Finance Minister Dr. Cassiel Ato Forson has outlined strategic measures to boost local production and reduce reliance on imports in a meeting with the Association of Ghana Industries (AGI).
In a meeting with the leadership of AGI, the government reaffirmed its commitment to strengthening Ghana’s industrial sector as a foundation for economic growth and job creation.
“No country develops without a strong industrial sector. While trading is important, it must be backed by deliberate government policies to build and sustain industries that drive employment and economic expansion”
Dr. Cassiel Ato Forson, Minister of Finance
Dr. Forson emphasized the urgent need for deliberate government policies to sustain and expand Ghana’s industrial sector. He expressed concern that Ghana had not done enough to promote local industries and stressed the need for immediate reforms.
The finance minister identified agri-business as one of the most promising sectors for expansion, particularly in supplying markets in the “Sahel region and neighboring countries.”
He urged industry leaders to pinpoint areas where the government could support them through fiscal policies and regulations that protect local businesses and stimulate growth by eliminating the typical challenges they face.
He stressed the need for the country to be proactive in its advancements in the sector to enhance creating sustainable jobs for its teeming unemployed Ghanaian youth.
Dr. Forson lamented Ghana’s continued dependence on imports for basic commodities too.
“It is unacceptable that Ghana continues to import basic commodities like sugar and rice when we have the capacity to produce them locally. That is why the government is taking decisive steps to support local production”
Dr. Cassiel Ato Forson, Minister of Finance
He stressed that reversing this trend was a priority for the government as it seeks to completely change the country’s economic fortunes on all relevant fronts.
Procurement to Favor Local Industries
To ensure that state resources are directed towards strengthening Ghanaian businesses, Dr. Forson announced that the government would soon publish a list of items that all government agencies must procure locally.
“Moving forward, any government procurement outside Ghana will require special approval from the Office of the President”
Dr. Cassiel Ato Forson, Minister of Finance
All government agencies will be mandated by law to subject all their procurement processes to the new measures set forth by the government.
This directive is expected to give local manufacturers a significant boost by guaranteeing them a steady market for their products.
It also forms part of a broader effort to encourage industrialization and reduce capital flight, all of which will strengthen the country’s economic position.
Crackdown on Smuggling
Another major concern raised during the meeting was the impact of smuggled goods on local businesses, which he described as “hurting” them. Dr. Forson assured AGI that the government was actively addressing this issue.
“We have identified the smuggling routes, and concrete measures to stop this practice will be announced soon”
Dr. Cassiel Ato Forson, Minister of Finance
Smuggling has long been a challenge for Ghanaian industries, as illicit imports undercut locally produced goods, making it difficult for local businesses to compete, talkless of thrive.
The government’s renewed focus on combating smuggling is expected to level the playing field for domestic producers.
AGI Welcomes Government’s Commitment
The President of AGI, Mr. Humphrey Ayim-Dake, expressed appreciation for the government’s initiatives and welcomed the commitment to strengthening Ghana’s local industries.
He highlighted the need for continuous engagement between the private sector and policymakers to shape policies that will create a conducive environment for Ghanaian businesses to thrive.
He commended the government’s approach as one that if implemented properly held potential for positive sweeping reforms for all local businesses.
This, he observed, would not only benefit stakeholders in the immediate local industry but the nation as a whole.
Dr. Forson reaffirmed the government’s vision of building strong local industrial giants capable of competing within the sub-region and beyond.
“Together, we will transform Ghana’s economy through strategic policies, industrial expansion, and job creation”
Dr. Cassiel Ato Forson, Minister of Finance
He emphasized that such policies and growth ambitions would be at the heart of Ghana’s economic transformation agenda.
With these measures in place, the government hopes to create a more resilient and self-sufficient economy, driven by local production, industrial innovation, and sustainable employment opportunities.
