Cedi depreciation hinders Industrial growth, AGI warns

Accra, Ghana - The Association of Ghana Industries (AGI) has expressed concerns over Ghana's slow industrialization progress, calling for a comprehensive reassessment of the country's strategies.

Speaking at the 2024 Ghana Industrial Summit and Exhibition, AGI President Dr. Humphrey Ayim-Darke emphasized the need for a targeted approach to boost industrial growth.

“As we reflect on Ghana’s industrialisation journey, it is evident that progress has been slow. We must reassess the policies and strategies employed," he stated.

“Our efforts must be targeted at pillars of economic growth that have the potential to create a multiplier effect. Promoting value chains stands out as a critical catalyst to drive innovation, enhance competitiveness and foster sustainable industrial growth," he added.

The Association of Ghana Industries (AGI) recognizes the benefits of initiatives like the One District, One Factory program, but its President, Dr. Humphrey Ayim-Darke, notes that deeper economic issues persist.

In an interview with Citi Business News, Dr. Ayim-Darke highlighted the ongoing struggles businesses face due to Ghana's currency fluctuations, particularly the cedi's depreciation.

Source: Lead News Online