The Presidential Advisor on the 24-hour Economy policy, Goosie Tanoh, has stressed the urgent need to restructure Ghana’s economy and reduce its dependence on imported commodities.
Speaking at the PwC Ghana 2025 Budget Digest in Accra, Mr. Tanoh highlighted the country’s staggering US$2.4 billion annual food import bill, describing it as a major hindrance to national growth and job creation.
“The staggering US$2.4 billion spent annually on food imports must be restructured,” he stated. “This is not just a financial issue but one that hampers our ability to generate employment and grow our local industries. The government’s Accelerated Export Development Programme will address these challenges by focusing on boosting local production and reducing our dependence on imports.”
He further explained that the strategy is not only about cutting imports but transforming the entire agricultural value chain to create sustainable jobs and ensure long-term economic stability.
Presidential Advisor on the Economy, Seth Terkper, also reaffirmed the government’s commitment to supporting local enterprises.
“We will not only continue to support the Exim Bank, but we are actively working on increasing value addition within our domestic industries,” he noted. “This is critical to ensuring that we can retain more value locally and decrease our reliance on imports.”
Senior Country Partner at PwC Ghana, Vish Ashiagbor, expressed optimism about the government’s approach, stating that its multi-pronged economic strategy is well-positioned to counter revenue losses and tackle the country’s import dependency.
“I am confident that with the government’s holistic approach, which includes strengthening exports and fostering local production, Ghana will see a reduction in its trade imbalance and an increase in sustainable economic growth,” Mr. Ashiagbor said.
As Ghana grapples with economic challenges, these strategic plans to enhance local production and reduce imports are seen as crucial steps toward sustainable national growth. The government’s focus on agriculture, job creation, and value addition aims to build a more self-reliant economy.
The PwC Post-Budget Analysis serves as a comprehensive review of the government’s proposed financial policies, fiscal measures, and their implications for various sectors, businesses, and the general public. It brings together key stakeholders, including policymakers, economists, business leaders, and the media, to assess the budget’s effectiveness and alignment with national priorities.