'We cannot be spoon-fed forever' - Patrick Boamah pushes local industry to cut imports, grow exports

A former Chairman of Parliament’s Finance Committee, Patrick Boamah, says Ghana must shift from dependency to production. He emphasizes boosting local industries like pharmaceuticals, agro-processing, and textiles. This will help reduce imports and strengthen exports.

Boamah spoke on Joy News’ PM Express Business Edition on May 1. He warned that relying on foreign support schemes like the African Growth and Opportunity Act (AGOA) poses serious risks. Local industrial action is necessary to mitigate these risks.

He noted that some companies are set up specifically to benefit from AGOA. For example, Madam Salma’s garment company at UTC could face job losses without an extension of AGOA.

While he supports extending AGOA, he believes it should not be indefinite. “We need to wean ourselves from some of these policies,” he said. He questioned what Ghana has done to expand its export potential over the last 20 years.

Mr. Boamah stressed that Ghana's ability to earn foreign exchange relies on building competitive local industries. “We cannot sit and be spoon-fed for a long time,” he stated. Deliberate steps are needed to strengthen the economy.

He defended the One District, One Factory initiative despite its challenges. “If we don’t build local capacity in industry, job creation will remain an illusion,” he warned.

He highlighted opportunities in the pharmaceutical sector as well. Local companies like Tobinco and Ernest Chemist should be encouraged to produce locally. This would reduce reliance on imported drugs.

Boamah believes the government must commit serious funding to key productive sectors. He pointed out strategic areas such as textile export and agro-based industry need attention.

“I’m happy government is discussing agribusiness,” he said, but budget allocations are insufficient for trade and agriculture ministries.

To succeed in generating revenue from targeted crops, significant investment is essential, according to Boamah. The message is clear: dependency must give way to self-sufficiency.

“Strategic thinking, real investment, and strong political will are crucial,” he concluded. We cannot wait another twenty years relying on AGOA.