By Paul Mamattah
The Flagbearer of the National Democratic Congress (NDC), John Mahama, has underscored the need to change Ghana’s economy from being import-dependent to export-driven.
He explained that by focusing on promoting exports, Ghana can not only reduce its reliance on imported goods but also boost its trade balance, enhance foreign exchange reserves, create job opportunities, stimulate economic growth, and ultimately improve the standard of living for its citizens.
Former President John Mahama, made the assertions in a meeting with the Council for Association of Ghana Industries (AGI), in Accra.
The meeting was in collaboration with the LAB, a Policy Think-Tank of the NDC, and the leadership of the AGI, to discuss industry challenges confronting the group.
Addressing the gathering, Mr Mahama, expressed his commitment to partnering with the industry to develop and implement an Industrial Policy that aligns with his vision of “Building the Ghana We Want.”
He entreated the industry layers to collaborate with his policy team in formulating this policy, emphasizing that discussions regarding this transformation have already commenced.
The NDC flagbearer, pointed out that the proposed Industrial Policy aims to provide government support for large-scale agricultural production to achieve food self-sufficiency and supply raw materials for industries.
Mr Mahama, stated that under his leadership, the next NDC government will give incentives to indigenous private sector, allowing them to have a significant stake in the country’s economy in various sectors.
According to him, the move aims to reduce financial outflows resulting from extensive profit repatriation. To support this objective, the government intends to give priority to Ghanaian businesses in procurement processes.
Mr Mahama, also revealed plans to revitalize strategic industries such as the Volta Aluminum Company (VALCO) adding that; the production of essential commodities like rice, sugar, tomato, fish, poultry, meat products, vegetable cooking oil, and pharmaceutical products will be boosted.
“Once local production capacity for these goods is achieved, the government will impose restrictions on excessive imports”. Mr Mahama emphasized.
He stressed that the NDC’s proposed policies seek to transform Ghana’s economy by promoting local industries, reducing import dependency, and increasing export capabilities saying; these initiatives aim to build a stronger and more self-sufficient Ghanaian economy, ultimately benefitting both the industry and the nation as a whole.
The former President, disclosed that the next NDC government would also boost industrial growth in all 16 regions by leveraging their comparative advantages. This includes, partnering with the private sector to establish industrial processing zones for crops such as palm, cashew, cotton, and among others.
These initiatives will be part of the 24-Hour Economy policy aimed at increasing production capacity and creating jobs for the youth and will also address constraints such as the availability of raw materials, access to credit, high utility tariffs, and high taxes to support industries in reaching their full potential.
He reiterated that the 24-hour Economy policy is expected to enhance production for both domestic consumption and exports, taking advantage of regional trade agreements.
Mr Mahama outlined his commitment to ensuring critical public sector services are provided around the clock, aiming to create a safe and secure environment for business transactions by implementing adequate street lighting and security patrols.
He added that to further support businesses, and operations at ports, the Lands Commission, Office of the Registrar of Companies, courts, and other essential public sectors will also operate 24 hours.
Mr Mahama emphasized the urgency of the situation, highlighting the significant damage inflicted on the country’s economy. Recognizing the need for swift action, he pledged his team’s unwavering dedication to restoring Ghana to its rightful position and assured that immediate efforts would be made upon his assumption of office on January 7, 2025.
Furthermore, in a plea for unity, the former President called for political differences to be set aside to collectively build a Ghana that meets the aspirations of its citizens. Highlighting the non-discriminatory nature of economic challenges, he emphasized that resolving them should transcend party lines.
The meeting between LAB, a Policy Think-Tank of the NDC, and AGI leadership signifies the NDC’s commitment to addressing industry challenges and supporting the business community. The proposal for a 24-hour economy aims to create an enabling environment for businesses to thrive while restoring stability and economic growth in Ghana.
