Ghana’s Economy On Diversification –

Vice-President Dr. Mahamudu Bawumia

GHANA has undergone considerable
changes in terms of its economic structure through diversification, by shifting
focus on the production of raw materials to value addition, Vice-President Dr.
Mahamudu Bawumia has said.

According to him, this is a key
pillar of Nana Akufo-Addo’s ‘Ghana Beyond Aid’ agenda, which is being
implemented through programmes such as Planting for Food and Jobs that has
increased agricultural output for agro processing and food sufficiency.

Addressing government’s
accountability forum in Kumasi, the Vice-President stated that increase
in productivity had led to the export of food crops such as cassava,
rice, yellow and white maize, soya, plantain, cowpea and yam to Burkina
Faso, Togo and Cote d’Ivoire. 

He said the government had also
established the Ghana Commodity Exchange, an ultra-modern trading
system linked to warehouses located across the country, which is to
connect markets and expand marketing and farm gate opportunities for buyers and
sellers of agricultural produce. 

“The One-District One-Factory policy
has taken off, and 79 factories under the scheme are at
various stages of operation or construction. Another 35 are going through
credit appraisal,” he revealed.

Dr. Bawumia said the process of
starting an integrated bauxite and aluminum industry is a major step in
diversification… He disclosed that the Ghana Integrated Bauxite and Aluminum
Development Corporation law had been passed. 

According to him, government has
established the Ghana Integrated Aluminum Development Corporation, and
that it was in the process to select the joint venture partners to undertake
the aluminum refinery project.

“A similar framework is being followed
for the establishment of an iron and steel industry,” he pointed out and
added that the facilitation of the growth of an automotive industry was on

He said a National Automotive
policy, which includes giving incentives to industries, had been approved
by Cabinet, adding that Kantanka automobiles would also benefit from the

He intimated that government was
looking forward to seeing the establishment of a car assembling plant by
Volkswagen (VW) next month (March).

‘”By August, we expect Toyota to do same and we will continue to give incentives to Kantanka…,” he noted.

From Ernest Kofi Adu, Kumasi