Ghana’s economy on diversification – Bawumia

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Ghana has undergone considerable changes in terms of its economic structure through diversification, by shifting focus on the production of raw materials to value addition, Vice-President Dr. Mahamudu Bawumia has said.

According to him, this is a key pillar of Nana Akufo-Addo’s ‘Ghana Beyond Aid’ agenda, which is being implemented through programmes such as Planting for Food and Jobs that has increased agricultural output for agro processing and food sufficiency.

Addressing government’s accountability forum in Kumasi, the Vice-President stated that increase in productivity had led to the export of food crops such as cassava, rice, yellow and white maize, soya, plantain, cowpea and yam to Burkina Faso, Togo and Cote d’Ivoire.

He said the government had also established the Ghana Commodity Exchange, an ultra-modern trading system linked to warehouses located across the country, which is to connect markets and expand marketing and farm gate opportunities for buyers and sellers of agricultural produce.

“The One-District One-Factory policy has taken off, and 79 factories under the scheme are at various stages of operation or construction. Another 35 are going through credit appraisal,” he revealed.

Dr. Bawumia said the process of starting an integrated bauxite and aluminum industry is a major step in diversification… He disclosed that the Ghana Integrated Bauxite and Aluminum Development Corporation law had been passed.

According to him, government has established the Ghana Integrated Aluminum Development Corporation, and that it was in the process to select the joint venture partners to undertake the aluminum refinery project.

“A similar framework is being followed for the establishment of an iron and steel industry,” he pointed out and added that the facilitation of the growth of an automotive industry was on course.

He said a National Automotive Policy, which includes giving incentives to industries, had been approved by Cabinet, adding that Kantanka automobiles would also benefit from the incentives.

He intimated that government was looking forward to seeing the establishment of a car assembling plant by Volkswagen (VW) next month (March).

“By August, we expect Toyota to do same and we will continue to give incentives to Kantanka…,” he noted.

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