Government has been charged to quickly intensify efforts to industrialize the economy through manufacturing.
According to Economist Dr. Priscilla Twumasi Baffour, the manufacturing sector holds the key to addressing the rising unemployment challenges in the economy, as well as tool to generate more income tax for government.
The manufacturing sector expanded at a rate of 6.1% in the first quarter of this year, according to data from the Ghana Statistical Service.
Dr. Twumasi Baffour who is with the Economics Department of the University of Ghana tells Joy Business government must provide incentives to manufacturing firms to expand the economy rapidly.
“The next step is our effort towards manufacturing that is industrialization of the economy. We need to intensify our efforts so that we look within to add value to output from the agricultural sector, so as to a large extent lessen our import burden and also generate the much needed employment for young people.”
“The evidence shows that indeed any attempt at sustainably providing jobs would be more effective when it comes through the manufacturing and industrialization of the economy because indeed it is those sectors that provide decent jobs”, the University of Ghana Senior Lecturer said.
She emphasized that the managers of the economy must act fast if the country is to be counted as among the fastest growing in terms of industrialization.
“So I think that managers of the economy should act fast and stabilize companies; firms that have suffered adversely by providing them stimulus packages.