President Nana Addo Dankwa Akufo-Addo has pledged to diversify the Ghanaian economy and move it from an import-based to a value-added exporting one.
In his address on the current state of the economy, the President disclosed that this would strengthen the local economy.
To do this, the President announced that his government would discourage the importation of goods that could be produced in Ghana.
Some of the goods he mentioned were rice, water, pasta, fruit juice, toothpick, and ceramic tiles among others.
He said “My fellow Ghanaians, the success of our efforts at diversifying the structure of the Ghanaian economy from an import-based one to a value-added exporting one is what will, in the long term, help strengthen our economy. We are making some progress with the 1D1F but our current situation requires that we take some more stringent measures to discourage the importation of goods that we can and do produce here.
To this end, we will review the standards required for imports into the country, prioritise the imports, as well as review the management of our foreign exchange reserves, in relation to imports of products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana. Government will, in May 2023, that is six (6) months from now, review the situation. We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid.”
The President added that “Much as we believe in free trade, we must work to ensure that the majority of goods in our shops and marketplaces are those we produce and grow here in Ghana. That is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products, and guarantee a stable currency that will present a high level of predictability for citizens and the business community. Exports, not imports, must be our mantra! Accra, after all, hosts the headquarters of the Secretariat of the African Continental Free Trade Area”.
