President John Dramani Mahama has outlined an ambitious economic transformation agenda aimed at shifting Ghana from a raw commodity exporter to a value-added industrial powerhouse.
Speaking at the maiden Presidential Dialogue with the Private Sector, the President announced that Cabinet would soon approve the National Agribusiness Policy to drive large-scale value addition across agriculture and related sectors.
He said recent volatility in global cocoa prices had exposed structural weaknesses in Ghana’s cocoa value chain, prompting urgent reforms. Among the measures outlined are domestic funding for cocoa purchases, expanded roles for local licensed buying companies, revamping the Produce Buying Company, increasing local processing of cocoa and other tree crops, and introducing an automatic pricing formula that guarantees farmers 70 per cent of the international market price at prevailing exchange rates.
The reforms will also target cost-cutting and efficiency within the Ghana Cocoa Board, alongside retooling the Cocoa Processing Company to enhance local manufacturing capacity.
President Mahama stressed that the transformation agenda extends beyond agriculture to the extractive sector, with plans to ensure all mineral oils are processed locally within five years.
Central to the strategy is the newly established 24-Hour Economy Authority, created to coordinate nationwide implementation of the government’s round-the-clock production model. The President, who recently assented to the bill establishing the Authority, described the initiative as a “productivity revolution” designed to maximize infrastructure, labour, and capital use.
Incentives under the policy include shift-based support for manufacturers, off-peak electricity tariffs, improved nighttime security, structured labour engagement, and tax exemptions on equipment for factory expansion.
Positioning Ghana within the opportunities presented by the African Continental Free Trade Area (AfCFTA), President Mahama emphasized that competitiveness—not just market access—would determine success. He underscored the need for reforms in energy, financing, and regulatory enforcement to support industrial growth.
“We must work to make Ghana West Africa’s production hub,” the President declared, framing the reforms as a decisive step toward building a resilient, value-driven economy.
