Ghana’s economy is in urgent need of a transformative shift from dependency to production by bolstering local industries, particularly in pharmaceuticals, agro-processing, and textiles, to reduce imports and enhance exports. This assertion was made by Patrick Yaw Boamah, the former Chairman of Parliament’s Finance Committee.

In an interview on Joy News’ PM Express Business Edition, Boamah underscored the dangers of over-reliance on foreign support schemes such as the African Growth and Opportunity Act (AGOA), warning that these measures could jeopardize the economy unless complemented by robust local industrial initiatives.

AGOA Extension Shouldn’t Be Indefinite

While he expressed support for the extension of AGOA, Boamah cautioned that it should not be indefinite. “An extension of AGOA is beneficial, but it shouldn’t be in perpetuity,” the Okaikwei Central MP remarked. “We need to wean ourselves off some of these policies.”

Building Competitive Local Industries is Essential

Boamah stressed that Ghana’s ability to generate foreign exchange and create jobs heavily relies on the development of competitive local industries. “We cannot remain passive and expect to be spoon-fed indefinitely. We must take deliberate steps to strengthen our industrial base.”

Defending the One District, One Factory Initiative

Despite acknowledging its shortcomings, the MP defended the One District, One Factory initiative, emphasizing the need for local capacity building in industry. “If we don’t take proactive measures to build local industrial capacity, the anticipated job creation will remain an illusion.”

Strategic Sectors for Investment

Boamah identified several key sectors that require investment:

1. Pharmaceuticals: Local companies such as Tobinco, Ernest Chemist, and Kinapharma should be supported to produce within the local market.

2. Textiles: Ghana should capitalize on its textile industry to generate revenue.

3. Agro-based Industry: The government must prioritize agribusiness and ensure adequate funding.

Increased Funding is Crucial

Boamah emphasized that the government must move beyond mere rhetoric and commit substantial funding to these vital sectors. “If we aim to penetrate significant markets with targeted crops for revenue generation, it is essential to invest heavily in their growth.”

Conclusion

For Boamah, the message is unequivocal: dependency must give way to self-sufficiency. “Strategic thinking, genuine investment, and strong political will are what will propel us forward—not another twenty years of waiting on AGOA.”