About 60 economically viable but struggling businesses in both private and public sector have received financial and technical support as part of stimulus package under the National Industrial Revitalization Program.
According to Deputy Minister of Trade and Industry, Carlos Ahenkora, the program has been successful over the two years but hoping to bring more businesses on board by the end of the year.
The National Industrial Revitalization Programme is an initiative by the government to revive struggling businesses with the potential to expand if given support.
Carlos Ahenkora spoke with JoyBusiness after addressing members of the Ghana South African Business Chamber at a breakfast meeting in Accra on Thursday.
“We have received about 84 of the applications but upon going through the process, our investigations and getting support from some consultants, we have identified about 60 of them which have received support and are doing well now,” he said.
Sectors that benefitted from the program include manufacturing, agribusiness, textile and among others.
Carlos Ahenkorah assured that besides the 60 businesses that received support, the government will be working to support other smaller industries that need some intervention.
He said “Government will not stop these kinds of interventions because the industrial sector is very crucial to the growth of the economy. I can point at Akosombo Textile Limited, ATL and other related agencies in the textile industry”
The government in the 2018 budget and policy statement committed to reviving struggling industries and SMEs in the country.
President of the South African Business Chamber, Ashley Rix believes that the various industrial reforms introduced by the government will yield positive outcomes.
The meeting was aimed at helping the members of the chamber take advantage of the good business outlook for 2019.