He explained that the overreliance on imported raw materials was crippling local production, driving up deficits, inflation and debt, and undermining the country's macroeconomic stability. He warned that the country's heavy reliance on imported raw materials would make it vulnerable to disruptions in the global supply chain as witnessed during the COVID-19 pandemic. Our level of readiness for global supply chain disruptions is not up to standard in case there is any pandemic.
This is because today, about 70 per cent of manufacturers in the country import nearly 90 per cent of their raw materials, which suggest that basic raw material in Ghana as an input for production is under average,” the president said at a session during the 76th Annual New Year School and Conference held at the University of Ghana in Accra last Wednesday.
New Year School
Dr Darke was speaking on the sub-theme, “Building Partnerships and Facilitating Cross-Border Trade through Digital Commerce”. The Annual New Year School and Conference provides the platform to discuss national issues and proffer solutions to them.
The event is organised by the School of Continuing and Distance Education, College of Education of the University of Ghana.
