Speaking at the ongoing high-level session of UNCTAD’s Trade and Development Board in Geneva, Dr. Bawumia underlined that Ghana’s economy needed to diversify to rely less on commodities, like cocoa beans, precious metals and bauxite.
“We don’t want to just be raw material-producing economies. We want to add value to our raw materials. And in the process of adding value you build productive capacity,” he said. “We are encouraging every district in Ghana to set up a factory. We have a one-district, one-factory initiative to try to boost industrial productivity and we believe that that enhances productive capacity.”
Dr. Bawumia, who assumed office as Vice-President in January this year, is an economist by training and a former Deputy Governor at the Bank of Ghana. He was a keynote speaker at a Trade and Development Board session on building productive capacity in the world’s 47 Least Developed Countries, most of which are in Africa.
This is a core issue for UNCTAD, given that it is a key means to spur the gainful integration into the world economy of developing countries, to accelerate the movement towards prosperity for all. It will also help the world meet the 17 Sustainable Development Goals, a 15-year blueprint adopted by the entire international community in 2015.