Privatize Failing State Companies

Dr Mustapha Oti Boateng, the Chief Executive Officer (CEO) of CHOCHO Industries Limited, has called on government to privatise failing state companies to ensure that they play their expected roles.

He said over the years many state companies have failed in their expected roles and this can be attributed to mismanagement.

Dr Oti-Boateng made this known when he joined Mr Eric Kwakye Darfour, the Eastern Regional Minister and some Executives of the Eastern and Volta Regional branch of the Association of Ghana Industries (AGI) and the Suhum Municipal Assembly to embark on an industrial tour in the Suhum Municipality.

The visit was to interact with the private sector and ascertain the challenges facing their businesses.

He said many of the local industries are faced with financial challenges and this has been worsened with the depreciation of the cedi.

Dr Oti-Boateng said CHOCHO Industry provides job opportunities for 300 direct workers, but the depreciation of the cedi has affected the total cost of production and the cost of the products.

He appealed to government to grant tax incentives to local industries to help sustain them and expand their potential to employ more youth.

Mr Darfour commended private companies for their role in complementing government’s efforts to create more jobs for the youth.

He said it is time to tap into the expertise of the local companies and support them to expand and contribute more to the socio- economic development of the country.

He urged the companies to take advantage of the One District One Factory (1D1F) initiative of government and write good proposals to the 1D1F Secretariat to attract the needed financial support.

Mr Darfour said the 1D1F policy is not to assist only starters who are venturing into business but to also support those already in business who want to expand as well as to revive defunct businesses.

The industrial tour took the team to Joy Industries Limited, producers of alcoholic beverages and herbal ointment, Center for Scientific and Industrial Research (CSIR) sachet water producing sector and Bampoe leather works.

Other places visited include AFRITECH Y.A. Industry and Training School, manufacturers of steel chairs, beds and Kwayis Christian Herbal Clinic, as well as producers of herbal medicine and alcoholic beverages.

Source: GNA