The Ghana Investment Promotion Centre (GIPC) is urging local businesses to strategically focus on import substitution as a means to bolster the nation’s economy.
The GIPC highlights that Ghana, along with the broader African continent, possesses abundant natural resources that are increasingly in demand globally.
By leveraging these resources domestically, the GIPC believes Ghana can reduce its dependency on imports and position itself as a key player in global supply chains.
Speaking at the 4th edition of the CEO’s Connect, hosted by the Canada-Ghana Chamber of Commerce, GIPC’s CEO, Yofi Grant, stressed the importance of Ghanaian businesses adopting growth strategies that capitalize on the country’s rich resource base.
He pointed out that existing policies, such as the One District, One Factory (1D1F) initiative, are designed to encourage value addition for export, particularly within the framework of the African Continental Free Trade Area (AfCFTA).
Linda Vasnani, President of the Canada-Ghana Chamber of Commerce, emphasized the importance of joint ventures in driving local economic growth.
She advocated for collaboration between Ghanaian businesses and Canadian companies to facilitate knowledge sharing and attract investment.
Delivering an address on behalf of the Minister of Foreign Affairs and Regional Integration, Ambassador Ramses Joseph Cleland urged CEOs to adhere to regulatory standards while pursuing international cooperation.
The event also featured remarks from the Senior Trade Commissioner at the Canadian High Commission in Ghana, Andrew Maharaj, who underscored the importance of sustaining partnerships for mutual prosperity.
This year’s CEO’s Connect was themed “Exploring Business Opportunities for Economic Growth through Joint Ventures between Ghanaian and Canadian Businesses.”
