The 2023 budget has captured government intention to develop local capacity production and reduce the import pressure on the Ghana Cedi, according to the finance minister, Ken Ofori Atta.

“Mr. Speaker, as I have already indicated, Ghana’s heavy dependence on imports places tremendous pressure on the Cedi, creating an unfavourable 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.” he said.

According to the minister, the country has the capacity to produce local items that will amount to over 45 percent of the value of annual imports which include food stuff.

“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.

Source//sompaonline//Eric Murphy Asare