The Member of Parliament for New Juaben South, Michael Okyere Baafi, has outlined a robust strategy for enhancing Ghana's industrial sector to foster sustainable economic growth.

Delivering a statement on the floor of Parliament on February 13, 2025, the MP highlighted the resilience of Ghana's industry amidst global challenges like the COVID-19 pandemic and praised initiatives such as the One District, One Factory (1D1F) and the Ghana Automotive Development Policy undertaken by the previous government for showing promising prospects of fostering industrial growth and diversification in the country.

"Indeed, for the first time in the history of Ghana, we have seven vehicle assembly plants manufacturing about 14 brands of vehicles. While the 1D1F program, notwithstanding its challenges, has led to the establishment of new factories and expanded existing ones, creating opportunities for companies that were once denied operation," he underscored some of the results yielded through the policies implemented by the erstwhile Nana Addo Dankwa Akufo-Addo government.

The MP underscored the economic impact of these programs with statistics from the World Bank, "According to the World Bank, the industrial sector's contribution to Ghana's GDP increased significantly from approximately 24.3% in 2016 to 33.0% in 2023."

He further elaborated on the growth in manufacturing value addition, "It is also worthy of note that manufacturing value addition increased from $6 billion to $8.5 billion between 2016 and 2023."

However, he acknowledged the challenges facing the sector, listing high electricity tariffs, inadequate infrastructure, access to capital, technological innovation, and the need for export diversification as significant hurdles. He said,

To address these issues, Mr. Okyere Baafi, who served as a Deputy Minister of Trade and Industry in the previous government, proposed a series of recommendations aimed at strengthening key policies.

He called for a comprehensive evaluation of existing policies like 1D1F to identify successful strategies and areas needing improvement.

Additionally, he emphasized the need to improve infrastructure by investing in robust transportation networks, reliable power supply, and high-speed internet access to reduce operational costs and enhance competitiveness.

Okyere Baafi also highlighted the necessity of enhancing access to finance, suggesting that the government should expand credit opportunities for SMEs through government-backed loans, microfinance institutions, and innovative financial instruments.

He advocated for promoting technological innovation by investing in education and training to develop a skilled workforce and incentivize the adoption of technology across various industries.

He further urged Ghana's active participation in the African Continental Free Trade Area (AfCFTA) as a means of increasing the nation's export earnings and market access.

"I urge this House to take a serious interest in trade and industrial activities to help boost Ghana's intra-African and international trade, systems, and infrastructure, to earn more in the area of exports, and to help build a better Ghana," he concluded.

GA/KA

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