If the private sector receives the necessary financial backing, Ghana’s Gross Domestic Product (GDP) is most likely to reach a double-digit level within the next few of years.
The Alliance for Development and Industrialization (ADI) asserts that “if industries are provided long-term, inexpensive financing facility which would enable them to grow their productions for export, the country’s GDP is poised to record double-digit.”
According to the most recent data from the Ghana Statistical Service (GSS), the economy grew by 4.8 percent of GDP, but the manufacturing sector saw GDP rise by 8.8 percent by the second quarter of the year.
This means that the government’s industrial policy has begun yielding the optimum results, and if the needed support is given to the private sector, the country will soon achieve a double-digit GDP; this was contained in a statement issued in Accra and signed by Richard Danso, the president of ADI.
According to the ADI, Ghana is most likely to recoup about US3 billion through import substitution in the wake of the speeding depreciation of the country’s currency, the cedi.
The cedi started its free fall at the beginning of this year, almost depleting the country’s Gross International Reserves.
But, according to the Alliance for Development and Industrialization (ADI), the depreciation of the cedi has positioned the country to be self-dependent and a good destination for export.
“What we need to do now as a country is to position ourselves and produce more to support the country and the continent as a whole”, it said.
“Now that importation has now become unattractive, the financial institution should begin to look into supporting import substitution”, it said.
According to the ADI, this would help support the country’s balance of payment and stabilize the cedi.