The President of the Association of Ghana Industries (AGI) has called on government to accelerate export diversification as part of efforts to sustain Ghana’s economic stability and industrial growth.
Speaking Friday at a media engagement following the AGI National Council Retreat held in Accra from February 12 to 13, Kofi Nsiah-Poku said Ghana’s economic stability remains heavily dependent on three traditional exports, gold, crude oil and cocoa, which account for nearly 80 percent of export earnings.
He noted that fluctuations in global prices of these commodities expose the country to external shocks and revenue volatility. We think Ghana must accelerate non traditional exports such as cashew, coconut and natural rubber to cushion our balance of payments, he said.
The AGI communiqué issued at the end of the two day retreat urged government to strengthen local production and long term growth to sustain recent macroeconomic gains. Nsiah-Poku emphasised the need for value addition to raw materials, particularly cocoa and cashew.
He said exporting raw cocoa beans deprives the country of significant revenue and job opportunities. If we process cocoa locally into powder, butter and finished products like chocolate and cosmetics, we can earn multiples of what we currently receive from exporting raw beans, he stated.
He added that processing cashew alone could increase export value by up to 400 percent compared with exporting it raw. The AGI president also advocated restrictions on importation of finished retail products such as fruit juices, arguing that Ghana has capacity to process mangoes, pineapples and oranges locally.
Why should we import fruit juices when farmers sometimes struggle to sell their oranges, he stressed. We must process what we grow and consume what we produce.
On rice imports, he called for policy adjustments to promote local consumption and production, noting that reducing imports would ease pressure on the cedi and conserve foreign exchange. Ghana imports approximately 900,000 metric tonnes of rice annually despite producing only about 360,000 metric tonnes locally.
The AGI retreat, held under the theme Sustaining Economic Stability to Drive Industrial Growth, brought together regional, sectoral and national executives to deliberate on policy reforms and industrial competitiveness.
Nsiah-Poku reaffirmed AGI’s commitment to working closely with government to promote industrialisation, expand exports and create jobs for Ghana’s youth. He urged policymakers to combine targeted reforms with aggressive implementation to ensure Ghana builds a resilient and diversified export base.
The pharmaceutical entrepreneur and founder of Kinapharma Group was elected AGI president in November 2025, succeeding Dr Humphrey Ayim-Darke. He brings decades of experience in pharmaceutical manufacturing and food processing to the position.
Ghana’s export sector has faced persistent challenges including low value addition, limited product diversification and heavy dependence on primary commodities. The Bank of Ghana reported in January 2026 that total merchandise exports declined 4.8 percent year on year to 17.2 billion United States dollars in 2025.
Gold exports accounted for 58.2 percent of total merchandise exports, followed by crude oil at 15.7 percent and cocoa beans at 11.3 percent. Non traditional exports contributed only 14.8 percent despite representing over 200 product categories.
Chief Executive of Ghana Export Promotion Authority, Afua Asabea Asare, told business leaders in January that Ghana must move beyond exporting raw materials to become a manufacturing hub for West Africa. She highlighted successful export growth in processed cashew, shea butter and handicrafts as models for scaling up value added exports.
AGI’s call comes as government implements the 24-Hour Economy Authority Act, 2025, designed to boost round the clock industrial productivity. Parliament passed the legislation in early February with incentives including tax rebates for multi shift operations and subsidised night time electricity tariffs.
Nsiah-Poku commended government for passing the 24-Hour Economy legislation, describing it as a bold step toward unlocking Ghana’s economic potential. AGI expects the law to drive job creation, increase productivity, boost exports and reduce reliance on imported goods.
The association welcomed the legal framework established to coordinate policy implementation and facilitate incentives supporting continuous industrial operations. AGI urged government to ensure strong regulatory oversight, effective public private coordination, mobilisation of investment and provision of infrastructure to support 24 hour operations.
Trade and Industry Minister Kobby Woyome has pledged government commitment to reviving Ghana’s manufacturing sector through improved power reliability, reduced input costs and streamlined regulatory processes. He told manufacturers in January that industrialisation remains central to the National Democratic Congress administration’s economic transformation agenda.
However, manufacturers continue facing challenges including high energy costs, inadequate raw material supplies, limited access to affordable financing and competition from cheap imports. These constraints have kept capacity utilisation in manufacturing below 60 percent for most industries.
Ghana’s industrial sector contributed 12.8 percent to Gross Domestic Product (GDP) in 2025, down from 13.4 percent in 2024. Manufacturing declined 2.1 percent in the first nine months of 2025 compared with the same period in 2024, reflecting weak domestic demand and external headwinds.
The World Bank projects Ghana’s economy to grow 4.5 percent in 2026, up from an estimated 3.1 percent in 2025. However, the bank emphasized that sustaining growth requires accelerating structural transformation including export diversification, private sector development and improved competitiveness.
AGI represents over 1,200 companies across pharmaceuticals, food processing, metals, textiles, chemicals and other manufacturing subsectors. The association works with government ministries, regulatory agencies and development partners on industrial policy reforms and market development.
Nsiah-Poku founded Kinapharma in 1998, growing it into one of West Africa’s leading pharmaceutical companies with operations across Ghana, Nigeria, Sierra Leone and Liberia producing over 150 medicines. He also established HealthiLife Beverages, producer of popular juice and dairy brands.
The AGI president previously served as vice chairman of the National Development Planning Commission, bringing public policy experience to his current role. His election signals renewed focus on industrial expansion, export competitiveness and stronger advocacy for Ghana’s manufacturing sector.
