By: Celestine Avi & Seth Eyiah
The Minister for Trade, Agribusiness and Industry, Mrs. Elizabeth Ofosu-Adjare, has urged African countries to adopt bold, innovative, and coordinated financing strategies to accelerate industrialisation, warning that the continent stands at a decisive crossroads in its economic development.
Speaking at the Africa Trade Summit 2026 in Accra, Mrs. Ofosu-Adjare said the decisions African leaders make today will determine whether the continent emerges as a global industrial powerhouse or remains confined to supplying raw materials.
“Industrial policy is back, and it is being financed aggressively,” she said, highlighting a global trend in industrial transformation. “The question for Africa is not whether to industrialise, but how to finance it effectively amid fiscal constraints, competing priorities, and an increasingly protectionist global trading environment.”
Citing lessons from advanced economies such as the United States, the European Union, and China, the Minister noted that successful industrialisation depends on strategic blended financing, combining public funds with private investment, and targeting sectors with clear value chain potential. She added that these strategies, while challenging to global trade norms, present opportunities for deeper African regional integration, particularly under the African Continental Free Trade Area (AfCFTA).
Ghana’s Strategic Industrial Focus
Minister Ofosu-Adjare highlighted Ghana’s shift towards sector-specific industrial policies. The textiles and garments sector, she said, was a key focus due to its employment potential, regional market opportunities, and ability to integrate value chains. Ghanaian manufacturers such as Dignity DTRT, Unijail Fashions, and others were commended for strengthening the country’s industrial base.
“The foundation is strong, and the future is bright,” she said.
Opportunities in Automotive and Pharmaceuticals
The Minister also underscored Ghana’s strategic focus on automotive components and pharmaceuticals. While the country has attracted foreign investment under its Automotive Development Policy, she said true industrialisation requires moving beyond assembly to local component production, particularly as Africa positions itself in the global electric vehicle market.
On pharmaceuticals, she said Ghana is leveraging medicinal plant resources and local firms to reduce dependence on imports, noting that Africa currently imports over 70 percent of its pharmaceutical needs.
Financing Africa’s Industrial Future
Financing Africa’s industrial future, Minister Ofosu-Adjare stressed, will require innovative partnerships and blended finance models to mobilise private capital. Institutions such as Afreximbank, the African Development Bank, and the Trade and Development Bank are central to funding bankable projects, alongside growing interest from bilateral development finance institutions across Europe, Asia, and the Americas.
“Africa must do so smartly, with clear sectoral strategies, innovative blended finance mechanisms, regional coordination, and a strong commitment to transparency and results,” she said.
A Call for African Ownership
She concluded with a strong call for African ownership of industrialisation. “The future of Africa’s industrialisation will not be written by others,” she said. “It will be written by us, country by country, sector by sector, and value chain by value chain.”
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Source:
www.gbcghanaonline.com