To increase the country’s revenue from export, there is the need to scale up the current 11 priority products under the national export strategy, the President of the Association of Ghana Industries (AGI), Dr. Yaw Adu Gyamfi has said.
This call was made at the AGI Ghana Industrial Summit and Exhibition 2019 on Tuesday in Accra.
“This fit into the One-District-One Factory plan as well,” Mr. Gyamfi said.
Mid-2019, Ghana Export Promotion Authority (GEPA) in collaboration with industry stakeholders drafted a 10-year National Export Development Strategy (NEDS) aimed at achieving strategic growth in the Non-Traditional Export (NTE) sector, and targeting US$10 billion in annual revenue by 2028.
The goal is to incorporate the new policy with the incumbent government’s industrialization programmes such as One District One Factory, (1D1F), Planting for Food and Jobs (PFJ) and Planting for Export and Rural Development (PERD).
Over the next decade, the average growth rate being targeted is 16.8 percent. The goal of the Strategy is to achieve not less than US$5 billion in NTE exports in each of the next three years and to realise this, stakeholders are targeting 20 percent year on year export growth.
A list of priority products likely to make significant contributions to achieving the strategic growth revenue within the next decade has been compiled. They include processed cocoa, cashew, horticultural products, oil seeds, fish and fishery products. Others are apparel, natural rubber sheets, aluminium products and articles made of plastics.
After recording a persistent decline in the growth rate of Ghana’s Non-Traditional Export (NTEs) since 2014, the sector significantly bounced back in 2018 recording 10.05 percent growth rate, and pushing 2018 earnings from NTEs to US$2.813 billion up from the 2017 figure which stood at US$2.556 billion.