Dr Humphery Ayim-Darke, President of the Association of Ghana Industries (AGI), has called on government, stakeholders, and industry players to advance business value chains to serve as a critical catalyst to drive innovation, enhance competitiveness, and foster sustainable industrial growth of Ghana.
He said it is prudent for supply chains, especially those linked to local raw material producers and suppliers, should be targeted to enhance import substitution and export diversification.
He said to ensure sustainability, it is important to build a supply base closer to the manufacturer to enable them to sustain “just in time” inventory for production, adding that, an effective supply chain could engender improved efficiency, effective risk mitigation, and improved customer service as well as cost reduction.
Dr Ayim-Darke was speaking at the opening of the Ghana Industrial Summit and Expo 2024 on the theme: “Promoting Value Chains For Competitive Industrial Development.”
Speaking about industrializing the sector, he said: “Our effort towards industrialization ought to be first targeted at the growth pillars of our economy, which have the potential to create a multiplier effect.”
However, he said the commitment to promoting efficient value chains must not only be a response to looming threats of droughts affecting agriculture but a strategic decision that positions the industry for long-term success.
He said the AGI was committed to leading the charge to advocate for policies that promote value chain development and forgoing collaborations that strengthen the entire value chain.
The President said, that trading under the Africa Continental Free Trade Area (AfCFTA) agreement offers Ghana a unique opportunity to scale up its national export development agenda in this free trade area.
“Under the Continental Free Trade, Rules of Origin are central to the tariff treatment of the goods a country produces locally.
“We are determined to scale up and build local production capacity for enterprise development to become African giants, with the right support from the Government. The AGI believes only a private sector-led Industrial development with mutual support from the Government to implement the right policies will create a robust Ghanaian economy and sustainable jobs,” he said.
The European Ambassador to Ghana, Mr Irchad Razaaly, said the European Union (EU) is committed to supporting the Ghana Industries to foster and enable a robust trading system.
He said the EU has supported the AfCFTA initiative financially and institutionally from the very beginning, citing about EUR 1.1 billion through seventy-four programmes at the continental, regional, and multi-country levels.
“These funds are supporting AfCFTA negotiations and architecture as well as implementation mechanisms,” he added.
“At the EU, we are convinced that AfCFTA helps spur both industrialization of the African continent as well as sustainable and efficient supply chains originating domestically on the African continent. With the implementation of the African Continental Free Trade Area, business opportunities and more local value-addition will only intensify.”
He said the EU is Ghana’s first supplier (€3.5 billion in 2023) while, at the same time, Ghana exported €2.4 billion worth of products to the EU, however, this makes the EU Ghana’s most important merchandise trade partner, with a total trade value of around €6 billion in 2023.
He called for prioritization, collaboration, and investment in SMEs to foster developmental growth in the Ghana industry sector.
The summit saw over sixty businesses displaying their products and services for public consumption and awareness.
