The Minister for Trade and Industry, Ms. Hannah Tetteh has said government will empower the private sector to stimulate growth and create the needed employment in the country.
She intoned that the government will spearhead vital policies and programmes to ensure that targets under the 2011 budget is fully attained since the private sector is the engine of growth,.
Ms. Tetteh revealed this in Parliament yesterday, when she moved the motion for the approval of GH¢82, 603,136 for the activities of the Ministry of Trade and Industry for 2011 fiscal year.
Ms. Tetteh indicated that government fully recognises the impact of international trade rules on the development of the nation and in this regard her ministry is currently engaged in parallel negotiations with the World Trade Organisation, global Doha Development Agenda, Economic Community of West African State and the Economic Partnership Agreement in order to build strong trade relations with the nations development partners.
She noted that the Ministry this year established a fifteen-member National African Growth and Opportunity Act (AGOA) implementation Committee to pursue the objectives of the Act to maximise gains.
According to Ms. Tetteh, the new industrial development policy has received Cabinet’s approval and it will assist government to achieve sustainable, equitable and widespread private sector-led competitive growth and industrialisation.
The Micro, Small and Medium Enterprises Development Programmes through its Business Development Service Fund has provided US$3.3 million as grants to 142 SMEs to acquire technical assistance to address problems of low productivity, access to markets and finance for business.
Giving the outlook for 2011, Ms. Tetteh said the Ministry has develop an Industrial Sector Support Programme to complement its programme which has the potential of creating jobs, increasing foreign exchange and the diversification of the nations export base. It is also vigorously embarking on various programmes such as the Cotton Support Programme to serve as a raw material that will revive the textile and garment industries in the country.