, Government Advisor on the Economy, Mr Goosie Tanoh, Advisor on the 24-hour Economy, and the GRA Commissioner-General.
Dr. Ayim-Darke said his members believed if the focus areas of the 24-hour economy, which includes the poultry value chain, the metal fabrication and metal works, textiles, pharmaceuticals, and cosmetics industry, were developed, it could be useful in helping the government to achieve the reset it so espouses.
“To the best of our ability, we believe once he focuses on this and we develop the value chain, the AGI will be very useful in resetting the economy with government and resetting manufacturing industries,” he said.
The meeting also brought to the fore issues militating against industrial growth such as foreign exchange, taxes, and other related policy reforms were tabled by the membership of the Association.
On tax reforms, Dr. Ayim-Darke said members proposed the bridging of the import duty gap and the Value Added Tax (VAT) collection gap, adding that the VAT threshold of GH¢200,000 also needed to be reviewed to meet the exchange differentials and the tax brackets.
Mr. Seth Twum-Akwaboah, Chief Executive Officer AGI, said the National Council looked at various models that would help to properly connect the value chains identified under the 24-hour economy, which could have industries running consistently on a 24-hour basis to create the needed jobs.
“We looked at the various models for making it work. We gave the example of the pottery industry, where the entire value chain, each stage can create jobs, and each stage is equally important. So that was extensively discussed with Mr. Goosie Tanoh, and members made meaningful contributions from across the sectors and across the country,” he said.
He raised issues of the multiple audits on companies, which affected their operations and did not give them enough room to operate their businesses smoothly, adding that it was important to ensure that tax administration worked effectively with industry to have a conducive environment.
Mr. Twum-Akwaboah said the issue of tax arbitration system also stood out during the discussion, “where if there are issues with taxes, you don’t necessarily need to resort to court, but you must go to the tax arbitration system, which is a composition of both the private sector and institutions and individuals to deal with the issues without going to court.”
