- September 23, 2022
- Posted by: Amos Ekow Coffie
- Categories: Banking and Finance, Economics
Director of Research at the Institute of Economic Affairs’ (IEA) Dr John Kwakye has welcomed news that Ghana is establishing an integrated bauxite and aluminum industry, refining its gold, processing its cocoa.
He described this as refreshing.
President Nana Addo Dankwa Akufo-Addo has said at the 77TH session of the United Nations General Assembly on Wednesday September 21 that the African Continental Free Trade Area (AfCFTA), whose Secretariat is located in Accra, Ghana’s capital, is driving intra-Africa trade and creating an unparalleled momentum for our continent’s economic diversity and transformation.
He said that that industrialisation is the way to go and, with the single market as the added incentive, Ghana has taken policy measures to add value to the natural resources.
For example, he said, “we are processing more of our cocoa, refining more of our gold, and we are determined to exploit the entire value chain of our huge lithium deposits.
“We are busily building an integrated bauxite and aluminium industry and an integrated iron and steel industry, building new oil refineries and have, so far, attracted six (6) of the world’s biggest automobile manufacturers to set up assembling plants in Ghana, prior to producing them in the country.”
In line with the African Union’s Agenda 2063 and the United Nation’s Sustainable Development Goals (SDGs), Africa’s ambition is to transform the food systems over the next decade, anchored in the Comprehensive Africa Agriculture Development Programme (CAADP) and the Malabo Declaration on Accelerated Agricultural Growth, Mr Akufo-Addo intimated.
“What we require now is support from the investor community for the rolling out of Africa’s lucrative agro-industry, and for the community to see agribusiness in Africa as much more an opportunity than the perceived, exaggerated risk which has been the false, but dominant narrative,” he said.
Commenting on this in a tweet, Dr Kwakye said this is what transforming the economy is about.
It's refreshing to hear from the President's speech at the UN that Ghana is establishing an integrated bauxite and aluminum industry, refining its gold, processing its cocoa, and intends to explore its entire lithium value chain. This is what transforming the economy is abt.
— J. K. Kwakye (@JohnKwabenaKwa1) September 22, 2022
“It’s refreshing to hear from the President’s speech at the UN that Ghana is establishing an integrated bauxite and aluminum industry, refining its gold, processing its cocoa, and intends to explore its entire lithium value chain.
“This is what transforming the economy is about, he said.