President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, has cautioned against the belief that Ghana can ride out external economic shocks with optimism and promises alone.
“We are concerned with this rhetoric that, yes, it is okay. We can recalibrate our system and take advantage of it. Recovery couldn’t take advantage…” he said during an appearance on Joy News’ PM Express Business Edition.
His comments come amid renewed government optimism following the Biden administration’s decision to impose a 10% tariff on Ghanaian exports, including cocoa. While some officials see the move as an opportunity to rethink the economy, Ayim-Darke warned that assurances alone are not enough to trigger meaningful transformation.
“That said, assurance is not sufficient, because there are other obstacles in these structural reforms to build internal capacity,” he stressed.
According to the AGI President, the country missed a crucial chance to reset its industrial foundation during the COVID-19 pandemic. He pointed out that despite early efforts to promote local manufacturing in response to the crisis, there was no long-term shift.
“How did we execute the fallout of COVID, and how did we deliberately promote local manufacturing companies as a fallout out of the COVID? That example is there. How many companies can you count beyond that?” he asked.
Ayim-Darke argued that Ghana’s economy remains overly reliant on imports, and that structural challenges persist despite existing policies like the local content law.
“Even with this Liberation Day declaration, it’s full of talk. What we need is deliberate execution, not just declarations.”
He called for more consistent enforcement of local content laws and a shift from policy rhetoric to practical implementation to build true economic resilience.
