Akufo-Addo saved ATL from collapsing - Trade Minister

Alan Kyerematen made this known on Thursday, 22nd November, 2018, when President Akufo-Addo paid a brief visit to the Akosombo Textiles Limited on day 1 of his 3-day tour of the Eastern Region.

Trade and Industry Minister designate – Alan Kyeremateng

With ATL able to employ some 3,500 workers when operating at full capacity, Alan Kyerematen indicated that after the New Patriotic Party government left office in 2008, “this company was literally brought to its knees”, with the factory producing at less than 30% capacity.

“By the time that we took over, the management of ATL had already decided that enough was enough, and that it was time for them, with all the investments that they had made, to say goodbye,” he said.

The Trade Minister continued, “It took the courage of His Excellency the President to decide that ATL will continue. He marshaled all the arguments that he could, even amongst us his colleagues, to defend the point that it was important to save this company.

“And, that is why you will recall that Government had to intervene to save this company, and in addition to that, has been able to attract private sector investments to be able to ensure that this particular company will go to the point where it started from.”

The Trade Minister revealed further that the Akufo-Addo government has decided to introduce a number of policy measures to deal with the challenges of the textile industry as a whole.

These policies include the introduction of tax stamps, and the designation of a single import corridor, “so you cannot bring textiles into this country except through that designated corridor, which is through Tema.”

Alan Kyerematen bemoaned a situation in 2016 where, even though we 30 million yards of textile print was imported into this country, only one container was declared through the Tema Harbour.With ATL able to employ some 3,500 workers when operating at full capacity, Alan Kyerematen indicated that after the New Patriotic Party government left office in 2008, “this company was literally brought to its knees”, with the factory producing at less than 30% capacity.

“By the time that we took over, the management of ATL had already decided that enough was enough, and that it was time for them, with all the investments that they had made, to say goodbye,” he said.

The Trade Minister continued, “It took the courage of His Excellency the President to decide that ATL will continue. He marshaled all the arguments that he could, even amongst us his colleagues, to defend the point that it was important to save this company.

“And, that is why you will recall that Government had to intervene to save this company, and in addition to that, has been able to attract private sector investments to be able to ensure that this particular company will go to the point where it started from.”

The Trade Minister revealed further that the Akufo-Addo government has decided to introduce a number of policy measures to deal with the challenges of the textile industry as a whole.

These policies include the introduction of tax stamps, and the designation of a single import corridor, “so you cannot bring textiles into this country except through that designated corridor, which is through Tema.”

Alan Kyerematen bemoaned a situation in 2016 where, even though we 30 million yards of textile print was imported into this country, only one container was declared through the Tema Harbour.

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