• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Tuesday, June 28, 2022
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Trade Ministry on course to reduce Ghana’s import bill – Alan Kyerematen

Ernest ArhinfulbyErnest Arhinful
August 4, 2020
Reading Time: 2 mins read
ShareShareShareShare

The Minister of Trade and Industry, Alan Kyerematen says his outfit is on course to significantly reduce Ghana’s import bill with the implementation of the Ghana Automotive Manufacturing Development Programme.

Ghana’s import bill on the average annually exceeds 10 billion dollars.

In 2018 for example, the total imports amounted to about 12 billion dollars. The top 30 imports constitute 57% of the import bill.

Among the top three imported commodities or items were motor cars and vehicles for transportation of goods which represented about 12.5% of Ghana’s total import bill for the same year.

In addition, out of all vehicles imported annually, only about 10 percent are new vehicles and a significant number of imported vehicles are older than 10 years.

But sector Minister, Alan Kyerematen is optimistic about a significant change under the Ministry’s Strategic Anchor Industrial Initiatives, which includes the Vehicle Assembly and Components Manufacturing.

Already global vehicle giant Volkswagen has unveiled a new set of vehicles assembled in Ghana by Ghanaian engineers working in partnership with their foreign counterparts with some of the brand new vehicles selling at GHS 69,000.

Speaking at the unveiling ceremony, Mr. Kyerematen indicated that as a response to the unsustainable huge import bill situation, the Ministry of Trade and Industry in early 2017 identified Ten Strategic Sectors to be developed as the new Growth Poles for the Ghanaian economy.’

Among these Ten Strategic Sectors under the Strategic Anchor Industrial Initiative included Vehicle Assembly and Components Manufacturing programme.

This programme was not only to provide the opportunity for import substitution but also to diversify the Ghanaian economy which is overly dependent on few raw commodities such as Cocoa and Gold, and currently Crude Oil’ he stressed. According to him despite the skepticism, the government signed a memorandum of understanding with the Volkswagen group in 2018 which is already bearing fruit with the assembly of cars in Ghana.

“Again a number of interventions such as Component Manufacturing in partnership with our local auto technicians; Vehicle Financing through the local Banks and other financial institutions; access to Industrial Infrastructure to be established in collaboration with the private sector; and Skills Training and Technology Transfer through Ghanaian Universities, have all been outlined in the new Ghana Automotive Development Policy to ensure that Ghana harness the most benefits from these investments,” Mr. Kyerematen indicated.

President Akufo-Addo who officially unveiled the new VW vehicles directed all public agencies to source garments, textiles and vehicles from domestic producers.

According to him, the Chief of Staff has been directed to ensure all ministries, agencies, and departments give first preference to the acquisition of locally assembled vehicles when public funds are used to buy vehicles.

 

 

ShareTweetSendSend
Previous Post

Mpohor MP questions lack of progress with cocoa roads

Next Post

Return to site or your contracts will be cancelled – NAPO to GETFund contractors

Related Posts

Top Stories

‘What a shame’ – Police accuses Arise Ghana protestors of attacking them

June 28, 2022
Top Stories

Ghana may face judgement debt over stalled decommissioning of oil rig – INSTEPR

June 28, 2022
Top Stories

This ‘Grim Day’ in 1979 [Article]

June 28, 2022
Business

GIRSAL COO calls for more funding for Ghana’s agric sector

June 28, 2022
General

NEIP takes YouStart policy engagement to churches

June 28, 2022
News

Nana Kwaku Boateng lll takes over as new Omanhene of New Juaben [Photos]

June 28, 2022
Next Post

Return to site or your contracts will be cancelled - NAPO to GETFund contractors

TOP STORIES

‘What a shame’ – Police accuses Arise Ghana protestors of attacking them

June 28, 2022

Chaos at Krom Ayɛ Hye demo as Police fire tear gas on protestors

June 28, 2022

Ghana may face judgement debt over stalled decommissioning of oil rig – INSTEPR

June 28, 2022
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT