THIS POLICY MUST WORK (OCT 9, 2010)

THE successful participation of every country in international trade is dependent, to a large extent, on the ability of its policy advisers to negotiate favourable terms of trade with its development partners within the context of the country’s priorities.
Every country wants the best for its people, and so at the World Trade Organisation (WTO) and regional groupings, the capacity to negotiate would go a long way to influence a country’s development agenda.
As a result, every country has put together its trade policy. For a developing country such as Ghana, the priority of such a trade policy will obviously hinge on industrialisation.
The reason for this is not far-fetched. Industrialisation is the surest way for a third world country like Ghana, wishing to break the back of poverty, to pursue because of its linkages to poverty reduction, employment generation, higher standard of living, revenue generation, savings and investments, among other interventions.
Therefore, the news of Cabinet approval of a new industrialisation policy must be one that groups such as the Ghana National Chamber of Commerce and Industry and the Association of Ghanaian Industries, in particular, will be interested in and desirous of taking advantage of.
The DAILY GRAPHIC notes that this is not the first time an industrial policy has been approved by the Cabinet and, certainly, it would not be the last of.
Considering, however, the evolution of world trade, the challenges of technology and our oil find, a new industrialisation policy that takes stock of the challenges of the industrial sector and provides some concrete relief to ensure the rapid development of the country is the ideal.
The DAILY GRAPHIC has on numerous occasions reported the distress call by the textile and garment industry, in particular, and many other sectors concerning unfair trade practices that have nearly crippled the once vibrant industrial sector of this country.
Much too often, it is only when the situation has worsened that action seems to be taken, albeit piecemeal solutions instead of resolute ones.
If, as announced by the Trade Minister, the key development objectives of the industrialisation policy are to expand productive employment and technological capacity in the manufacturing sector and promote agro-based industrial development, among other issues, then the new policy must be radical in thinking, and innovative in implementation.
Currently, industry is reeling under intense pressure from cheap foreign products imported under very unscrupulous circumstances.
The DAILY GRAPHIC therefore, believes that if the proposal of moving the country to a middle-income status in the shortest possible time is to be achieved, then the country needs an industrial policy that will provide some reprieve for industry with all the seriousness one could imagine.
We are convinced that the industrialisation policy is comprehensive enough and tackles issues of planning very seriously. This is with regard to government policy, such as the recent increases in utility tariffs without the proper consultations with industry, which nearly brought some industries to their knees.
An industrialisation policy that has short, medium and long-term objectives and which would not be the subject of political “football” when there is a change of government is what this country needs.
After all, industry and the government have a common goal; that is, to provide jobs and steady incomes for the people, while creating value for shareholder funds, the returns on which are re-invested in the economy.
It is about time the industrial sector was put in its rightful position in the national economic scheme to develop the Better Ghana Agenda. Anything short of that could be disastrous for our dear nation.