The Ghana Investment Promotion Centre (GIPC) has urged local businesses to embrace import substitution strategies as a critical measure to fortify the country’s economic resilience.
At the 4th edition of the CEO’s Connect conference in Accra, Yofi Grant, CEO of GIPC, noted the potential for Ghana to capitalize on its abundant natural resources by processing them domestically rather than exporting raw materials.
He emphasized that this approach could reduce Ghana’s dependency on imports, thereby strengthening its position in global supply chains.
“Exporting unprocessed raw materials is no longer sustainable,” Grant stated, citing initiatives like the One District, One Factory (1D1F) as essential in adding value to exports, particularly in the context of the African Continental Free Trade Area (AfCFTA). “This strategy not only drives economic growth but also creates wealth and opportunities within our communities,” he added.
The event also featured Linda Vasnani, President of the Canada-Ghana Chamber of Commerce, who stressed the need for strategic partnerships. “Joint ventures are key. Collaboration between Ghanaian and Canadian businesses can facilitate knowledge transfer and attract significant investment,” she said.
Ambassador Ramses Joseph Cleland, delivering remarks on behalf of the Minister of Foreign Affairs and Regional Integration, urged business leaders to adhere to regulatory standards in both countries.
“As we pursue new opportunities, compliance with regulatory frameworks remains paramount,” Cleland noted.
Andrew Maharaj, Senior Trade Commissioner at the Canadian High Commission in Ghana, also stressed the importance of sustained partnerships for shared prosperity.
