The Trade and Industry Minister Alan Kyerematen has described the improvements in the financial sector as a key measure that will help local businesses to be competitive.
According to him the move by the Bank of Ghana to collapse some banks has strengthened existing banks and made them well-capitalized to provide the needed financial support for local businesses to expand.
Speaking at the opening ceremony of the 2019 Ghana Industrial Summit and Exhibition, the Trade Minister announced other plans being undertaken by the government to make credit more affordable for industries.
“The whole idea of the financial sector reforms that are currently being implemented is to ensure that we have a financial sector that can support the competitiveness of the local companies.
There were many banks in Ghana that were not in the position to support investments because their capital base was weak and if you want to become an industrialized country to compete with other major players around the world and you cannot even finance a transaction of US$50 million, how do you become an industrialized country.
So, when we undertake these reforms, you may not appreciate the value of how the reforms are going to strengthen your competitiveness. But I want you to look at these reforms and if there are gaps, let us know and the Bank of Ghana will close those gaps for you. The 3rd Ghana Industrial Summit & Expo is being held by the Association of Ghana Industries with the Volta River Authority (VRA) from 10th-12th of September 2019 at the Accra International Conference Centre.
This year’s event focuses on industry and the global market with the theme: “Strengthening Ghanaian Industries for Global Competitiveness”. The summit 3-day summit is bringing together the entire business community, small, medium and large-scale companies alike, together to share ideas on moving the industry beyond the shores of Ghana to impact the world.