The local manufacturing sector is set for a major boost as the Finance Minister, Dr. Cassiel Ato Forson, has revealed his commitment to halt the importation of goods that can be produced locally.
This, he says, is part of bold efforts aimed at revitalizing the manufacturing and industrial sectors of the economy.
The decisive policy shift, if successfully implemented, will protect local jobs and reduce the country’s import dependency.
Dr. Cassiel Ato Forson announced this commitment during an engagement with the leadership of the Plastic Manufacturers Association of Ghana, where he responded to a number of concerns, including excessive taxation, unfair export hurdles, import exemption abuses, and the unchecked influx of substandard plastic products into the Ghanaian market.
He further promised to ensure that value addition is also prioritized by the industrial and manufacturing sectors to increase the value of Ghana’s exports.
“Let me be clear: I will champion a policy to ensure products that can be produced locally are not imported. We must protect Ghanaian industries, create jobs, and add value to what we make right here at home,” he promised.
This renewed commitment of the Minister comes at when Ghana’s manufacturing sector continues to struggle under the weight of global competition and policy inconsistencies, leaving local producers vulnerable to cheap and often inferior foreign goods.
Industry stakeholders have long complained about the unfair advantage enjoyed by foreign manufacturers who exploit loopholes at Ghana’s borders to flood the market with underpriced alternatives.
Their woes have also been exacerbated by the recent appreciation of the Ghana Cedi, which makes imports cheaper than local goods.
Many economists and analysts have warned that without a deliberate policy to protect local producers, the cedi appreciation, although welcoming, will cripple the local manufacturing sector.
With this new commitment, the Finance Minister is seeking to protect the local manufacturing sector to ensure that it does not bear the cost of the cedi’s appreciation.
Dr. Forson further assured the manufacturers of the government’s broader economic recovery agenda to stabilize the economy, tame inflation, and strengthen the cedi. These factors, he is convinced, if properly managed, will have a direct positive impact on port charges, taxes, production cost, and sustainability of businesses.
“Government is taking bold steps to stabilize the economy, bring down inflation, and strengthen the cedi, because these directly impact port charges and the cost of doing business,” he noted.
With these commitments, stakeholders have welcomed the minister’s statement with cautious optimism, urging the government to follow through with robust enforcement mechanisms, clear local content regulations, and infrastructure support for manufacturers.
