Fallout from the cocoa and oil sector in recent years, according to John Dramani Mahama, shows how Ghana’s last 8 years has been wasted, especially in the upstream petroleum sector.
He says there has been no significant development in Ghana’s oil prospects considering the drop in volumes compared to previous years.
John Mahama, at the 8th Ghana CEO Summit in Accra Monday, May 27, 2024, was sharing his vision of moving Ghana out of what is termed a Guggisberg economy by expanding the revenue sources of the nation.
With the traditional revenue sources, he bemoaned how the NPP administration has mismanaged things leading to drop in outputs prior to 2017.
“Our economy has long relied on a few key sectors, such as gold, cocoa, and, more recently, oil, which we call the Guggisberg economy.
“Unfortunately, under this government, even cocoa, which at the end of my term in office brought in almost $2 billion in loan syndication, could barely manage $800 million last year. Oil volumes are down; these have been eight wasted years in the upstream petroleum sector with no significant development in our oil prospects,” he noted.
He assured of his next government’s resolve to address all the sector shortfalls.
“We will work urgently to restore our cocoa production to improve forex flow into our economy, accelerate drilling and production of oil and gas in our offshore and onshore concessions, and increase the availability of natural gas for electricity production and LPG for domestic use. We will also streamline our mineral production and exports to achieve the full benefit of this endowment.
“While these traditional sectors are essential, we must expand and invest in new areas offering opportunities for sustainable growth. These include agriculture, agri-business, tourism, light industries, manufacturing, and the creative industries.
“Diversifying our economic base can lead to more job opportunities, poverty reduction, and a more robust economy, especially within the context of the ‘Mahama 24-hour economy’. This diversification is crucial for a country with a growing youth population, as it absorbs more labour and helps reduce unemployment and underemployment rates.
“Agriculture and agro-processing will receive priority attention. Our farmers’ service centres, which will be managed by well-trained private sector players on the franchise, will bring agricultural mechanisation services to farmers’ doorsteps. Farmers registered with these centres will receive improved seeds, fertilisers, mechanisation services, and extension advice for their farming activities.”
The annual Ghana CEO Summit, founded in 2016, has participants of over 500 topmost CEOs, Heads of State, entrepreneurs, business leaders and policymakers from West Africa and around the world.
The one-day Summit was themed “Reigniting Business and Economic Growth: Charting a Path Forward; Economic Diversification and Artificial Intelligence Transformation. A Private-Public Sector CEO Dialogue & High Impact- Learn.”
