President Nana Akufo-Addo of Ghana has declared that the country will no longer export raw materials. This bold decision aims to foster economic transformation, create more value-added industries within Ghana, and ultimately accelerate the country’s development. The move signifies Ghana’s commitment to moving up the global value chain and reducing its dependence on exporting unprocessed natural resources.
President Akufo-Addo’s announcement reflects a shift in Ghana’s economic strategy, focusing on increasing the domestic processing and manufacturing of raw materials. By discouraging the export of raw resources, the government aims to encourage local industries to add value to these materials and develop finished products. This approach aligns with the vision of a more industrialized Ghana, reducing the country’s vulnerability to fluctuations in global commodity prices.
According to the President, the surest way to optimally benefit from our natural resources is to add value to them and ensure that they have adequate linkages to the other sectors of the economy.
He said the establishment of the Ghana Integrated Aluminium Development Corporation (GIADEC) and the Ghana Integrated Iron and Steel Development Corporation (GIISDEC) provide a firm foundation to build in the country integrated aluminium and iron and steel industries.
President Akufo-Addo’s announcement to halt the export of raw materials represents a significant step towards economic transformation and industrialization in Ghana. By promoting value addition, the country aims to create more sustainable jobs, boost economic diversification, and protect the environment. Ghana’s decision to prioritize domestic processing and manufacturing sets the stage for a more resilient, innovative, and prosperous future, firmly positioning the country on the path to self-reliance and sustainable development.
