{"id":59204,"date":"2023-11-10T07:29:08","date_gmt":"2023-11-10T07:29:08","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=59204"},"modified":"2023-11-10T04:38:23","modified_gmt":"2023-11-10T04:38:23","slug":"strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi","title":{"rendered":"Strong manufacturing sector catalyst to import substitution \u2013 Dr Oteng-Gyasi"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Dr Anthony Oteng Gyasi, an Industrialist, has asked the government to develop the manufacturing value chain with policies to make domestic industries produce more value-added goods. <\/b><\/p>\n

Dr Oteng-Gyasi, Board Chairman, Ghana Revenue Authority (GRA), said this at the 2023 University of Ghana Alumni lecture on the topic \u201cThe Fault, Dear Brutus\u201d.<\/p>\n

He said it was important for government to support domestic manufacturers to increase the production of finished products.<\/p>\n

He said that would catalyse the country\u2019s import substitution drive and ensure sustainable economic development.<\/p>\n

He explained that existing natural resources, notably oil, gas, lithium, and manganese, could significantly contribute to Ghana\u2019s economic growth and stability with the right value chain policies.<\/p>\n

\u201cThe entire value chain is required to make the import substitution competitive for exporting to generate the foreign exchange required to keep industries running and galvanise industrialisation,\u201d Dr Oteng-Gyasi said.<\/p>\n

He called for intentional policies like that of the Asian countries whose import substitution policy increased production and the manufacturing sector\u2019s contribution to Gross Domestic Product (GDP).<\/p>\n

\u201cIn other developed countries, particularly Asia, import substitution served as the beginning of an industrialisation agenda, which rapidly moved into vertical integration, raw material production, and other input based on identifiable value chains,\u201d he said.<\/p>\n

The Industrialist noted for example that Indonesia\u2019s stainless-steel production increased from 24,000 metric tonnes in 2016 to five million metric tonnes in 2022, with GDP contribution of $43 billion due to its import substitution policy.<\/p>\n

While lauding the government\u2019s introduction of the integrated aluminium development strategy, Dr Oteng-Gyasi said such initiative had not realised its full potential due to the absence of capital.<\/p>\n

He called for an enabling environment for businesses to thrive, noting that many Ghanaian factories had failed due to the exchange rate vulnerability and the absence of a deliberate value chain policy.<\/p>\n

Professor Nana Aba Appiah Amfo, Vice Chancellor, University of Ghana, and Chairperson for the Lecture, complained about the stagnation of development in the country.<\/p>\n

\u201cGhana has yet to experience real development in all aspects of life since the overthrow of Dr Kwame Nkrumah, the first President of Ghana…,\u201d she said.<\/p>\n

Members of academia attended the Lecture, policymakers, including the Minister of Works and Housing, Mr Asenso Boakye, heads of civil society organisations, and students.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Dr Anthony Oteng Gyasi, an Industrialist, has asked the government to develop the manufacturing value chain with policies to make domestic industries produce more value-added goods. Dr Oteng-Gyasi, Board Chairman, Ghana Revenue Authority (GRA), said this at the 2023 University of Ghana Alumni lecture on the topic \u201cThe Fault, Dear Brutus\u201d. He […]<\/p>\n","protected":false},"author":84,"featured_media":59203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[5092,5096,429],"class_list":["post-59204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nStrong manufacturing sector catalyst to import substitution \u2013 Dr Oteng-Gyasi - Ghana<\/title>\n<meta name=\"description\" content=\"Dr Anthony Oteng Gyasi, an Industrialist, has asked the government to develop the manufacturing value chain with poli ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strong manufacturing sector catalyst to import substitution \u2013 Dr Oteng-Gyasi\" \/>\n<meta property=\"og:description\" content=\"Dr Anthony Oteng Gyasi, an Industrialist, has asked the government to develop the manufacturing value chain with poli ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-10T07:29:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/11\/sm_1699578331.313541.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Strong manufacturing sector catalyst to import substitution \u2013 Dr Oteng-Gyasi\",\"datePublished\":\"2023-11-10T07:29:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi\"},\"wordCount\":393,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/11\/sm_1699578331.313541.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/strong-manufacturing-sector-catalyst-to-import-substitution-dr-oteng-gyasi\",\"name\":\"Strong manufacturing sector catalyst to import substitution \u2013 Dr Oteng-Gyasi - 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