The Minister for Trade and Industry, Alan Kyerematen has told Parliament that the Akosombo Textile Limited is not on the verge of total collapse as being claimed by some members of the public.
He said the government is putting in place measures to ensure that the company, as well as the textile industry in Ghana, thrives.
Mr. Kyeremateng made the remarks on Wednesday when he appeared in Parliament to answer a question posed by the Asuogyaman MP, Thomas Nyarko Ampem, on government’s plans for saving the Akosombo Textiles Limited from collapse.
The Minister said the company was far from collapsing.
“I’m pleased to inform the House that Akosombo Textiles Limited is currently not in a situation that could be described as facing the risk of total collapse. The government has taken concrete steps to restore Akosombo Textiles Limited to its glorious days.”
The Trade Minister said the government has rolled out six policy measures for the industry.
Among them are tax stamps to identify tax compliant manufacturers with genuine wax prints.
He added that the government has also designated Tema port in the Greater Accra Region as the single port for bringing in textiles to check rampant smuggling as part of measures to revive the industry.
Cabinet in June 2018 granted approval for the Trade Ministry to take over and revamp the company.