Business News Tue, 7 May 2019

Ghana must go beyond cocoa and gold export – Trade Minister

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Trade and Industry Minister, Alan Kyerematen, has said that it is high time Ghana stopped depending solely on cocoa and gold as major economy boosters.

Alan Kyeremanten, although admitted that these raw materials have contributed to the turning around of the economic fortunes of the country, there is so much to explore.

Reports by Bank of Ghana revealed that prices of gold firmed up by 5,5 per cent to settle at $1,320 per fine ounce, on average.

According to the Central Bank, this was supported by a marginal retreat in the US dollar and affirmation that the Federal Reserve would stick to its dovish stance on monetary policy

The Bank indicated that cocoa prices however eased by some 5.1 per cent from the average of $2,199 per tonne traded in January 2019.

Calling for deliberate efforts to ensure economic growth and diversification, he said, “For a century, we have not been able to think beyond cocoa and gold. Cocoa has served Ghana but we need to be able to move beyond that”.

The Minister added that his outfit’s vision to make Ghana the new manufacturing hub of Africa meant that the Trade Ministry is implementing a comprehensive and integrated programme for Industrial Transformation which is anchored on ten pillars.

He indicated that Strategic Anchor Industrial Initiatives are one of the implementations that help in “developing new growth poles for economic diversification”.

Source: www.ghanaweb.com