Elizabeth Ofosu-Agyare, the Minister-designate for Trade, Agribusiness, and Industry, has acknowledged the high cost of doing business in Ghana and pledged that the Mahama administration will take steps to reduce production and business expenses through the implementation of a 24-hour economy.
During her vetting by the Appointment Committee, Ofosu-Agyare emphasized that one of the key challenges for businesses in Ghana is the high cost of doing business. She reassured the committee that the 24-hour economy initiative would bring significant relief to businesses by addressing production challenges. “The cost of doing business and production is high. Under the 24-hour economy, the government will do things to reduce the cost of production and doing business,” she explained.
She also expressed confidence that the Mahama administration would fulfill the promise to create a Women Development Bank, which President Mahama had proposed during the 2024 election campaign. “Fortunately, the Women Development Bank is coming,” she said.
Additionally, Ofosu-Agyare discussed how the 24-hour economy would help address issues faced by the One District, One Factory (1D1F) initiative, which was introduced by former President Akufo-Addo. She noted that a significant challenge to the initiative has been the lack of adequate raw materials for factories, which has hindered its success. With the introduction of the 24-hour economy policy, businesses will be able to benefit from solutions, such as agribusiness initiatives like commercial contract farming, which will help to resolve the raw material issue.
“These factories will sign on to the 24-hour economy and get the benefit of raw materials, tax holidays, etc. This policy will significantly address the challenges faced by the IDIF initiative,” she assured the committee.
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