Import substitution key to strengthening the Ghana cedi – Trade Minister

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has reaffirmed the government’s commitment to import substitution as a critical strategy to protect the cedi and promote high-quality made-in-Ghana products.

Speaking on Accra-based Citi FM on Friday, August 1, 2025, the Minister said reducing Ghana’s reliance on imports is central to economic stability and currency strength.

“Import substitution is a crucial part of our strategy because it makes our cedi story stronger and allows us to better assure the quality of products consumed locally,” she stated. “If something goes wrong, we can easily trace the source and take corrective action, unlike imported goods, where tracing the origin is often difficult.”

Hon. Ofosu-Adjare said the government is working through key regulatory bodies—including the Food and Drugs Authority (FDA), Ghana Standards Authority (GSA), and National Security—to ensure that local products meet strict quality standards. She warned that manufacturers must be vigilant, as inspections at production sites will be intensified without prior notice.

“All companies must be on red alert,” she cautioned. “We can enter your facility at any time to verify the quality of products you are producing for Ghanaians.”

The Minister explained that beyond currency protection, the ultimate goal is to build a trusted national brand around locally made goods—one that can compete with global standards.

“We want to associate made-in-Ghana goods with high quality, and we will not allow anyone to taint that image,” she emphasized.

She also revealed that the government is finalizing a comprehensive agribusiness policy to support the transformation of the sector. This policy, she said, will offer long-term direction, attract investment, and promote inclusive industrial growth.

Highlighting rural industrialisation as a top priority, Hon. Ofosu-Adjare said incentives are being developed to encourage businesses to locate closer to raw material sources. “Siting industries in rural areas will lower production costs and create jobs in local communities,” she noted.

The Minister further proposed the establishment of a one-stop regulatory compliance centre to simplify licensing and registration processes for SMEs, and called for expanded agro-processing zones and digital platforms to enhance productivity and market access.

She stressed the importance of inclusive policies that consider underserved groups, particularly in funding and regulation, adding that equity will be a guiding principle in Ghana’s industrialisation efforts.

“Our economic reset must be anchored in homegrown solutions,” she concluded, “and import substitution is key to that journey.”