A senior lecturer at the University of Ghana’s Economics Department has urged government to strategically develop manufacturing firms in the country to take advantage of the African Continental Free Trade Area (AfCFTA) agreement.
Dr Priscilla Twumasi Baffuor told Samson Lardy Ayenini on Newsfile on Saturday that the country stands to lose if “we do not position our manufacturing firms to take advantage of the opportunities associated with the AfCFTA.”
She noted that the country’s business environment is not friendly to manufacturing firms which she believes is why most businesses prefer foreign products.
“Particularly with the onset of the African Free Trade Area, the country stands to lose if we do not position our manufacturing firms to take advantage of the opportunities that come with the Free Trade Area.
“Indeed, manufacturing is not attractive, and when you speak to our business people, it is more attractive to buy and sell in Ghana than to enter into manufacturing.
“Most of the challenges in Ghana are quite daunting; we talk about infrastructure, access to credits, cost of energy, the whole business environment, and the regulation is not friendly for manufacturing activity,” she explained.
According to her, government needs to pay specific attention to the manufacturing sector, primarily when the government’s growth projections have been based on industrialisation.
Dr Twumasi Baffuor added that considering the unemployment rate in the country, the government must assess the industrialisation strategy since it has not provided much employment in the country over time.
“As a country, we need to take a serious look at the structure of the economy. For example, why does the economy perform well in terms of growth on average but struggles to create jobs?
“Perhaps, it is time for us to pause and assess our industrialisation strategy over time. Why does it appear to be having a meaningful impact on unemployment in the country?” she said.
She said for manufacturing firms to thrive, “we need to put our borrowing in check so that government is not forced to go and borrow in the private sector.”
- Police intervene to bring deadly clash between Nima and Mamobi youth under control
- Couple pursuing same course graduate from UG
- UG-UTAG continues strike despite NLC directive
- Ato Forson pleads not guilty to charge of causing €2.3m financial loss to the state
- Aisha Modi gave me ¢5k, not ¢500 – Psalm Adjetefio makes U-turn
- Bagbin returns to UAE for medical review
- 1 out of 4 marriages registered at AMA in 2021 dissolved
- Man charged with manslaughter after 5-year-old dies following ski slope collision
- Nobody can intimidate any chief under my watch – Asantehene
- Azumah Nelson loses younger brother
Government dodging capitation grant payments with pre-tertiary semester system – Stephen Desu
The ART’s ‘Escape’ video tackles the touchy subject of anxiety
Shoot-to-kill order given to Nigeria prison guards
Akufo-Addo, Chief Justice have received our petition for removal of EC and her deputies – FixTheCountry Movement
KiDi nominated for NAACP awards
Semester system won’t affect teacher-student contact hours – GES
Captain Smart to face prosecution over ¢25,000 fraud case
My mother got me initiated at a Tigare shrine – Psalm Adjeteyfio
Dutylex Company Limited commissions new ultra modern oil terminal at Tarkwa
Semester system for pre-tertiary not workable – Nortsu-Kotoe
2021 AFCON: Twitter users blame Anas’ Number 12 exposé for Black Stars painful exit
Nigerians troll Ghanaians after AFCON loss
There’s no justification for pre-tertiary semester system – Kofi Asare
Playback: PM Express discusses semester system for basic schools
Cassper Nyovest to fight musician in another celebrity boxing match