Ghana’s ambition to build a productive economy will remain difficult to achieve unless the government addresses a system that makes importing finished goods potentially cheaper than manufacturing them locally, financial analyst Nii Yarboi Annan has warned.
He maintains that Ghana cannot achieve the economic transformation envisaged under the government’s New Economy agenda without addressing policies and practices that undermine domestic production.
Speaking to Sena Nombo on Radio Gold during discussions ahead of the 2027 Budget, Mr Annan cited the cost of manufacturing roofing materials as an example of what he considers a major obstacle to industrial development.
He questioned why a Ghanaian entrepreneur importing raw materials to manufacture roofing products could face higher production costs than a trader importing competing finished goods.
According to him, such conditions discourage investment in manufacturing, limit employment opportunities and weaken the country’s ability to build a competitive industrial economy.
Mr Annan criticised successive attempts to reform port charges and import duties, arguing that many interventions had failed to address the underlying problems facing local producers.
He insisted that economic transformation would also require changes in public attitudes towards taxation and national development.
The financial analyst argued that many Ghanaians were reluctant to fulfil their tax obligations because they did not feel included in the country’s economic arrangements or believe that opportunities were distributed fairly.
“A lot of Ghanaians don’t feel the need to file taxes or pay taxes. Why? Because they don’t feel part of the economic agenda,” he stated.
He maintained that building a productive economy would require policies that encourage citizens to participate in economic activity and benefit from its outcomes.
Turning to international examples, Mr Annan highlighted Malaysia’s development of its palm oil industry as a model Ghana could study.
He explained that Malaysia had expanded the economic value of oil palm through processing and the production of various consumer and industrial products, rather than relying solely on the sale of raw agricultural commodities.
He also pointed to the role of integrated agricultural production and community participation in supporting the industry’s development.
According to him, Ghana could adopt a similar approach by building industries around its agricultural resources, encouraging local processing and creating economic opportunities across the production chain.
His concerns come as the government prepares to present its 2027 Budget, with a proposed US$10 billion investment programme intended to promote manufacturing, agro-processing, value addition and job creation.
The initiative, covering 2027 to 2030, is expected to prioritise sectors capable of expanding domestic production and improving the competitiveness of Ghanaian businesses.
Mr Annan maintained that achieving these objectives would require deeper reforms to the business environment, particularly measures that make domestic manufacturing commercially viable and give citizens a greater stake in economic development.
