President John Dramani Mahama has assured Ghanaian-owned industries of government support through the provision of appropriate incentives to help them expand their operations, grow local businesses and create jobs.
He gave the assurance during a visit to DTRT, a Ghanaian-owned textile and garment manufacturing company, where he commended its growth from about 500 workers at its initial factory in Accra to more than 6,000 employees, mostly women.
President Mahama said the growth of DTRT demonstrated the potential of domestic investment to drive industrial development and employment creation.
He noted that the textiles and garments sector was a major source of employment and had therefore been included in the government’s New Economy Programme, which aims to channel investment into sectors capable of creating significant numbers of jobs.
Under the programme, government plans to invest two billion dollars annually in job-rich sectors, including textiles and garments.
President Mahama further announced plans to finance the construction of three additional textile factories next year in collaboration with private-sector entrepreneurs.
He said government was committed to creating an enabling environment for businesses to thrive, stressing that local investors deserved the same support and attention given to foreign investors.
“We do not roll out the red carpet only for foreign investors. We roll it out also for domestic investors,” he said.
The President also acknowledged concerns raised by Free Zones industries over provisions in the new Customs Act, which they say have reversed some of the incentives previously available to them.
He said a meeting would be held involving the Ministry of Trade, Agribusiness and Industry and the Free Zones Board Authority, following the return of the Finance Minister from the World Bank and IMF meetings, to address the concerns.
President Mahama assured the industries that government remained committed to helping them expand and create employment opportunities for young people.
On DTRT’s expansion plans, he said the company was building a new factory expected to accommodate about 5,000 workers per shift across three shifts.
He also pledged government support through subsidised worker training to reduce the company’s costs and facilitate the factory’s commencement of operations.
President Mahama said the support would help strengthen the textile and garment industry while advancing the government’s job creation agenda under its 24-hour economy policy.
