Ministry To Declare War On Interest Rates-Spio-Garbrah

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Minister for Trade and Industry, Dr. Spio-Garbrah, has said that the relationship between Ghana and the United States (US), has improved significantly with Ghana benefiting immensely from the Millennium Development Account (MDA), AGOA etc, yet there are more opportunities that both countries have to exploit.

‘It is a known fact that Ghana has a short term energy deficit and if we are to improve our industrialization, we need a buoyant energy sector and Ghana will welcome investors in this sector’, he said.
Our mineral resources have not been effectively utilized. We have huge deposits of iron ore, bauxite and manganese which can be processed into a wide range of value added products for export.
The Trade Minister made this disclosure when he met the US Ambassador, gene A Cretz at his office on Friday.

As a country, we do not have a buoyant jewelry sector despite the fact that we export gold. The time has come for us to look for strategic partners to process our gold into other products for the domestic market and export. Your Excellency, we look forward to investors in these sectors from your country, he said.

Though Ghana prides itself as the 3rd producer of Cocoa in its raw form, we have not been able to significantly process them into chocolates and other products.

Dr. Spio-Garbrah, revealed that Ghana imports everything but what has not been exploited is low interest rate loans to support the growth and development of a vibrant industrial sector and was going to embark on an aggressive crusade on this area.

‘Under my tenure as Minister of Trade and Industry, I will declare war on interest rates since we cannot embark on any meaningful industrialization or private sector development when interest rates are killing them and I see US as one of our key allies in this endeavour’, he said.

In his remarks, the US Ambassador, Gene A Cretz said the political stability in the country make it ideal for investment and gave the assurance that his office will work closely with the Ministry of Trade and Industry to promote bilateral trade and investment between the two countries.

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