John Dramani Mahama challenges private sector to lead in manufacturing

President John Dramani Mahama has called on the Ghanaian private sector to take a courageous lead in large-scale manufacturing to drive national industrialization. Speaking at the Russia-Africa Summit in Moscow, the President challenged domestic investors to move beyond small-scale ventures and actively establish factories that can compete on a global scale. He expressed concern over the current trend where local entrepreneurs often wait for foreign investors to spearhead manufacturing projects instead of taking the initiative themselves.

Highlighting the potential of the local economy, President Mahama pointed to successful examples in the textile industry as a blueprint for what domestic capital can achieve. He encouraged investors to diversify their portfolios into strategic sectors such as hospitality, agro-processing, and textiles. By taking a more proactive role, he argued, the Ghanaian business community can secure the nation's economic sovereignty and reduce over-reliance on imported goods.

Beyond manufacturing, the President provided an update on Ghana's macroeconomic environment, noting that the country has entered a period of relative stability following the completion of an International Monetary Fund (IMF) program. He cited controlled inflation rates and ongoing government efforts to sanitize the mining sector by combatting illegal mining as key factors creating a conducive atmosphere for long-term domestic investment.

President Mahama’s address in Moscow serves as a call to action for the private sector to partner with the government in its industrialization agenda. By transitioning from a commerce-heavy economy to one rooted in value-addition and manufacturing, the President believes Ghana can build a more resilient and self-sustaining economic future.