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Textile industry needs attention to boost local manufacturing
Source : B&FT    Date : Tuesday 19 Sep, 2017 | 08:03 GMT
The Finance and Administrative Manager of Akosombo Textiles Limited (ATL), Justice Boateng, has come out to say that the annual consumption of textiles in the country is about 130 million yards, yet the three largest local manufacturers-ATL, GTP and Printex only produces 30 million yards; explaining why the remaining 100 million-yard deficit is being filled by cheap, counterfeit, pirated and smuggled Asian products.
This startling revelation was made when the Parliamentary Select Committee on Trade and Industry visited the Akosombo factory recently and the true state of affairs were laid bare.
Like Mr.Boateng outlined, the local industry faces high-interest rates, high electricity tariffs, fluctuating exchange rates, smuggling, piracy and counterfeiting which renders them less competitive than their Asian counterparts who in most instances, receive some assistance from their governments.
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