President Akufo-Addo(middle) being assisted by Mr Yaw Adu-Gyamfi (third from left), AGI President and other dignitaries cutting the anniversary cake.
The three global car manufacturing giants, Volkswagen, Nissan, and Sinotruk, will begin operations in the country from next year.
The companies have signed separate Memorandum of Understanding (MoU) with the government to establish assembly plants here in Ghana.
Speaking at the 7th Association of Ghana Industries (AGI) Industry Awards last Saturday, President Akufo-Addo said a comprehensive automotive industry policy would be launched to provide clear and consistent guidelines for the sector.
The President stressed the importance of the industrial sector to the development of the economy and indicated that the growth of the sector would position Ghana on the path of sustained progress.
When the exports of cocoa, gold, timber, oil, and other natural resources, in their raw form, account for over 80 per cent of our export revenue, then we know we have a problem we must urgently address, because raw material producing and exporting economies find it difficult to deliver on a sustainable basis wealth and jobs for their people, and enhance their living standards."
We all know that the world's leading economies were developed through industrialisation and value-added activities, and the greatest aspiration any of us could hope for is the realisation of the investment in the collective vision of Ghana becoming an export-oriented economy, driven by industrial production," he said.
President Akufo-Addo said his administration, since assuming office 21 months ago, had shown its determination to accelerate the growth of the industrial sector.
We have begun implementing initiatives such as the One-District-One-Factory (IDIF) programme, One Region-One Industrial-Park policy, the stimulus package for distressed companies, the facilitation of investments into new strategic anchor industries such as automotive and vehicle assembly, pharmaceuticals, garments, textiles, and the exploitation of our bauxite, iron ore and manganese resources, President Akufo-Addo said.
According to the President, the government has reduced electricity tariffs by 30 per cent for businesses and 10 per cent for mining companies as part of measures to reduce the cost of production in Ghana.
All these things are being done to stimulate the revival and growth of economic and industrial activities, and I am happy to see growth in the sector rebound from negative 0.5 per cent in 2016 to 17.7 per cent in 2017, our first year in office. It is projected to be 9.7 per cent next year, he said.
Touching on the government's flagship 1D1F, President Akufo-Addo said so far, 79 projects were being implemented under it, with 35 going through credit appraisal by officials of the Ministry of Trade and Industry and the financial institutions that are supporting the programme.
Under the stimulus package, $237 million have been disbursed to 16 companies, with an additional 35 being considered for support, he said.