Ghana must strengthen local production ahead of IMF exit – AGI CEO

The Chief Executive Officer of the Association of Ghana Industries (AGI), Seth Twum-Akoaboah, has urged government to adopt a measured and strategic approach as Ghana prepares to conclude its programme with the International Monetary Fund (IMF) in the coming months.

Speaking at Channel One TV’s Quarterly Economic Outlook on Monday, April 27, 2026, he cautioned that the transition period after the IMF programme could present new risks if not carefully managed.

“Going forward, we need to tread cautiously. With the IMF exiting in the next couple of months, what then is the implication? We’ve gained so much confidence in the system. We’ve encouraged people to invest. The government has managed the economy prudently, which has brought confidence. If the IMF exits, what is the implication?” he asked.

Lease Revocation: Minerals Commission hits back at Adamus Resources

Twum-Akoaboah identified limited access to affordable long-term financing as a major constraint facing industry, stressing that current financial structures are not adequately aligned with the needs of businesses seeking sustained growth.

“For industry, they need medium to long-term funding. What we are lacking in the system is the kind of financing that supports that,” he explained.

He also called for stronger emphasis on import substitution and increased domestic production, noting Ghana’s vulnerability to external shocks.

“If you want to make gains out of these reforms and the costs we are absorbing, we must find a way to improve local production and reduce imports so we aren’t always at the mercy of the international market. The slightest shock, you feel it. Let’s increase local production. There are so many ways of doing that,” he said.

Twum-Akoaboah further urged development finance institutions to adjust their interest rates in line with prevailing market conditions, particularly as commercial lending rates continue to decline.

“Exim Bank, for example, has always offered lower interest rates. Now that the commercial rate has dropped from 30% to around 15–17%, their rate must also come down proportionately, perhaps to 6%,” he noted.

He stressed that maintaining investor confidence beyond the IMF programme will be critical to safeguarding the progress made under recent economic reforms.

SO/SA

Ghana's oil and gas sector rebounds with $3.5 billion investment - John Jinapor