The government is to introduce a new garment and textile manufacturing policy and incentive framework to position the country to take advantage of global opportunities in the industry.
The policy, which was formulated after extensive consultation with stakeholders, seeks to attract and facilitate targeted investments in the industry.
The Minister of Trade and Industry, Kobina Tahir Hammond, announced this in Accra yesterday at the US-Ghana Business Expo organised by the US Embassy in Ghana, in partnership with the American Chamber of Commerce (AMCHAM) Ghana.
It was on the theme: “Leveraging US-Ghana trade relation for growth and prosperity.”
The minister said there had been a shift in global sourcing in the textiles industry which the country could take advantage of.
He said that increased manufacturing costs in leading garment manufacturing hubs had left buyers searching for long term cost-competitive sourcing destinations.
Ghana US relations
The minister said the theme resonated with the shared commitment to foster strong bilateral ties between Ghana and the US.
“Obviously, we would like to see more export of our products to the US market, the most lucrative consumer market globally,” he said.
Hammond said this could be achieved through increased investment from the US, especially the largely untapped opportunities the US market under the African Growth and Opportunity Act (AGOA), and the Prosper Africa initiative of the US government.
“This morning, I had the opportunity to engage in fruitful bilateral talks with the Under Secretary of the US Department of Commerce, Marisa Lago.
“We reviewed our bilateral relations, reiterated the need to renew AGOA post-2025, shared views on the business climate, as well as the automotive industry.
“We also agreed to build commercial linkages between US-owned businesses and the African market with Ghana as the manufacturing hub,” he said.
Initiatives
Ms Lago said the US appreciated the tremendous effort being made by Ghana to welcome many black Americans and US businesses through campaigns such as the “Year of Return”, and the “Diaspora business roadshows”.
She said Africa has had strong diaspora ties with the US and was also one of the world’s fastest growing populations with the potential to become the largest burgeoning free trade area.
“To give you a sense of the strength of US business interest in Ghana, we initially started recruiting and inviting applications back in December last year.
“It did not take long at all until we had a pool of almost 200 companies vying for the opportunity to be here with us today,” Ms Lago said.
The President of AMCHAM Ghana, Ayesha Bedwei, also said that the programme marked a significant milestone in strengthening trade ties between Ghana and the US.
She said over 40 exhibitors had showcased their products and services, depicting the entrepreneurial spirit of the two countries.
“This expo exemplifies the mutual desire for meaningful partnerships and new avenues for growth and investments.
“It also serves as a platform to leverage our strength and foster robust economic partnerships.
Let us forge partnerships that promote trade, investments, technology transfer and skills development for our mutual growth,” Ms Bedwei said.
Significance
The US Ambassador to Ghana, Virginia Palmer, also said the business expo was a demonstration of the strong commitment by the two countries to build stronger economies and create prosperity and jobs.
She said US companies had been at the forefront of development in many key sectors in the country such as telecommunication, mining, industry and food processing and packaging.
Ms Palmer said that most of the American companies coming to Ghana were diasporians and people who knew and understood Ghana or were interested in tracing their roots in the country.
SOURCE: GraphicOnline
