The Chief Executive Officer of Joy Industries Ltd, Dr Manfred Takyi, has appealed to the government to provide tax holidays to indigenous Ghanaian companies to assist them to grow. He has also advocated for the establishment of a special fund to support local industries which are performing well and which seek to expand beyond the frontiers of the country.
Dr Takyi made the appeal when members of the Parliamentary Press Corps called on the management of Joy Industries Ltd at Suhum in the Eastern Region last Saturday.
The call formed part of a programme drawn up by the press corps to ascertain the problems faced by indigenous Ghanaian businesses in order to bring them to the attention of the government.
The company produces medicated ointments and soap, as well as alcoholic and non-alcoholic beverages.
The products, which are all herbal-based, are Joy Ointment, Joy Medicated Soap, Joy Twedee Bitters, Joy Mmaa Twedee Bitters, Joy Dadi Bitters, Joy Dadi Lime and Joy Twedee Ginger.
The company employs more than 1,000 people directly and indirectly.
Successes in spite of challenges
Dr Takyi noted that the company, which was established 10 years ago, had won several awards both within and outside the country.
He named them as the "Fastest growing herbal brand in West Africa, 2014; Herbal product of the year 2014" and "Best beverage award, 2015."
In spite of that, he said there were challenges.
He named the challenges as high taxes on locally produced alcoholic beverages and the lack of incentives for indigenous companies.
He noted that the support for local companies would ensure the growth of the economy and the availability of jobs for the youth.
"If the government supports local companies, they will be able to expand, export and bring in the much needed foreign exchange into the country. There will be no need for the government to borrow if the economy thrives," he said.
Other investments and CSR
Dr Takyi said the company had established six radio stations in Nsawam, Ho and Koforidua and had acquired a 1,000 acre land in the Eastern Region which it intended to develop into a private zoo, a canopy walkway and a five-star hotel.
He said Joy Industries had also constructed boreholes for communities which did not have water, paved roads, built schools and medical facilities for deprived communities.
The Deputy Chief Executive Officer of Joy Industries, Dr Harrison Tetteh, said all products manufactured at the company were made with pure herbs and added that â€˜â€™we do not use synthetic flavours or colour in the manufacture of our beverages, ointments and soaps."
He said the company would soon begin the manufacture of herbal malt-based beverages.