She made the appeal on Sunday, August 24, at the Kansai Africa Business Forum in Osaka, a side event of the Ninth Tokyo International Conference on African Development (TICAD 9).

Highlighting opportunities in textiles, the automotive sector, and the green industry, Madam Ofosu-Adjare said Ghana was ready to forge stronger partnerships.

“With the right partnership, Ghana can become a competitive force for high-quality textile and apparel exports to African and global markets,” she explained, citing the country’s potential in the integrated cotton cultivation value chain.

She also noted Ghana’s growing automotive industry, where vehicle assembly plants are already operational, and the country is positioning itself as a hub under the African Continental Free Trade Area (AfCFTA).

“As AfCFTA gains momentum, regional demand for vehicles and components is expected to grow rapidly,” she said, urging Japanese firms to establish supplier networks and distribution hubs in Ghana.

The Minister further underscored Ghana’s commitment to green industrialisation through renewable energy, waste-to-value initiatives, and low-carbon manufacturing.

“These initiatives will not only reduce emissions but also generate new revenue streams for investors,” she said, adding that Ghana remained “open, eagerly prepared, and strategically positioned” to serve as Japan’s most reliable partner in Africa.

Source: myjoyonline.com

“Mr. Speaker, I want to draw the House’s attention to the fact that as of now, there is no policy as 1D1F,” she said on Tuesday on the Floor of Parliament.

The minister explained that the ministry is now focusing on agro-processing parks under the 24-hour economy policy, which aims to make Ghana’s economy vibrant around the clock.

“Mr. Speaker, we are doing agro-parks, which seek to be a great game changer, especially in the agro-processing zones… to produce around the clock for import substitution, export, foreign exchange, and to create jobs for our teeming youth,” she said.

Mrs. Ofosu-Adjare made the remarks when she answered an urgent question posed by Alexander Afenyo-Markin, the New Patriotic Party (NPP) Member of Parliament (MP) for Effutu.

The MP, also the Minority Leader, had asked the Minister about specific incentives and investment promotion packages being deployed to attract private sector investment, given the cancellation of the 1D1F policy.

The minister noted that the 24-hour economy policy, which includes investment packages, is under review and would be presented to Parliament when completed.

When asked about transitional measures following the cancellation of 1D1F, she said the ministry was engaging stakeholders and assessing the implications of the policy’s termination.

However, she attributed the cancellation to the previous administration, stating, “Since I did not cancel the policy, I would not be in a position to give reasons why remedial measures were not given before the cancellation.”

Source: GNA

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Speaking on The Pulse on JoyNews, the Minister explained that Ghana operates a liberal market system where prices are not fixed by the state.

“We all know that in Ghana, we don’t control prices, and so the government cannot really push price reduction on them. But because we work together, we can always discuss and see how the stable cedi will benefit both consumers and traders,” she said.

She pointed out that traders have often increased their prices when the dollar strengthens, so it is only fair for them to adjust prices now that the cedi has appreciated.

“If the dollar is this stable and has appreciated this much, I think that we need to regroup and see the way forward,” she stated.

Madam Ofosu-Adjare praised the Ghana Union of Traders Association (GUTA) for taking the initiative to engage its members on possible price reductions.

“I commend GUTA for even taking the step to prevail on the traders to reduce the cost of their goods. So I think at that meeting, we will brainstorm and come to a very good conclusion which will benefit both traders and consumers,” she said.

The Minister acknowledged concerns from some traders who argue that they purchased their goods when the exchange rate was higher. However, she believes a balanced approach can be found.

“I have heard one argument which says that they bought the things already, but I think that we can discuss. They can take advantage of and buy some at this time as the dollar is slow, put it together and find the averages,” she suggested.

She added that discussions between GUTA and various traders’ associations will help ensure that consumers also benefit from the current economic stability.

“The government has tried, the government has created an enabling environment for businesses to thrive, our cedi has become strong,” she said.

“Anytime the cedi depreciates, traders increase their prices. It is just fair, it is just conscionable that prices are reduced to reflect the measures that the government has put in place.”

According to the Minister, if traders show goodwill by reducing prices, it would motivate the government to continue implementing policies that benefit the economy.

“If the traders are magnanimous enough, it will also encourage the government to keep on doing all the right things because the government will know that once it does the right thing, every citizen will benefit. And I am sure the traders are benefiting, and they will benefit more if they really bring the prices in line with the rate of the cedi to the dollar,” she said.

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Speaking on Joy News’ PM Express Business Edition on April 11, Dr. Ayim-Darke emphasized that despite years of rhetoric around local empowerment and industrialization, Ghana’s economy remains structurally vulnerable. He warned that the country’s weak implementation of the local content policy has left it exposed to external shocks.

“We are concerned with this rhetoric that, yes, it is okay. We can recalibrate our system and take advantage of it. Recovery couldn’t take advantage of the situation to industrialize,” he said, expressing frustration that structural changes have not materialized despite assurances from government representatives.

He also highlighted the missed opportunity during the COVID-19 pandemic to transform Ghana’s manufacturing base. Dr. Ayim-Darke pointed out that although local content legislation exists, enforcement has been inconsistent, which has hindered meaningful progress.

Citing the energy sector, he recalled a concerted effort to promote local production of cables, conductors, and meter assembly plants with the Electricity Company of Ghana (ECG). However, he questioned the long-term success of these efforts and noted the ongoing dominance of imports in the country’s economy.

“The structure of the economy is still highly dominated by imports,” he remarked. He further questioned the effectiveness of structural reforms and the country’s ability to take charge of its economic destiny if such issues remain unresolved.

Dr. Ayim-Darke’s comments come as the Biden administration imposes a 10% tariff on Ghanaian exports, including cocoa. He referred to the tariff as another “external factor” with significant implications for the economy, stressing that the government must go beyond reassurances and tackle the obstacles impeding internal capacity building.

“Even with this Liberation Day declaration, it’s full of talk. What we need is deliberate execution, not just declarations,” he concluded.

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The vetting process, led by the Parliamentary Appointments Committee, provided a platform for rigorous examination of the nominees’ qualifications, competencies, and vision for their respective portfolios.

Ahmed Ibrahim, Member of Parliament for Banda, has been confirmed as Minister for Local Government, Chieftaincy, and Religious Affairs.

Agnes Naa Momo Lartey, MP for Krowor, will oversee the Ministry of Gender, Children, and Social Protection, while Elizabeth Ofosu-Adjare, MP for Techiman North, will take charge of the Ministry of Trade, Agribusiness, and Industry.

The approved ministers have been commended for their dedication to public service and grassroots development.

They are expected to bring innovative solutions and strategic leadership to their roles, driving the progress of the John Mahama administration.

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She revealed that funds had previously been allocated to address these issues, but a comprehensive evaluation of the factory’s condition is required.

“I have been told that as we speak, the Komenda Sugar Factory is not operational, and one of the major challenges the factory has suffered is the lack of raw materials to feed that industry and some missing parts,” she stated.

Madam Ofosu-Adjare emphasised the need for a thorough assessment before any step is taking.

“The total health of the factory should be done after an evaluation. So I will work to ensure we know the actual health of the factory,” she noted.

She pointed out that Ghana currently spends approximately $500 million annually on sugar imports. Reviving the Komenda Sugar Factory, she argued, is a strategic move to reduce this dependency and enhance local production.

“Once I take office, I will work together with the ministry to ensure we assess the health of the factory and ensure Ghana benefits from that monumental project,” she assured.

The Komenda Sugar Factory, commissioned in 2016, was envisioned as a cornerstone of Ghana’s industrialisation agenda. However, operational and management challenges have stalled its progress.

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During her vetting before Parliament’s Appointments Committee on Wednesday, January 22, Mrs. Ofosu-Adjare described AfCFTA as a transformative opportunity for Ghana to expand its export markets across Africa.

She highlighted that Ghana’s hosting of the AfCFTA Secretariat in Accra offers a unique platform to position the country as a leading exporter of goods and services within the continent.

“Our focus is to produce more and export, taking full advantage of trade agreements like AfCFTA to ensure Ghanaian products find markets across Africa and beyond,” she stated.

The Minister-Designate emphasized the need to collaborate with AfCFTA structures and international trade bodies to ensure that Ghanaian products meet global standards and remain competitive in the international market.

This, she explained, would help reduce the country’s trade deficit while increasing foreign exchange earnings.

Mrs. Ofosu-Adjare also stressed that the government’s vision includes building a “24-hour economy” to create more opportunities for Ghana’s youth.

“As we produce, we are looking for markets, leveraging trade agreements to ensure our products are exported and jobs are created for our teeming youth,” she affirmed.

Her strategy seeks to position Ghana as a major player in the African trade landscape, using AfCFTA as a springboard to boost economic growth and employment.

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Speaking during her vetting by Parliament’s Appointments Committee, Ofosu-Adjare acknowledged the successes of the 1D1F program but highlighted several hurdles.

These include raw material shortages for agro-processing factories and limited access to capital, compounded by market fluctuations that led to a significant funding gap.

Despite government support through subsidized loans and capped interest rates of 20%, interest rates surged to 55%, creating a 15% gap that businesses struggled to cover.

Additionally, the government’s failure to fulfill its promise of covering 10% of the subsidized interest rate further worsened the situation.

To resolve these issues, Ofosu-Adjare proposed transitioning to a 24-hour economy, which would allow factories to maximize productivity and improve supply chains by extending operational hours.

She acknowledged the program’s benefits but stressed the need to address these challenges to fully realize its potential. “The solution to 1D1F lies in a 24-hour economy,” she stated.

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