The Ministry of Trade and Industry is pursuing trade and industry measures which ensure a stable policy environment for achieving a neutral status for Ghanaian industry, for export development and promotion, an outward orientation of the economy, and the enhancement of inter-sectoral co-ordination. Harmonisation and rationalisation of trade and industry polices are on-going.
Trade Sector Policies
In implementing medium-term policies in the trade sector; account is taken of Ghana’s objectives of participating fully in the globalised market, the rationalisation of tariffs, and the promotion of intra regional trade.
Policies are therefore being pursued within the framework of national macro-economic objectives and strategies that take account of the opportunities presented by the Uruguay Round results and other multilateral trade agreements.
In the medium term, trade sector policies that are the focus of attention are:
- creation of a buoyant and self-sustaining export sector
- expansion of domestic trade thereby ensuring the countrywide availability of goods at reasonable prices
- pursuit of efficient and effective import management practices
- adoption of anti-monopoly legislation and other regulations to protect the consumer
- pursuit of anti-dumping policies in international trade through rationalisation of all tariff and the identification of all non-tariff barriers to trade
- active and effective participation in multilateral trade for a secure increased market access for Ghana's exports especially processed and semi-processed goods and to achieve stable, fair and remunerative prices for commodities of export interest in Ghana
Industrial Sector Policies
The thrust of the industrial policy is the promotion of an accelerated and sustainable industrial development within a liberalised and global economic environment. Long-term policy objectives in the main are:
- increasing industry share of GDP to 37% (by 2020) from the current level of 16% with an average growth rate of 12%
- making Ghanaian manufactured goods competitive in the domestic and international markets
- establishing effective linkages between manufacturing, agriculture, education, services and other relevant sectors
- ensuring that all industrial operations are environmentally friendly
- securing increased domestic and foreign private investment in industry
- maximising the use of local raw materials in the industry
Medium term objectives consist of:
To enhance the achievement of these objectives, considerable emphasis is placed on capacity-building, promotion of women in industry, self-employment through entrepreneurial development, and micro and small enterprises development.
- Restructuring the industrial sector and rehabilitating major industries, including expansion, diversification and modernisation of existing viable enterprises and enhancement of their competitiveness.
- Promoting the establishment of new industrial capacities and environmentally sound industrial operations, including increased investment, development and acquisition of appropriate technologies in the following areas:
- food and agro-based industries, as well as forest industries
- building and construction industries
- metallurgical industries
- engineering industries, especially electrical and electronic industries
- textiles/garments and leather industries
- chemical industries
- energy-related and environmentally friendly industries
- packaging industries
- Promoting the local indigenous private sector and involving both local and foreign private enterprises to a greater degree in the industrial development of the country.
- Enhancing Ghana's international competitiveness in goods and services through standardisation.