Getting trade, industry right: A tall order for Minister designate

As Elizabeth Ofosu-Adjare awaits parliamentary approval as the new Minister of Trade, Agribusiness and Industry, she faces a myriad of challenges but also opportunities that could shape the future of Ghana’s economy. 

With the nation's economic growth, trade competitiveness and industrial development hanging in the balance, Mrs Ofosu-Adjare's leadership will be crucial in addressing the sector's pressing issues.

The Daily Graphic believes these are key priorities that should top her agenda as she sets out to steer the country’s trade and industry towards sustainable growth and prosperity.

First of all, we urge her to prioritise the enforcement of standards in our markets and industries.

This critical issue has far-reaching implications for fair trade practices, economic growth and development.

The lack of standardisation in weights and measures has long plagued our markets, leading to inconsistencies and potential losses for both buyers and sellers.

However, the issue of standards goes beyond just weights and measures.

It encompasses a broad range of areas, including product quality, safety and environmental sustainability.

The Ghana Standards Authority (GSA) has been working tirelessly to promote awareness of the importance of standards in trade and industry and the appointment of Professor Alex Dodoo as the Custodian of Weights and Measures in 2023 marked a significant milestone in Ghana's efforts to align with international standards in metrology.

However, more needs to be done to ensure that standards are enforced across all sectors of the economy to promote fair trade, create jobs and position Ghana as the preferred destination for business investment.

We urge the minister designate to build on the progress made so far and support the GSA in its efforts to promote uniformity in the country’s standards, laws, regulations and practices.

The economy has been experiencing significant challenges, including high inflation, a large fiscal deficit and a heavy debt burden.

The minister must, therefore, work with the Finance Minister to implement policies that will stabilise the economy, reduce inflation and promote economic growth.

Mrs Ofosu-Adjare should also prioritise the implementation of the 24-hour Economy policy, which aims to transform the country into a vibrant and dynamic economy that operates around the clock. This policy has the potential to boost economic growth, create jobs and increase productivity.

However, its success depends on the availability of reliable and efficient infrastructure, including electricity, water and transportation.

The minister needs to work to address these infrastructure challenges and create an enabling environment for businesses to operate 24/7.

This she can do by streamlining regulatory processes, improving security and promoting a culture of innovation and entrepreneurship. 

With the successful implementation of the policy, Ghana can become a hub of business and commerce in West Africa, attracting investment and creating opportunities for citizens.

Our trade relations with other countries, particularly in the context of the African Continental Free Trade Area (AfCFTA), require careful management. 

Ofosu-Adjare must therefore ensure that the country takes advantage of the opportunities presented by AfCFTA while also protecting the interests of local businesses, such as working to reduce tariffs and non-tariff barriers, and promoting Ghanaian products in international markets.

The minister designate must also ensure that the country complies with international trade agreements and that its trade policies are aligned with its development goals.

She should seek to create an enabling environment for businesses to thrive by providing access to finance, reducing bureaucracy and promoting innovation.

Finally, Mrs Ofosu-Adjare needs to work to create jobs and opportunities for young people and ensure that the country's economic development is aligned with its social and human development goals.

The Daily Graphic urges the minister designate, Trade, Agribusiness and Industry to take the bull by the horns and count on our support.