Former President John Dramani Mahama has challenged Ghanaian businesses to expand domestic production of goods the country currently imports. He believes this shift is necessary to create jobs and build a stronger productive economy. Ghana can no longer afford to rely heavily on exporting raw commodities while importing finished products that could be produced locally. This is particularly relevant in areas where the country has the resources, skills, and market to compete.
President Mahama emphasized the urgency of this issue due to Ghana's rapidly growing youth population. He argued that economic expansion must generate employment at a pace that matches the number of young people entering the labour market. The country's young population is growing, and the economy must create opportunities at a pace that responds to that growth. This is crucial to address the unemployment challenges facing the nation.
President Mahama identified the 24-hour economy and the Accelerated Export Development Programme as key mechanisms for converting recent economic stabilisation into increased production, exports, and employment. The 24-hour economy framework is intended to allow businesses with viable markets to increase output through additional shifts rather than requiring every company to operate continuously. This framework enables enterprises with a market and commercial basis to create additional shifts, raise outputs, and employ more people.
The expansion of production would also generate opportunities beyond factories and farms. This includes transport, logistics, warehousing, cold-chain services, and digital businesses that support increased economic activity. By increasing domestic production, Ghana can create a more diversified and robust economy. This will have a positive impact on the country's overall development.
President Mahama made these remarks at the US-Ghana Presidential Roundtable in New York. He outlined his administration's strategy to move Ghana from macroeconomic stability towards higher productivity, stronger exports, and broader employment opportunities. The roundtable discussion aimed to strengthen economic ties between the United States and Ghana.
President Mahama's call to action is part of a broader effort to promote economic growth and development in Ghana. He has been engaging with various stakeholders, including investors and business leaders, to encourage investment in key sectors such as power, technology, and industry. By attracting investment, Ghana can accelerate its economic growth and create more job opportunities for its citizens.
The government's efforts to promote economic growth and job creation are crucial to addressing the country's development challenges. Ghana must produce more of the goods it currently imports, expand exports, and earn more foreign exchange to broaden the productive base of the economy. By doing so, the country can create a more sustainable and equitable economic growth model.
Key points
- Former President John Dramani Mahama has called on Ghanaian businesses to increase domestic production of goods currently imported to create jobs and build a stronger economy.
- The 24-hour economy and Accelerated Export Development Programme are key mechanisms for converting recent economic stabilisation into increased production, exports, and employment.
- President Mahama emphasized the urgency of this issue due to Ghana's rapidly growing youth population and the need for economic expansion to generate employment at a matching pace.
