Kofi Nsiah-Poku, the President of the Association of Ghana Industries (AGI), has called on the government to accelerate export diversification as part of efforts to sustain Ghana’s economic stability and industrial growth.
Speaking at a media engagement following the AGI National Council Retreat in Accra, Nsiah-Poku said Ghana’s economic stability remained heavily dependent on three traditional exports — gold, crude oil, and cocoa — which accounted for nearly 80 per cent of export earnings.
He noted that fluctuations in global prices of the commodities exposed the country to external shocks and revenue volatility.
“We think Ghana must accelerate non-traditional exports such as cashew, coconut, and natural rubber to cushion our balance of payments,” he said.
The AGI urged the government to strengthen local production and long-term growth to sustain recent macroeconomic gains.
Nsiah-Poku emphasised the need for value addition to raw materials, particularly cocoa and cashew.
He said exporting raw cocoa beans deprives the country of significant revenue and job opportunities.
“If we process cocoa locally into powder, butter, and finished products like chocolate and cosmetics, we can earn multiples of what we currently receive from exporting raw beans,” he said.
He added that processing cashew alone could increase export value by up to 400 per cent compared to exporting it raw.
The AGI President also advocated restrictions on the importation of finished retail products such as fruit juices, arguing that Ghana had the capacity to process mangoes, pineapples, and oranges locally.
“Why should we import fruit juices when farmers sometimes struggle to sell their oranges? We must process what we grow and consume what we produce,” he stressed.
On rice imports, he called for policy adjustments to promote local consumption and production, noting that reducing imports would ease pressure on the cedi and conserve foreign exchange.
Nsiah-Poku reaffirmed AGI’s commitment to working closely with the government to promote industrialisation, expand exports, and create jobs for Ghana’s youth.
He urged policymakers to combine targeted reforms with aggressive implementation to ensure Ghana builds a resilient and diversified export base.
Source:
www.ghanaweb.com