- Tanoh stresses cutting the US$2.4 billion spent on food imports
- The government’s plan focuses on boosting local industries
- Terkper reaffirms commitment to helping local businesses
Goosie Tanoh, the Presidential Advisor on the 24-hour Economy policy, has emphasized the urgent need to revamp Ghana’s economy and reduce reliance on imported goods.
Speaking at the PwC Ghana 2025 Budget Digest in Accra, Mr. Tanoh highlighted the country’s massive annual food import bill of US$2.4 billion, calling it a significant barrier to national growth and job creation.
“The US$2.4 billion spent each year on food imports must be restructured,” he stated. “This is not just a financial problem but also a major obstacle to creating jobs and growing local industries. The government’s Accelerated Export Development Programme aims to tackle these issues by focusing on increasing local production and reducing our reliance on imports.”
He added that the strategy is not just about reducing imports but transforming the entire agricultural value chain to create lasting jobs and ensure long-term economic stability.
Seth Terkper, Presidential Advisor on the Economy, reaffirmed the government’s commitment to supporting local businesses.
“We will continue supporting the Exim Bank and are focused on increasing value addition within our domestic industries,” he said. “This is essential for retaining more value locally and reducing our dependence on imports.”
Vish Ashiagbor, Senior Country Partner at PwC Ghana, expressed confidence in the government’s approach, noting that its comprehensive economic strategy is well-positioned to counter revenue losses and address the country’s import reliance.
“I believe that with the government’s holistic approach, which strengthens exports and fosters local production, Ghana will reduce its trade imbalance and experience sustainable economic growth,” Mr. Ashiagbor said.
As Ghana faces economic challenges, these strategic plans to boost local production and cut imports are viewed as vital for sustainable national growth. The government’s focus on agriculture, job creation, and value addition aims to build a more self-sufficient economy.
The PwC Post-Budget Analysis offers a thorough review of the government’s proposed financial policies, fiscal measures, and their impact on various sectors, businesses, and the public. It brings together key stakeholders, including policymakers, economists, business leaders, and the media, to evaluate the budget’s effectiveness and alignment with national priorities.
