GIPC urges Ghanaian firms to prioritise import substitution

The Ghana Investment Promotion Centre (GIPC) is advocating for local businesses to strategically focus on import substitution to strengthen the nation’s economy.

According to the GIPC, Ghana, alongside the broader African continent, possesses a wealth of natural resources that are increasingly sought after by global markets. The Investment Centre believes leveraging these resources domestically could reduce import dependency and position Ghana as a critical player in global supply chains.

At the 4th edition of the CEO’s Connect, hosted by the Canada-Ghana Chamber of Commerce, GIPC’s CEO, Yofi Grant, emphasised the need for Ghanaian businesses to adopt growth strategies that capitalise on the country’s rich resource base.

“The way forward has already been established with some of our policies. We recognise that we can’t keep exporting our raw materials and resources in their raw state. So policies such as the 1D1F should help in value addition for export, especially where we have the AfCFTA,” he said.

He added “This move does better in growing our economies and creates much bigger opportunities for our businesses and communities to increase their wealth.’

On her part, the president of the Canada-Ghana Chamber of Commerce, Linda Vasnani emphasised the crucial role of joint ventures in growing the local economy.

“Joint Ventures are very necessary and it is important for Ghanaian businesses to collaborate with Canadian companies to stimulate knowledge sharing and attract Investment.

Delivering an address on behalf of the Minister of Foreign Affairs and Regional Integration, Ambassador Ramses Joseph Cleland charged the CEOs to strive to achieve high levels of standardisation in the course of cooperation.

“I would like to make a clarion call to captains of industries that as you continue to seek better opportunities, let’s try to abide by the regulatory systems that govern both countries,” he said.

The event was graced by the Senior Trade Commissioner at the Canadian High Commission in Ghana, Andrew Maharaj who emphasized the need for sustaining partnerships that will ensure mutual prosperity.

This year’s CEOs’ Connect is under the theme “Exploring business opportunities for economic growth through joint ventures between Ghanaian and Canadian Businesses.”