AGI president Kofi Nsiah-Poku
The Association of Ghana Industries (AGI) has reiterated that the 24-hour economy initiative’s success hinges on strengthening local manufacturing capacity and protecting domestic industries from unfair competition.
At the end of the AGI National Council Retreat 2026 held in Accra, captains of industry threw their full weight behind government’s 24-hour economy policy while calling for deliberate measures to promote value addition, strengthen local supply chains and shield manufacturers from unfair trade practices that undermine jobs and investment.
AGI president Kofi Nsiah-Poku said industry and agriculture must form the 24-hour economy’s backbone, stressing that without a vibrant manufacturing base the policy will fail to deliver sustainable employment.
“Industry is the engine that will drive the 24-hour economy. Without strong industries, the policy cannot succeed,” he said in a communique, adding that services alone cannot sustain round-the-clock economic activity unless anchored in production.
Value addition critical
The association urged government to accelerate export diversification and move decisively away from exporting raw materials. It noted that Ghana remains heavily dependent on gold, crude oil and cocoa – which account for about 80 percent of export earnings, exposing the country to external shocks.
AGI argued that greater value addition in commodities such as cocoa, cashew, coconut and rubber could significantly increase export revenues while creating jobs locally. It pointed out that processed cashew, for instance, can generate up to four times the value of raw exports.
Instead of exporting raw cocoa beans and importing finished chocolate and cosmetic products, AGI called for full-scale local processing into cocoa powder, butter and finished goods. Similar opportunities exist in coconut processing, where every component – from water and oil to shell and fibre – can be converted into commercial products.
According to the association, retaining value chains within the country will boost foreign exchange earnings, strengthen the cedi and provide employment for young people.
Protecting local industry
AGI also raised concerns about unfair trade practices, including smuggling, under-invoicing and the influx of substandard imports.
It warned that such practices threaten the viability of local factories and discourage expansion under the 24-hour economy framework.
The association called on Ghana Revenue Authority and other regulatory bodies to intensify surveillance at borders and unapproved entry points to prevent Ghana from becoming a dumping ground for cheap and substandard goods, especially those that the country has capacity to produce..
It noted that while recent cedi appreciation has reduced import costs, it may also incentivise unscrupulous importers to flood the market with low-priced goods that undermine domestic producers.
Speaking to press after the retreat, AGI’s Chief Executive Officer Seth Twum-Akwaboah said: “Unfair trade practices, including smuggling and under-invoicing, undermine genuine investors and threaten jobs. Effective enforcement at our borders is non-negotiable”.
Enabling environment
While welcoming the 24-Hour Economy Authority Bill’s passage, recent tax reforms and operationalisation of the Independent Tax Appeals Board, AGI stressed that legislation alone is insufficient.
It urged government to address high electricity tariffs, the cost of credit, infrastructure deficits and access to long-term development finance. Institutions such as Development Bank Ghana and other state-backed financial bodies were identified as critical to providing medium- to long-term funding for industrial expansion.
“If industries are to operate continuously, they must have reliable demand, stable value chains and access to long-term financing,” Twum-Akwaboah added.
To him, developing strong local value chains is equally critical. “If we continue to rely heavily on imported raw materials, we remain exposed to exchange rate volatility and external shocks.”
Another key ingredient is long-term development finance, which he said is essential for industrial expansion. He argued that commercial banks alone cannot provide the scale of funding required for machinery and large-scale investment.
AGI further emphasised the need to develop reliable agricultural value chains to ensure consistent raw material supply for manufacturers. Without stable input supply, it said, industries cannot operate competitively or sustain 24-hour production cycles.
Industry ready
The association pledged its readiness to work closely with government, noting that it has already contributed to policy discussions and engaged its members on capacity development, financing and operational readiness for round-the-clock production.
AGI maintained that a successful 24-hour economy will require coordinated action across industry, agriculture, finance, transport and security services – all anchored in a competitive manufacturing base.
“We will continue supporting government to build a strong economy for exports, jobs and shared prosperity,” the association said in its communiqué.
Source:
www.ghanaweb.com
