President John Mahama has mentioned worth addition have to be the idea of Ghana’s improvement, encouraging funding in manufacturing, agro-processing and mineral beneficiation to maneuver the economic system up the worth chain.
Talking on the Ghana Diaspora Metropolis Corridor in London, he laid out a imaginative and prescient to remodel Ghana from a uncooked materials exporter to a contemporary industrial economic system based mostly on native manufacturing. He argued that delivery uncooked items solely to purchase again completed items would enrich different international locations on the expense of Ghana. “You possibly can’t obtain sustainable prosperity in that mannequin,” he says.
Citing the minerals sector for example, Mr. Mahama famous that Ghana exports uncooked gold, manganese and bauxite for processing abroad after which imports high-value completed merchandise at a premium, creating jobs in different international locations’ economies relatively than at residence. He known as for a deliberate nationwide shift in worth chains throughout manufacturing, agro-processing, mineral beneficiation, fertilizer and petrochemical manufacturing, meals processing and strategic industrial parks.
Power shaped one plan on that agenda. He mentioned Ghana will as soon as once more begin refining its crude oil domestically from June and can ship parcels of Ghanaian crude oil to home refineries as a part of plans to construct a totally built-in oil worth chain from extraction, refining, storage, petrochemicals and distribution. Based on stories from the occasion, the power has been recognized because the Tema Refinery, and its push is underpinned by new upstream investments, together with roughly US$1.5 billion from ENI within the Cape Three Factors Offshore (OCTP) discipline.
The President mentioned with a broad industrial push geared toward positioning Ghana as a aggressive manufacturing and processing hub in Africa, native processing will allow Ghana to seize extra worth from its sources, retain international alternate, strengthen provide chains and create jobs.
