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Tuesday, July 16, 2024

Vast opportunities in Creative Arts sector can boost Ghana’s economy

The Creative Arts Agency says there are vast opportunities in the creative arts sector the country could tap into to make gains.

During the Citi Business Festival’s Creative Entrepreneurship Roundtable on Tuesday, themed “Harnessing the Creative Economy for Development,” the Acting Deputy Chief Executive Officer (CEO) of the Creative Arts Agency, Frank Kwabena Owusu highlighted the creative sector’s significance for Ghana’s economic development.

Notably, he indicated that the revenue in the music industry alone was projected to reach $33.59 billion worldwide by the end of this year.

He also urged parents to support their children’s interest in the creative arts space.

He stated, “If you are a parent and you are watching us this morning and confused about your child’s inclination toward the creative arts industry, you should be excited and encourage them to pursue this field.”

“Globally, music streaming revenue alone is forecasted to reach $33.59 billion in 2024. In Africa, it is projected to reach $410.7 million, with a growth rate of 7.1%.”

He further emphasised the need for the country to establish proper structures and tap into the global market to attract foreign direct investment, ultimately improving the lives of Ghanaian citizens.

“…I think we have not even scratched into getting the rights structures in place and getting our people to do things the proper way to tap into the global market and bring in this foreign direct investment that will better the lives of our people,” he stated.


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