President John Dramani Mahama has announced plans to increase Ghana’s non-traditional export earnings from $3.5 billion annually to at least $10 billion by 2030.
Speaking at the inauguration of the Accelerated Export Development Advisory Committee (AEDAC) at Jubilee House, President Mahama noted that Ghana’s exports are still dominated by low-value raw materials such as gold, cocoa, cashew, and timber.
As a result, Ghana ranks 110th out of 133 countries on the global economic complexity index.
The President reaffirmed the government’s commitment to support private sector investment in agro-processing and light manufacturing, particularly in the textile industry where 75% of inputs are imported.
He emphasized the need to tap into the $6 billion regional market.
He added that the 24-Hour Economy strategy will support this goal by developing targeted value chains in cassava, tomato, palm oil, pharmaceuticals, textiles and garments, and industrial machinery.
Mr. Mahama noted that with effective implementation, he is confident Ghana can reduce the national unemployment rate from 14.7% to below 5% by 2034.
Presidential Advisor on the 24-Hour Economy and Accelerated Export Development, Goosie Tanoh, stated that the 24-Hour Economy initiative aims to build a resilient, self-reliant, and globally competitive economy by maximizing Ghana’s resources and creating inclusive value.
