GIPC advices Ghanaian firms to focus on import substitution

The Ghana Investment Promotion Centre (GIPC) is urging local businesses to prioritize import substitution as a strategy to bolster the nation’s economy. According to the GIPC, both Ghana and the broader African continent are rich in natural resources that are increasingly in demand globally. By leveraging these resources domestically, Ghana could reduce its reliance on imports and enhance its role in global supply chains.

At the 4th edition of the CEO’s Connect event, organized by the Canada-Ghana Chamber of Commerce, Yofi Grant, CEO of GIPC, highlighted the importance of Ghanaian businesses adopting growth strategies that utilize the country’s abundant resources. Grant explained, “The way forward has already been established with some of our policies. We recognize 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 added, “This move does better in growing our economies and creates much bigger opportunities for our businesses and communities to increase their wealth.”

Linda Vasnani, president of the Canada-Ghana Chamber of Commerce, underscored the vital role of joint ventures in expanding the local economy. She stated, “Joint Ventures are very necessary, and it is important for Ghanaian businesses to collaborate with Canadian companies to stimulate knowledge sharing and attract investment.”

In his address on behalf of the Minister of Foreign Affairs and Regional Integration, Ambassador Ramses Joseph Cleland urged CEOs to pursue high standards of cooperation. He called on industry leaders to adhere to regulatory systems, saying, “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.”

The event, attended by Andrew Maharaj, Senior Trade Commissioner at the Canadian High Commission in Ghana, focused on sustaining partnerships to ensure mutual prosperity. This year’s CEO’s Connect was themed “Exploring Business Opportunities for Economic Growth Through Joint Ventures Between Ghanaian and Canadian Businesses.”