According President John Dramani Mahama, the fallout from the oil and cocoa sectors in recent years demonstrates how Ghana’s last eight years have been squandered, particularly in the upstream petroleum industry.
Given the decline in volumes compared to prior years, he claims that Ghana’s oil prospects have not materially improved.
During the 8th Ghana CEO Summit held in Accra on Monday, May 27, 2024, John Mahama presented his plan to diversify Ghana’s income streams in order to lift the country out of what is known as a Guggisberg economy.
He lamented the NPP administration’s mishandling of the conventional revenue streams, which resulted in a decline in outputs before 2017.
The Guggisberg economy, as it is known, has historically been dependent on a small number of important industries, including gold, cocoa, and, more recently, oil.
Regretfully, even cocoa, which brought in about $2 billion in loan syndication at the end of my period in office, was unable to raise even $800 million under this government last year. Oil quantities have decreased; the upstream petroleum sector has wasted eight years with little progress made toward our oil hopes, he said.
He pledged that his next administration would be determined to address every sector shortcoming.
“We will strive quickly to increase the flow of foreign exchange into our economy by restoring our cocoa output, drilling, and production of oil and gas in our onshore and offshore concessions, and increasing the supply of LPG for home consumption and natural gas for electricity production. We intend to optimize both our mineral production and exports in order to fully capitalize on this endowment.Even though these established industries are crucial, we also need to diversify and make investments in new markets with prospects for long-term, steady growth. These include manufacturing, tourism, light industries, agribusiness, agriculture, and the creative industries.
Expanding our economic base can result in a stronger economy, more job possibilities, and a decrease in poverty, particularly in the context of the “Mahama 24-hour economy.” In a nation where the youth population is expanding, diversification is essential because it increases labor absorption and lowers rates of underemployment and unemployment.
“The fields of agriculture and agroprocessing will be given top focus. Agricultural mechanization services will be delivered to farmers’ doorsteps through our farmers’ service centers, which will be run by skilled private sector participants on the franchise. Improved seeds, fertilizers, mechanization services, and extension guidance for farming activities will be provided to farmers who register with these centers.
Since its founding in 2016, the Ghana CEO Summit has brought together over 500 of the world’s most renowned CEOs, heads of state, business executives, entrepreneurs, and policymakers from West Africa and beyond.
“Reigniting Business and Economic Growth: Charting a Path Forward; Economic Diversification and Artificial Intelligence Transformation” was the theme of the one-day summit. A High Impact CEO Dialogue Between the Private and Public Sectors: Learn
