During the 2023 University of Ghana Alumni Lecture, Dr. Anthony Oteng-Gyasi, a well-known businessman and the Board Chair for the Ghana Revenue Authority (GRA), gave a speech titled “The Fault Dear Brutus,” in which he identified the main cause of Ghana’s stagnant manufacturing sector.
Dr Oteng-Gyasi believes that the current reward system is skewed towards incentivizing traders and importers over local producers.
National policies such as exchange rate stability and exemptions from import duties create an environment where importing goods and services is more profitable than establishing and growing manufacturing industries.
“According to Dr Oteng-Gyasi, the decline in manufacturing jobs has led to a concentration of wealth among a small group of elites, leaving the majority of Ghanaians stuck in low-skill and dead-end jobs, unable to escape the cycle of poverty.
He emphasized the need for a radical shift in policy, urging the government to prioritize local production and incentivize businesses to invest in manufacturing.
Dr Oteng-Gyasi believes that value chains and manufacturing should be made a priority to generate income from skilled and sustainable jobs. He argues that the solution to poverty is not low prices and free public goods but income generation from skilled jobs.
As the Chairman of Tropical Cable and Conductor in Ghana, he called for a national debate on Ghana’s economic trajectory and the need for a more sustainable and inclusive growth model. Dr Oteng-Gyasi also emphasized the importance of prioritizing market access for local production.
“Fortunately, we have not yet reached the point of no return, and we still have the time and opportunity to take responsibility for ourselves.
To begin, we need to identify the appropriate value chains. We must create a manufacturing policy based on these chains and make our limited resources available for production within them. When it comes to market access, we should prioritize local production.
Every locally produced product should be given preference over imports, providing a price advantage if necessary in the early stages. Additionally, the Vice Chancellor, Prof Nana Aba Appiah Amfo, and the Chairman of UG Alumni Association’s Council, Doris Adwoa Kisiwa Ansah, graced the event with their presence.
