President Nana Addo Dankwa Akufo-Addo is advocating a shift from raw material exports, emphasizing the importance of prioritizing value addition as a key strategy for transforming Ghana’s economy.
Speaking during a courtesy call at the Jubilee House by Harvard Business School students led by Prof Belo-Osagie, the President shed light on the complexities of steering Ghana towards a value-addition-driven economy.
In response to a question posed by a Harvard Business School student regarding the root causes of Ghana’s economic challenges, President Akufo-Addo acknowledged the inherited structure of Ghana’s economy after gaining independence, characterized by its reliance on agricultural raw materials.
At that time, Ghana was a leading global producer and exporter of cocoa, gold, and other commodities, forming the backbone of the country’s foreign exchange receipts.
President Akufo-Addo highlighted the difficulty in transforming an economy structured around the production and exportation of primary products.
He noted that global value chains often place raw materials at the lowest rank, posing a significant challenge for Ghana’s quest for economic independence and self-sufficiency.
Addressing the issue of economic transformation models, President Akufo-Addo discussed past attempts, including the Soviet model pursued by Dr. Kwame Nkrumah after independence.
He deemed nationalization of the means of production as a mistake, resulting in a prolonged recovery for Ghana.
The President expressed the opinion that encouraging private sector participation from the outset would have been a more effective approach.
Despite past challenges, President Akufo-Addo underscored the necessity for Ghana to persist in pursuing value-addition activities as a means to transform the country’s economy positively.
He pointed out that the shift towards higher value-added activities is essential for the betterment of the Ghanaian people.
Ghana’s journey toward economic transformation is a challenging but crucial endeavor, as President Akufo-Addo continues to advocate for policies that promote self-sufficiency, independence, and higher value in the global economic landscape.
The visit by Harvard Business School students provides a platform for dialogue on Ghana’s economic trajectory, allowing for insights and perspectives from the academic community.
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