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Stakeholders in the manufacturing sector have highlighted concerns despite a 6.8% growth rate recorded for the Industry in the first quarter of 2024. Recent data from the Ghana Statistical Service indicates significant growth in various sectors, including mining, construction, and information and communication, contributing to an overall GDP increase of 4.7%.
According to the Ghana Statistical Service (GSS), the industry sector specifically saw a notable growth of 6.8% compared to 3.3% in Q1 2023. However, leaders in the manufacturing industry remain apprehensive about the sector’s slower-than-expected progress.
Mark Badu-Aboagye, CEO of the Ghana National Chamber of Commerce and Industry, expressed concerns over the manufacturing sector’s performance, stating, “If you look at data from last year to this year, you will realize that the manufacturing sector is not performing as well as expected.” He emphasized the need for concerted efforts to stimulate consistent growth in manufacturing.
Tsonam Akpeloo, Accra Regional Chairman of the Association of Ghana Industries (AGI), underscored the urgency for government intervention in addressing currency depreciation issues that hinder industrial growth. He highlighted the trend of factory closures and relocations impacting local manufacturing, urging policies to support domestic production.
The manufacturing sector’s challenges persist despite broader economic gains, prompting calls for targeted strategies to revitalize and sustain its growth trajectory.