The Punch newspaper Editor, Ayisah Foster is advocating for economic empowerment through local factories, urging President Mahama to prioritize domestic production over foreign imports.
This call to action is particularly relevant given Ghana’s economic challenges, including high public debt, inflation, and unemployment.
Foster’s proposal aligns with the National Democratic Congress’s (NDC) “24-Hour Economic Policy,” which aims to boost economic activity and job creation by extending business hours. This policy has the potential to increase productivity, stimulate economic growth, and enhance Ghana’s global competitiveness .
By establishing local factories, Ghana can reduce its reliance on imports, increase exports, and generate foreign exchange earnings. This approach can also create job opportunities, promote economic empowerment, and contribute to sustainable development.
Some potential areas for local factory development include:
– Food processing: Adding value to domestic agricultural produce and reducing reliance on imported food products.
– Textiles: Revitalizing Ghana’s textile industry and promoting domestic fashion brands.
– Pharmaceuticals: Reducing reliance on imported medicines and promoting domestic healthcare industries.
By prioritizing local production and implementing policies like the 24-hour economy, Ghana can unlock its economic potential, promote sustainable development, and improve the livelihoods of its citizens.
