The Chief Executive Officer of the Ghana Export Promotion Authority, Mr. Gideon Quarcoo has asked Ghanaians to embrace import substitution as a sure solution to tilting Ghana’s balance of trade in her favour.
“Buy, use and sell Ghanaian,” he urged the public, saying it is the categorical economic imperative of our time.
“The Chinese are doing it, the British are doing it, Australians among others are doing it, back home on our continent the Nigerians are doing it, Kenyans, South Africans, many more are doing it and so why not Ghanaians?”
Mr. Quarcoo made the submission at the 2nd Graphic Business/Fidelity Breakfast Meeting in Accra, and emphasised that for the next three years, Ghanaians must travel the straight and narrow road to economic emancipation.
“Intensify the drive for behavioural change, take pride in and value things Ghanaian, by buying Ghanaian, using Ghanaian, selling Ghanaian, wearing Ghanaian and eating Ghanaian – be authentically Ghanaian,” he said, explaining that nothing could be more patriotic for the patriotic Ghanaian.
The Breakfast Meeting programme, which he described as innovative and for which he commended the organisers – Graphic Communications Group Limited and Fidelity Bank, as well as media partner Citi FM, was on the theme “Maximising the Value of Exports to improve Ghana’s Trade Balance”.
Mr. Quarcoo noted that the importance of export to the growth of the economy cannot be overemphasized, pointing out that many countries like Japan, Korea, USA, UK and China have achieved economic development success on the backs of strong export led economies.
He said while running a balance of trade deficit has been a part of Ghana’s history as a result of the country’s heavy dependence on imports as against exports with her trading partners, continuing on that path will “only serve to deepen our import dependency and further deplete our foreign reserves.”
According to him, there is an urgent need to harness the potentials of Ghanaian ingenuity and craftsmanship to reduce the dependence on foreign products .
He added that the ingenuity of Apostle Dr Kwadwo Safo, the potentials of Suame Magazine in Kumasi, Gratis Foundation, the Kwame Nkrumah University of Science and Technology, the polytechnics etc all need to be urgently harnessed.