Ghana's economy highly dependent on export of commodities - Alan Kyerematen

Former Minister of Trade and Industry, Alan Kyerematen, has said one of the reasons Ghana's economy is wobbling is due to its high dependence on the exportation of commodities.

He stated that most of the commodities exported are either of no or little value addition.

Making this known in an address to the nation on Tuesday, January 10, 2022, Alan Kyerematen said this has made the economy fragile and susceptible to both external and domestic shocks.

" One of the lessons that we have learnt from the recent developments is that Ghana’s economy is still fragile, vulnerable and susceptible to both external and domestic shocks. This primarily is as a result of the fact that our economy is highly dependent on the export of commodities with little or no value addition," the former trade and industry minister said.

"Indeed, the 5.1% projected GDP growth for the Ghanaian economy for 2023 is based on the anticipated increase in commodity prices," he added.

Alan Kyeremanten stated that a plan must be devised to move Ghana from stability and growth to transformation.

ESA/FNOQ