President Nana Addo Dankwa Akufo-Addo has urged multinational firms in the country to extend their manufacturing operations to Ghana, and source their raw materials locally.
The President believes that the decision to bring on shore, the operational capabilities of foreign firms in the country would help create jobs and expand the economy.
President Akufo-Addo made the call yesterday when he inaugurated a biomass boiler, a personal care dryer, and an oral care factory of Unilever Ghana Ltd at Tema.
He commended Unilever for its decision to bring onshore, its operational capabilities into the country with the establishment of the three factories.
The President said the private sector, under his administration, would continue to work to create a stable economic framework and positive outlook for businesses.
"The days when economic indicators went haywire and through the roof are over. The days of disarray in our public finances, the reason for our recent 'marriage' with the IMF, are over," he said.
He said a new fiscal rule, meant to cap the fiscal deficit at a maximum of five per cent and ensures a debt-to-GDP ratio of a maximum of 65 per cent, had been enacted.
Additionally, he said a Presidential Fiscal Responsibility Advisory Council made up of independent-minded, renowned economists, and the Presidential Financial Stability Advisory Council, comprising of heads of the key regulatory agencies of the country's financial system, had been established to advise and assist the government to achieve those targets.
"We are determined to provide stability to our economy to serve as the foundation for its sustainable and rapid growth," he added.
President Akufo-Addo said the responsibility of creating jobs was primarily the responsibility of the private sector, with the active support of government.
"It is for this reason that, since assuming office two years ago, my Government set out to build the most business friendly economy in Africa.
"Through the abolishing of nuisance taxes, reduction of utility tariffs, and the introduction of reforms to ease the process of doing business in the country, we have succeeded, albeit modestly, in creating a conducive business climate where the macroeconomic fundamentals are all pointing in the right direction, spurring on the growth of the private sector," he said.
The goal of the government, he said, was to unleash the innovative and entrepreneurial instincts of the Ghanaian private sector to drive rapid growth and job creation.
The Minister of Trade and Industry, Alan Kyerematen said the stability in the country's macroeconomic environment was among the interventions aimed at creating the right atmosphere for businesses to be competitive.
He expressed the government's commitment to protect Unilever and other companies in the country from unfair trade practices.
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