{"id":98746,"date":"2025-10-15T23:11:00","date_gmt":"2025-10-15T23:11:00","guid":{"rendered":"https:\/\/sotnews.agency\/?p=98746"},"modified":"2025-10-15T23:11:00","modified_gmt":"2025-10-15T23:11:00","slug":"ghanas-economic-orientation-is-built-to-import-not-to-export-prof-godfred-bokpin","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=98746","title":{"rendered":"Ghana\u2019s economic orientation is built to import, not to export \u2013 Prof Godfred Bokpin"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 44 Second <\/div>\n\n <\/div>
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Economist Professor Godfred Bokpin has said Ghana\u2019s economic orientation is not structured to promote exports but to encourage imports. <\/p>\n

Speaking on JoyNews\u2019 PM Express<\/em> on October 15, he warned that without fixing the country\u2019s deep structural issues, policies like the zero-tariff trade deal with China will do little to strengthen Ghana\u2019s economic base.<\/p>\n

\u201cIf you look at our economic orientation, it is not designed to favour exports,\u201d Prof. Bokpin said, adding, \u201cEverything we are doing here is largely to make us more import-driven.\u201d<\/p>\n

He explained that key macroeconomic fundamentals reflect this imbalance. <\/p>\n

\u201cYou look at low exchange rates. You look at inflation on imported items\u2014it\u2019s lower than inflation on locally produced goods,\u201d he said. <\/p>\n

\u201cLook at all those fundamentals. Look at your financial system. Your financial system is not designed to enable export. Your financial system is designed to support imports.\u201d<\/p>\n

Prof. Bokpin pointed to the distribution of private sector credit as evidence of the problem. <\/p>\n

\u201cLook at the composition of private sector credit, and you will see the portion that goes to agriculture and manufacturing compared to the portion that goes to services, which essentially fund trade. <\/p>\n

\u201cThe structure of the financial sector itself is to enable import and not production,\u201d he said.<\/p>\n

He noted that such an orientation limits Ghana\u2019s ability to benefit from trade agreements or global market opportunities. <\/p>\n

\u201cThere are real structural issues that we need to fix,\u201d he stressed. \u201cEven with some level of tariff, we could still be competitive if we fixed these issues. But without that, tariff alone doesn\u2019t change the game.\u201d<\/p>\n

Prof. Bokpin also highlighted the infrastructure gap that undermines competitiveness. <\/p>\n

\u201cIf a firm is situated in Accra and has to access raw material from, say, Cape Coast or Takoradi on this road, how competitive can you get?\u201d he asked. <\/p>\n

\u201cThe distance between Beijing and Shanghai is 1,200 kilometres, and a train does that in less than five hours. The distance between Accra and Kumasi is about 250 kilometres, and it takes people 10 hours. Others don\u2019t even arrive.\u201d<\/p>\n

He said the lack of competitiveness has forced some businesses to relocate to neighbouring countries. <\/p>\n

\u201cIf Ivory Coast is talking the way we are talking, or Rwanda, you\u2019d understand, because they are putting in place the fundamentals. Some businesses in Ghana today prefer to operate from the Ivory Coast rather than set up here.\u201d<\/p>\n

Prof. Bokpin further questioned Ghana\u2019s preparedness in trade negotiations, especially with major economies like China. <\/p>\n

\u201cHave we sat down to develop a strategy? Does Africa have a strategy to engage the rest of the world?\u201d he asked. <\/p>\n

\u201cHaving the African Continental Free Trade Area doesn\u2019t mean we are taking advantage of it. It\u2019s like saying that because Africa has more slots in the World Cup, it will win. It depends on how you prepare your players, who are your industrial sector actors and investors.\u201d<\/p>\n

He concluded that Ghana\u2019s lack of export competitiveness, high cost of credit, and poor infrastructure are holding back its growth potential. <\/p>\n

\u201cWe are not laying the economic foundation that allows us to take advantage of these things,\u201d he said. <\/p>\n

\u201cWithout fixing the fundamentals, we will remain import-dependent, no matter what trade agreements we sign.\u201d<\/p>\n<\/div>\n

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