The Ghana Investment Promotion Centre (GIPC) is calling on local businesses to prioritize import substitution as a strategic approach to strengthen the nation’s economy.
GIPC believes that Ghana, along with the broader African continent, is endowed with valuable natural resources that are increasingly in demand globally. By harnessing these resources domestically, Ghana could reduce its reliance on imports and establish itself as a key player in global supply chains.
At the 4th edition of the CEO’s Connect event, organized by the Canada-Ghana Chamber of Commerce, GIPC’s CEO, Yofi Grant, stressed the importance of Ghanaian businesses adopting growth strategies that leverage the country’s abundant resources.
“The path forward is clear with some of our existing policies. We understand that we cannot continue to export our raw materials and resources in their unprocessed state. Initiatives like the 1D1F (One District, One Factory) are designed to promote value addition for export, particularly within the framework of the AfCFTA (African Continental Free Trade Area),” Grant said.
He continued, “This approach not only stimulates economic growth but also creates significant opportunities for businesses and communities to increase their wealth.”
Linda Vasnani, President of the Canada-Ghana Chamber of Commerce, highlighted the importance of joint ventures in driving local economic growth. “Joint ventures are essential, and it is crucial for Ghanaian businesses to collaborate with Canadian companies to foster knowledge sharing and attract investment,” she said.
Speaking on behalf of the Minister of Foreign Affairs and Regional Integration, Ambassador Ramses Joseph Cleland urged CEOs to adhere to high standards and regulatory frameworks in their cooperative efforts. “I encourage industry leaders to seek better opportunities while respecting the regulatory systems that govern both countries,” he stated.
The event was also attended by Andrew Maharaj, Senior Trade Commissioner at the Canadian High Commission in Ghana, who emphasized the importance of maintaining partnerships that promote mutual prosperity.
This year’s CEOs’ Connect was themed “Exploring Business Opportunities for Economic Growth Through Joint Ventures Between Ghanaian and Canadian Businesses.”
