The Alliance for Development and Industrialisation (ADI) one of the leading think tanks in the country, has urged the Nana Akufo-Addo-led administration and some key institutions to raise at least $5 billion in the next five years to enable some industries to take advantage of the Africa Continental Free Trade Area (AfCFTA).
ADI wants the Association of Ghanaian Industries (AGI) the Ghana Chamber of Commerce and Industry (GCCI) and the Ghana Export Promotion Authority (GEPA) to swiftly raise the $5 billion to grow and expand local industries.
“It is also imperative for government and the private sector to catapult the drive of this continental free trade. Associations such as the Association of Ghanaian Industries, the Ghana Chamber of Commerce and Industries, Ghana Export Promotion Authority could also take advantage of this and use it as a launchpad for their members,” ADI said in a release.
ADI has also urged the government to support and promote business associations so they can explore the opportunities to enable them to make an entry into other African countries.
“This is the time for Ghana to take the lead as well as take the advantage of this continental free to grow and strengthen its export market, as it has already begun with the 1D1F and the Planting for Exports Rural Development initiatives.
“Ghana’s economy can easily pay back the $5 billion credit facility that we are calling for through the exports of key commodities such as avocado, pineapple, coconut, sweet potato, among others,” the ADI statement said.
The United Nations Economic Commission for Africa estimates that the AfCFTA will boost intra-African trade by 52% by 2022.
“The government should be able to raise the $5 billion to take advantage of this opportunity which would put a stop to the way the government siphons the economy and still demand output. If we fail to take advantage of this opportunity then there is the likelihood that the economic growth of this country would be stagnant. We must take advantage of this opportunity to redeem our credibility integrity, capability in terms of industrialization,” the statement signed by Francis Mensah, Convener of ADI, stated.
“The government’s support to these industries should be sector-based such that the Agric sector will be catered for by the Ministry of Agriculture, also the textile and tourism sectors should be handled by the Ministry of Trade and Ministry of Tourism respectively. Indeed, we need to think over these entire sectors so they can grow,” the statement admonished.