We can't be exporters of raw materials whose finished products rule the global economy - Krapa

Herbert Krapa Deputy Trade Deputy Trade and Industry Minister, Herbert Krapa

Thu, 30 Jun 2022 Source: www.ghanaweb.com

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Over the years, Ghana and most African countries have been noted for exporting raw materials and importing the finished goods to sell.

But this narrative is gradually fading out as manufacturers now refine their products locally for the citizens' consumption.

Deputy Minister for Trade, Herbert Krapa, has noted that African countries can no longer be exporters of their raw materials to the developed world for these products to be refined.

“We can no longer remain exporters of the very raw materials whose finished products rule the global economy,” he said.

Speaking in the same vein, Secretary General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, entreated member states to industrialize to stay competitive on the global market.

He said over-reliance on export of the continent’s primary commodities makes them uncompetitive.

“When you think about why Africa lacks competitiveness, it is because we have been fragmented leading to the continuous reliance on export of our raw materials which are processed abroad and re-exported to us, creating a value chain and employment generation for those countries,” Wamkele Mene said.

They were speaking at the opening ceremony of the Ghana Trade Road Show, Graphic.com.gh reported.

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Source: www.ghanaweb.com
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