Veep urges Chinese investors to invest in local processing of Ghana’s raw materials
Professor Opoku-Agyemang cited timber processing as an example, noting that Ghana could earn greater returns by manufacturing furniture and other finished wood products rather than exporting logs
Vice President Naana Jane Opoku-Agyemang urged Chinese investors to back Ghana's industrialization efforts by investing in local processing and manufacturing. She addressed Chinese business leaders in Shanghai, highlighting investment opportunities in commodities like cocoa, shea nuts, cashew nuts, coconut, timber and other raw materials.
The focus should shift from exporting raw materials, she stressed, to building a robust manufacturing sector that generates jobs, boosts productivity and retains more economic value locally. An example she provided was timber processing, arguing that manufacturing furniture or other finished wood products could yield more returns than exporting logs.
Ghana must align technical and vocational education and training with industry needs to ensure young people obtain relevant skills, she added. Expanding investment in productive sectors is key to creating jobs for the growing pool of trained young people, she cautioned, warning that without sufficient employment opportunities, they might become frustrated.
Ghana is open to establishing mutually beneficial partnerships with Chinese businesses, particularly in manufacturing, logistics and other productive sectors that can fuel sustainable economic growth. The country's role as a gateway to the wider African market through the African Continental Free Trade Area (AfCFTA) offers Chinese investors opportunities to establish businesses serving customers across Africa.
However, Ghanaian traders must also benefit from these partnerships, she stressed, questioning their ability to secure ownership stakes in the businesses they support in the Chinese market. Ghana's economic growth hinges on transforming raw materials into higher-value products, reducing dependence on raw material exports and creating jobs.
The Vice President's talks with Chinese business executives reflect Ghana's drive for investment partnerships that prioritize industrial development, skill utilization, local participation and sustainable job creation.
Written by urgent.news from 3News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
