Ghana can become a global economic power

Business News of Friday, 26 April 2013

Source: Joy Online

Cedis Economy

The 2013 edition of the economic report on Africa by the UN suggests that Ghana, together with eight other African countries, can become global economic powers through massive industrialisation.

The report says African countries must individually or collectively embark on a bold transformation to take charge of its own development.

According to the report titled: “Making the most of Africa’s commodities, Industrializing for growth, jobs and economic transformation”, extensive political and economic changes over the last fifty years have set the stage for Africa to come out as a global economic power.

The research cited Ghana, Algeria, Cameroon, Egypt, Ethiopia, Kenya, Nigeria, South Africa and Zambia, suggesting that massive industrialization based on the commodity sectors of these countries is important, possible and beneficial.

The report further argued that Africa’s success lies in “effective industrial policies and commodity-based industrialization, strengthening industrial linkages to the commodity sector”.

It also outlined designs for industrial and other developmental policies to promote value addition, economic transformation and to reducing dependence on producing and exporting and exporting non-processed commodities.

The report advised Africa to address the reasons why stronger growth and trades have not stimulated job creation, diversification of the economy and social economic development.

Read the full report here.

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