Imported items at the port
Ghana is known to be an import-driven country, which has dire consequences for the economy.
To help address this issue, the Greater Accra Regional Chairman of the Association of Ghana Industries (AGI), Tsonam Akpeloo, has emphasised the importance of prioritising local raw materials for production.
According to him, sourcing raw materials locally for the production of finished goods will ease pressure on the local currency, the cedi.
He also noted that this move would help address the vulnerabilities in Ghana’s supply chain, which were exposed during the outbreak of the global COVID-19 pandemic.
In an interview with Citi Business News, Akpeloo stressed “the need for urgent government intervention through the newly established Ministry of Trade, Agribusiness, and Industry.”
“The association believes this shift is crucial for long-term economic stability and industrial growth,” he added.
Over the years, AGI has expressed concerns over the high rate of imported goods in the country.
The Association stated that this trend gradually weakens local industries, thereby widening the trade deficit.
This, in turn, contributes to the high inflation rate recorded in the country and leads to the constant depreciation of the cedi.
The use of local raw materials would not only reduce dependency on imports but also create job opportunities and stimulate economic growth.
Akpeloo called for enhanced collaboration between the government and the private sector to invest in local production capabilities and infrastructure.
SA/MA
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