Trade

Trade Min. designate promises to boost SMEs to compete globally

By Eugene Davis

Minister-designate for Trade and Industry, Kwabena Tahiru Hammond, has resolved to  revitalise small and medium enterprises (SMEs) to make them sustainable  and competitive in the global value-chain.

He disclosed that a white paper already existed at the Ministry that deals with how to properly define and deal with the technical and economic aspects of these enterprises, and he plans to carry them out.

“We must make sure that our businesses are properly placed to be able to engage in competitions, and government is prepared to grant other financial incentives to our nationals, enterprises [SMEs] to be properly placed.

He added that the country “should look at a particular type of product we are best in producing to gain competitive advantage,” he said this when he appeared at the Appointments Committee of Parliament on Monday for his vetting.

On the need to ban second hand electricals, he maintained that he will wait for the collective cabinet decision, saying “I have seen that it is on the list that government has clear decision to be made on.”

Mr Hammond also indicated that the country needs to harness the full potential of ECOWAS and the Africa Continental Free Trade Area(AfCFTA) by establishing areas of trade, competition, granting tax incentives to boost regional trade.

He pledged to seek funds to industrialise the raw materials in Ghana.

“Industrialisation is the way to go. All countries who have made it, industrialised and we must do same. If we had industrialised long ago we would not be in this current situation we found ourselves now, so we must industrialise,” he stated.

He also promised to curb the menace where Nigerians and Chinese have taken over the retail markets in the country.

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