President John Dramani Mahama has unveiled an ambitious plan to raise the contribution of the manufacturing sector to the national economy from 10 percent to at least 15 percent by 2030, alongside the creation of 500,000 quality industrial jobs.
Speaking with business leaders in Accra, President Mahama expressed concern over the slow pace of industrial growth, noting that the sector has remained largely unchanged for more than 50 years.
“For over five decades, manufacturing has hovered around 10 percent of GDP, while countries in Asia that started at the same point now record between 20 and 30 percent,” he said.
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He warned that without bold reforms, Ghana risks losing its competitive edge in the sub-region.
The President described the 15 percent target as a national priority, aimed at reshaping the economy and strengthening job creation.
“I therefore set a national target. Manufacturing must contribute at least 15 percent of GDP by 2030, supported by 500,000 new quality industrial jobs,” he declared.
Citing a recent report by the Ghana Chamber of Mines, President Mahama revealed that the country is gradually losing investment attractiveness to neighbours such as Benin, Côte d’Ivoire, and Nigeria.
President John Dramani Mahama identified high electricity tariffs, unreliable power supply, heavy machinery import duties, and corporate tax burdens as major obstacles to industrial expansion, stressing that “no industrial nation thrives under structurally high costs of power.”
To reverse this trend, he outlined a comprehensive reform agenda, including accelerated restructuring of the energy sector debts, expansion of renewable energy capacity, introduction of off-peak tariffs for industries, and improvements in transmission efficiency, aimed at lowering production costs and boosting investor confidence.
He also pledged to widen access to affordable credit through collaboration with the Bank of Ghana and development finance institutions.
“These are not incremental changes. They are structural reforms needed to change our national trajectory,” Mahama said.
According to the President, achieving the 15 percent GDP target will transform Ghana into a leading industrial and manufacturing hub in West Africa, attract foreign investment, and strengthen economic resilience.
He reaffirmed his administration’s commitment to creating a business-friendly environment that supports local industries and promotes value addition.