The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Agyare, has urged Ghanaian businesses to transition from import dependence to productive manufacturing as part of efforts to drive sustainable economic growth and industrial transformation.
According to the Minister, agro-processing, local content development, industrial value addition and export competitiveness must become immediate priorities rather than long-term ambitions.
Mrs Ofosu-Agyare made the remarks at the 10th Ghana CEO Summit and Expo, held under the theme: “Accelerating Ghana’s Economic Transformation: Driving Bold Reforms through Leadership, Technology, and Industrialization for Sustainable Growth.”
The summit brought together chief executive officers, policymakers and international business leaders to deliberate on enterprise development, economic policy and executive leadership.
The Trade Minister stated that Ghana’s position as host of the Secretariat of the African Continental Free Trade Area (AfCFTA) presents a major strategic advantage that local enterprises must take full advantage of.
She stressed that with the right standards, packaging, certification and market intelligence, made-in-Ghana products should become symbols of quality, reliability and consistency across international markets.
Mrs Ofosu-Agyare also raised concerns about what she described as the declining public trust in corporate Ghana over successive economic cycles.
According to her, while businesses often increase prices during periods of economic crisis such as currency depreciation, supply chain disruptions, energy challenges or pandemics, many fail to reduce prices after conditions improve.
“That response, in many cases, is understandable. But what is not understandable is the refusal by some enterprises to reverse those prices once the underlying conditions have been resolved,” she stated.
She warned that such practices erode public confidence in businesses, fuel social discontent and weaken the argument for a competitive, self-regulating private sector.
“I appeal to your moral conscience as leaders. If you raise prices because of a genuine emergency, the ethical obligation and the reputational imperative is to bring them back down when the emergency passes,” she said.
“The private sector’s license to lead in this economy depends on the public believing that businesses exercise their pricing power responsibly,” she added.
Also addressing the summit, Togbe Afede XIV, Agbogbomefia of the Asogli State and Chairman of the event, commended the organisers for sustaining the platform over the past decade.
He observed that the global environment is undergoing significant transformation driven by technological advancements, geopolitical shifts and changing international alliances.
Togbe Afede noted that recent positive developments in Ghana’s economy were the result of bold measures taken to address the country’s recent economic difficulties.
He therefore encouraged business leaders at the summit to take advantage of emerging opportunities to expand their enterprises while contributing to national development and the well-being of citizens.
