Minister for Finance, Ken Ofori-Atta has stated that the government is resolved to build local capacity for production to enhance the economy.
Presenting the 2023 budget to Parliament today, November 24, the Minister said the support is to directly cushion local producers to produce in large quantities in order to eschew the heavy dependence on imports which places tremendous pressure on the cedi.
“Mr. Speaker, as I have already indicated, Ghana’s heavy dependence on imports places tremendous pressure on the Cedi, creating an unfavorable balance of payments position. On average, Ghana’s import bill exceeds US$10 billion annually and is accounted for by a diverse range of items that include iron, steel, aluminum, sugar, rice, fish, poultry, palm oil, cement, fertilizers, pharmaceuticals, Toilet roll, toothpick, fruit juices, etc,” the minister explained.
According to Ofori-Atta, the local capacity for production will reinforce our export capacity creating a favorable balance of payments position.
“We currently have the capacity as a country to locally produce items that account for about 45 percent of the value of our annual imports. These include rice, fish, sugar, poultry, cement, pharmaceuticals, jute bags, computers, etc. To this end, Government will target these products for import substitution by supporting the private sector, through partnerships with existing and prospective businesses to expand, rehabilitate and establish manufacturing plants targeted at producing these selected items,” Mr. Ofori-Atta opined.