Government outlines 10 strategic sectors for economic growth and prosperity

Government has outlined 10 strategic sectors for development to help propel Ghana’s economic growth and prosperity. 

The sectors had investments as the engine of growth with the focus on foreign exchange and foreign direct investment (FDIs) through export promotion. 

Mr Alan Kyerematen, Minister for Trade and Industry, said this at the 3rd Annual Investment Week 2022, organised by the Ghana Free Zones Authority (GFZA). 

The event which was dubbed: “GFZA: Championing Export-led Industrial Growth in the Context of AfCFTA and World Trade,” was to discuss and improve operations of the Authority and address challenges of enterprises under free zones. 

The forum also put across policies that that would positively impact the operations of the enterprises.

Mr Kyerematen, in his address said the Agro, Petrochemical, Bauxite and Aluminum, Iron and Steel, Automotive Assembly and Manufacturing, Pharmaceutical industries and Industrial Chemical were the sectors. 

The rest were  Garments and Textile, Manufacturing of Electronic and Electrical Appliances and the Manufacturing of Machinery and Equipment industries. 

Key areas to be developed under the agro industry would be oil palm, rice processing, poultry, fruits and juices with value addition being the driving force.

Having had some automobile companies to establish vehicle assembling plants in the country, the Minister said a component manufacturing policy would soon be out to help localise component manufacturing. 

He said the garments and textiles industry was yet to be fully harnessed as done in Bangladesh with a 30 US$ billion earnings from export yearly.

Ghana is one of the few countries ( Senegal, Namibia, Botswana, Kenya, Tanzania) with volumes of industrial salts and with a capacity to mine three million tons annually. 

Ghana could serve as a huge market for the petrochemical industry, however, she is mining less than 150, 000 tons.

“We want to rebuild our economy with these strategic sectors which we believe can diversify our economy away from cocoa and gold,” he said. 

He said: “There is the need to promote exports as a nation now more than ever. I invite both foreign and domestic investment community to look at these sectors.”