Ghana is intensifying efforts to promote local processing and value-added exports to the United States as part of a strategy to protect export earnings, create jobs and reduce dependence on preferential trade arrangements under the African Growth and Opportunity Act (AGOA).
The strategy follows the extension of AGOA through 2028, allowing eligible African countries, including Ghana, to continue enjoying preferential access to the US market.
Ghana’s Ambassador to the United States, Victor Emmanuel Smith, says the country must focus on processing raw materials such as cocoa, pineapple, shea butter and gold before exporting them to increase revenue and strengthen the local manufacturing industry.
Speaking on Channel One TV’s The Point of View with Bernard Avle, he explained that expanding local processing industries would create employment opportunities, particularly for young people, while making Ghana’s export sector more resilient to changes in US trade policy.
He stressed that Ghana should move beyond exporting raw materials and develop industries capable of producing higher-value goods for international markets.
Video: Courtesy of Channel One TV
Gold Refining and Local Manufacturing to Boost Ghana’s Economy
Ambassador Smith identified gold refining and agro-processing as important opportunities for Ghana to retain more economic value from its natural resources.
He warned that losing AGOA benefits could negatively affect Ghana’s export earnings and government revenue if local industries are not sufficiently developed.
He also emphasised that preparations for possible changes to US trade preferences should extend beyond the textile industry to include agriculture, shea butter processing, cocoa manufacturing and gold refining.
The ambassador further called for stronger partnerships between Ghanaians in the diaspora and local investors to attract capital, establish processing factories and expand industrial production.
According to him, such investments would help Ghana create sustainable employment, increase foreign exchange earnings and reduce its vulnerability to international trade policy changes.
Ghana’s value-addition strategy is therefore expected to play an important role in promoting industrialisation, strengthening non-traditional exports and improving the country’s competitiveness in the US export market.
Source: newsthemegh.com