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House stresses the need for rapid industrial development 

Accra, (Greater Accra) 24 Nov. '99,

Parliament on Wednesday underscored the need for rapid industrial development in the country to ensure the attainment of the objectives of Vision 2020.

In the view of members, "it is the only way through which the downward trend of the economy of our dear nation with an abundant natural and human resources can be reversed".

Making a statement on the floor of the House on the topic, Nana Asante Frempong, NPP-Kwabre, observed that Vision 2020 fully recognises the key role of industry in spearheading the national drive to achieve a middle income status.

"Without industrialisation, we are bound to fail and the objectives of Vision 2020 shall remain unattainable with posterity justifiably condemning us, and our guilt can never be erased from history," he stated.

He said, judging from the fiscal and budgetary problems that have been created by the fall in prices of gold and cocoa, the nation cannot continue to rely on these two commodities to achieve the economic growth targets set under Vision 2020.

Nana Frempong, therefore, stressed the need for export diversification by giving the local industry the needed support and assistance so as to propel the other sectors along the path of economic growth.

He mentioned high interest rates, lack of long-term loans, low domestic demand for locally produced goods, influx of imported goods, high corporate tax and the abuse of the bonded warehouse system and the gateway concept as some of the major problems facing industry.

He, therefore, charged policy-makers and legislators to address those problems to ensure the efficient performance of industry.

Mr Kwadwo Baah-Wiredu, NPP-Asante-Akim North, was of the view that the promotion of local investments will bring about efficient performance of industry.

Mr Nicholas Appiah-Kubi, NDC-Jaman, called on Ghanaians to patronise locally produced goods.

Mr Akwasi Osei-Adjei, NPP-Ejisu-Juaben, charged the universities to ensure that their subjects are geared towards helping industry to flourish.

While appealing to financial institutions to give long-term credit facilities to local industries, Mr Al-Hassan Kwaku Dadzie, NDC-Assin South, urged the industries to adopt technologies suitable to the Ghanaian environment.

Mr Albert Kan-Dapaah, NPP-Afigya Sekyere West, urged the banks to revise their punitive lending rates to local industries to enable them to go into more productive ventures to help turn the economy around.

Major Samuel Kwame Amponsah (Rtd), NDC-Mpohor-Wassa East, stressed the need to provide local industries with modern equipment to assist them in processing their finished goods for export.

Mr Joseph Darko-Mensah, NPP-Okai Koi North, urged local industries to guard against monopoly.

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