Deputy Director of the Youth Employment Agency, Nii Tetteh Laryea Cyril, has called for a shift in Ghana's and Africa's economic approach, urging the continent to stop exporting raw materials and instead add value to its products. Speaking on Ahotor FM's 'Yepe Ahunu', Nii Laryea emphasized that President John Dramani Mahama's recent foreign engagements have set a new economic agenda for Ghana and Africa. This agenda focuses on creating value from the continent's resources.
According to Nii Laryea, Africa's biggest economic contradiction has lasted too long - rich in resources such as gold, cocoa, oil, bauxite, yet poor in value retention. He argued that the model must change, and Africa must industrialize, add value locally, manufacture finished goods, and keep jobs and profits on the continent. Nii Laryea used Ghana's cocoa sector to illustrate the loss, stating that Ghana, the world's leading cocoa producer, makes little money from the beans, with the real profit coming after they are processed into chocolates and confectioneries abroad.
Nii Laryea stressed that Africa cannot continue to depend on Europe, Asia, and America to process its raw materials and then import those same products at higher prices. Instead, each African country must identify its comparative advantage and build factories and skills to process it fully. He also emphasized intra-African trade as a game changer, stating that if African countries trade more among themselves, wealth will stay within the continent, and businesses will have a bigger regional market to grow.
The YEA Deputy Director pointed to the Ghanaian diaspora as a major untapped asset for development financing and skills. He argued that Ghanaians abroad should not be seen as outsiders but as part of Ghana's human capital, with skills, capital, networks, and global experience ready to be tapped. Nii Laryea urged the government to create an attractive environment for Ghanaians both home and abroad to work, invest, and build businesses in Ghana.
Nii Laryea emphasized that Africa's prosperity will not come from exporting raw materials but from building its own productive capacity to manufacture, employ its youth, and own its value chain. He stated that the President's position signals a new direction where Africa must stop outsourcing its industrialization. This approach will enable the continent to retain value, create jobs, and increase its economic growth.
The Deputy Director noted that Ghana's cocoa sector provides a prime example of the benefits of adding value locally. He argued that Ghana must move beyond being just a cocoa producer and become a chocolate producer, where the value, jobs, and foreign exchange are. This approach will enable Ghana and other African countries to benefit from their resources and create a more sustainable economy.
Ultimately, Nii Laryea's call for a shift in Ghana's and Africa's economic approach emphasizes the need for the continent to take control of its economic destiny. By adding value to raw materials, industrializing, and trading more within the continent, Africa can create a more sustainable and prosperous future for its people. The government and other stakeholders must work together to create an enabling environment for this new economic approach to thrive.
Key points
- Nii Tetteh Laryea Cyril urges Ghana and Africa to add value to raw materials and industrialize.
- The Deputy Director emphasizes intra-African trade as a game changer for the continent's economic growth.
- Nii Laryea points to the Ghanaian diaspora as a major untapped asset for development financing and skills.
