Unfair competition is killing Ghana’s textile industry – Federation of Labor

On May 8, 2020, the Deputy General Secretary of the Ghana Federation of Labour, Ken Koomson, lamented the speed with which unfair competition was gradually pushing the textile industry into bankruptcy.

He explained that local textile companies were not able to compete with foreign companies in the country because Ghana, just like most African countries, had become a big market for foreign products.

Read the full article originally published on May 8, 2020 by laudbusiness.

Ken Koomson, Deputy General Secretary of the Ghana Federation of Labour, has said that local companies are unable to compete with foreign companies in the country because Ghana, just like most African countries, has become a big market for gods foreigners.

For example, he said, the local textile industry is unable to compete with its foreign counterparts due to the unbridled taste of Ghanaians for such foreign products.

Mr. explained that if the trend does not stop, it will be difficult for local businesses to create jobs for Ghanaians to survive during the outbreak of pandemics such as coronavirus.

Speaking on the Sunrise Show on Accra-based 3Fm, he called on Ghanaians to prepare for tougher times ahead following the impact of the coronavirus pandemic on global economies.

He told show host Alfred Ocansey on Thursday, May 7, that given that Africa, and for that matter Ghana, has become a big market for goods produced by advanced countries, citizens will have to prepare for a difficult season ahead following the devastation of these countries. giant economies by the pandemic.

However, Mr Koomson said that to be able to address the impact of the pandemic on local businesses, African governments will need to rethink the type of policies formulated to support and grow their own economies.

“We will have to prepare for more difficult times to come, it is a shame that I have to speak like this,” he said.

“Given the developments we are seeing in other parts of the world and given that this is a global village, you cannot pretend that you are alone.

“Most of the jobs that have been created are from foreign direct investment and so we need to rethink our economic and political module, like Ghana and Africa, to see what kinds of methods could be adopted in the future to ensure that in such unexpected situations. events do not affect us to that extent,” he added.

He further noted that the first President of Ghana, Dr. Kwame Nkrumah, set the good example that should have been followed by current African leaders in building a resilient economy through industrialization.

“Kwame Nkrumah set a precedent that should have been followed: the industrialization and resourcing of our local businesses.

“Take for example the textile industries. In the past it employed around 25,000 people, today we are talking about less than 1,000. So we have to ask ourselves: what is really the reason why the textile industry is recording such low numbers? Unfair competition.

“The textile industry is unable to compete with products imported from China because we have to understand that this is a country that is the super market of the world. We import almost everything, including toothpicks.”