Goosie Tanoh urges shift to manufacturing-led economy

Presidential Adviser on the 24-Hour Economy and Accelerated Export Development, Augustus Goosie Tanoh, has called for a major transformation of Ghana’s economic structure, urging a move away from import dependence toward a manufacturing-driven model that creates value across the production chain.

Speaking at the opening of the 2026 Kwahu Business Forum at Mpraeso Hills in the Eastern Region, Tanoh warned that Ghana’s heavy reliance on imports continues to drain foreign exchange and limit job creation.

He noted that a significant portion of economic activity remains centred on trading and import distribution, rather than production.

“We consume more than we produce. Every container that arrives represents jobs we did not create and foreign exchange we did not retain,” he stated.

Tanoh highlighted that several goods—including garments, pharmaceuticals, processed foods, building materials, and household items—that could be competitively produced locally are still largely imported.

Quoting figures from the Ghana Statistical Service, he revealed that Ghana spent GH¢39 billion in 2024 importing food products such as rice, frozen chicken, sugar, cereals, and animal offal.

“These are products we have the capacity to produce locally,” he stressed, describing the trend as a missed opportunity for economic growth and employment.

He also expressed concern over Ghana’s export structure, noting that it has remained largely unchanged for over a century. According to him, more than 80 percent of exports still consist of three primary commodities, mirroring patterns from the early 20th century when gold, timber, and cocoa dominated exports.

Tanoh said this lack of diversification continues to deprive the country of critical foreign exchange and job opportunities.

“We earn foreign exchange from exporting raw materials and then spend it importing the very goods we could produce ourselves,” he added.

He explained that the 24-Hour Economy and Accelerated Export Development programme is designed to reverse this trend by boosting local production capacity. The initiative, he said, aims to support businesses to manufacture, process, and export at scale through strategic partnerships with the private sector.

As part of the plan, government is working to develop industrial parks and shared infrastructure—including utilities and logistics systems—to lower the cost of manufacturing and improve competitiveness.

Tanoh urged businesses, investors, and stakeholders at the forum to collaborate with government in driving industrial transformation and positioning Ghana as a strong production and export hub.

The 2026 Kwahu Business Forum has brought together business leaders, policymakers, entrepreneurs, and investors to explore strategies for accelerating economic growth in the Eastern Region and across the country.