A former Chairman of Parliament’s Finance Committee says Ghana needs to urgently shift focus from dependency to production by boosting local industries, particularly in pharmaceuticals, agro-processing, and textiles, to reduce imports and strengthen exports.
Patrick Boamah, speaking on Joy News’ PM Express Business Edition on Thursday, May 1, warned that the over-reliance on foreign support schemes like the African Growth and Opportunity Act (AGOA) exposes the economy to serious risks unless matched with local industrial action.
“There are companies that purposely set up to benefit from AGOA,” he noted.
“Madam Salma’s company, for instance, into garments and textiles at UTC and the free zones enclave, if we don’t push for an extension, it will lead to a lot of job losses and revenue shortfalls for government.”
While supporting an extension of AGOA, he stressed it should not be indefinite.
“An extension of AGOA is good, but it shouldn’t be in perpetuity,” the Okaikwei Central MP said.
“We need to wean ourselves from some of these policies. If the US is giving an opportunity, AGOA, which has been in place for close to 20 years, then you need to ask yourself, what have you been able to do to expand your export potential?”
Mr. Boamah said Ghana’s capacity to earn foreign exchange and create jobs depends heavily on its ability to build competitive local industries.
“We cannot sit and be spoon-fed for a long time. We must take deliberate steps to strengthen our base.”
He strongly defended the intent behind the One District, One Factory initiative, despite its shortcomings.
“That is why I was a firm believer in the one district, one factory program, regardless of the challenges and the abuse of some of the entities,” he said.
“If we don’t take steps as a country to build local capacity in industry, the expected job creation we’ve been talking about will be an illusion.”
He pointed to the pharmaceutical sector as a clear opportunity.
“Local pharmaceutical companies like Tobinco, Ernest Chemist, Kinapharma and co. need to be encouraged to produce within the local market,” Mr Boamah said.
“That will help avoid the constant importation of drugs.”
Mr Boamah believes government must go beyond rhetoric and commit serious funding to key productive sectors.
“There are strategic areas that government ought to look at—textile export, pharmaceuticals, import substitution, agro-based industry,” he said.
“I’m happy government is talking about agribusiness, but if you look at the budget lines for the Ministry of Trade and Ministry of Agriculture—very insufficient.”
“If you want to project hitting the big market with some of the targeted crops to generate revenue, then it means you have to be putting in a lot of money to support their growth,” he emphasised.
For Mr Boamah, the message is clear: dependency must give way to self-sufficiency.
“Strategic thinking, real investment, and strong political will are what will move us forward—not another twenty years of waiting on AGOA.”
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