IEA urges Ghana to secure investment, technology transfers through BRICS

The Institute of Economic Affairs (IEA) has called on the Ghanaian government to leverage the country's intended partnership with BRICS nations to attract investment, technology transfers and industrial collaborations. The IEA believes deepening ties with BRICS could open avenues for joint ventures and investments in sectors such as agro-processing, mineral beneficiation, manufacturing, energy and transport infrastructure.

This cooperation could enable Ghana to move past merely exporting raw or minimally processed commodities and retain a larger portion of the value generated from its natural resources. The IEA's statement, issued on Monday, welcomed the government's decision to seek BRICS partner-country status. The organization emphasized that Ghana required investment and expertise to foster productive sectors and highlighted that enhanced relationships with BRICS economies could aid industrialization and domestic capacity building.

The IEA noted that stronger engagement with BRICS could generate opportunities for joint ventures, technology transfer, industrial partnerships and investments that could bolster local employment and the development of domestic capabilities. The report identified agro-processing, mineral beneficiation, manufacturing, energy and transport infrastructure as key areas for enhanced cooperation.

The IEA suggested that the partnership could also broaden Ghana's financing options, especially for infrastructure development and the strengthening of productive sectors. The organization pointed out that while BRICS engagement should not replace existing sources of finance, it could diversify Ghana's funding options and project cooperation, particularly through institutions like the New Development Bank, where applicable.

The IEA cautioned that the aim should be to enhance Ghana's financing landscape rather than replace existing sources of funding. The organization urged the government to develop the requisite institutional and policy frameworks to ensure that the partnership translates into concrete development benefits.