Tony Oteng-Gyasi urges Ghana to harness ‘Once-in-a-Century’ Chance for manufacturing-led growth

Veteran industrialist and former President of the Association of Ghana Industries (AGI), Tony Oteng-Gyasi, has called on the government to take advantage of what he describes as a “once-in-a-century opportunity” to transform Ghana into a manufacturing-driven economy, amid growing global protectionismHe made the remarks at the investiture ceremony of the newly elected leadership of the Association of Ghana Industries, where he argued that the changing global trade landscape presents a rare opening for Ghana to pursue a bold, self-reliant industrialisation strategy anchored in manufacturing.

According to Oteng-Gyasi, the shift towards protectionist trade policies worldwide should be viewed not as a threat, but as an opportunity for Ghana to accelerate its industrial ambitions.

“This is an opportunity for the country to launch a full-scale industrialisation drive,” he said, noting that Ghana missed similar chances in the 1960s and 1970s while several Asian economies advanced through manufacturing-led growth.

He pointed to recent improvements in Ghana’s macroeconomic indicators as further justification for urgent action. Inflation, he observed, fell sharply from 23.8 percent in December 2024 to 5.4 percent by the end of 2025, while the cedi recorded a 32.2 percent appreciation against the US dollar — the first such sustained strengthening in decades.

These developments, he explained, prompted the Bank of Ghana to reduce the policy rate to 18 percent by the close of 2025. As a result, the Ghana Reference Rate declined to 15.68 percent in January 2026, easing borrowing costs and creating a more favourable environment for industrial investment.

Oteng-Gyasi said the current conditions offer a unique window to position manufacturing as the backbone of the economy. He also cited the renewed use of tariffs by advanced economies, including recent trade measures introduced by US President Donald Trump, as evidence that the era of unrestricted globalisation is receding.

“For years, Africa was cast mainly as a source of raw materials and a destination for finished goods,” he said, adding that the fragmentation of global trade now provides Ghana with both the political and economic justification to focus inward, add value to its resources, and build a resilient industrial base.

Chief of Staff Julius Debrah, speaking at the event, acknowledged that policies alone would not be sufficient to drive economic transformation. He outlined steps the government has taken to support industrialisation, including efforts to stabilise inflation and the currency, reforms in regulation and SME financing, and investments in critical infrastructure.

Mr Debrah called for stronger collaboration between government and the private sector, assuring industry players of a “responsive, predictable and accountable” public sector committed to enabling growth.

At the ceremony, Managing Director of the Kinapharma Group, Dr Kofi Nsiah-Poku, was sworn in as the new President of the Association of Ghana Industries, succeeding Dr Humphrey Ayim-Darke.

In his inaugural address, Dr Nsiah-Poku unveiled a five-pillar strategic agenda to drive the association’s industrial vision. The plan includes close collaboration with the government’s 24-Hour Economy Secretariat, the creation of a dedicated export advisory unit, and an ambitious push to double AGI’s membership while making the association more innovative, formalised and export-oriented.

However, Oteng-Gyasi cautioned that Ghana’s industrial push must be grounded in a well-defined and practical manufacturing agenda that goes beyond policy statements. He stressed the need for detailed cost analysis, revenue projections and clear job-creation targets.

“We truly have your work cut out for you, especially for the sake of our youthful and growing population,” he told the new AGI leadership, urging them to work closely with the Presidential Advisory Group on the Economy — which includes prominent industry figures such as Ishmael Yamson and Togbe Afede — to develop an actionable and results-driven industrial blueprint.