Association of Ghana Industries urges businesses to import machinery amid cedi stability
The National Treasurer of the Association of Ghana Industries (AGI), Mr Ralph Ayitey, has called on businesses to take advantage of the recent stability of the Ghana cedi to import capital goods, particularly agricultural and manufacturing machinery, to strengthen local production and reduce the country’s reliance on imports.
Mr Ayitey, who expressed concern over Ghana’s high dependence on food imports, currently estimated at more than USD2 billion annually, stressed that businesses must prioritise investment in agro-processing and manufacturing rather than consumer goods.
“This is a fine time to import capital goods that can help us to produce more, such as machinery for agriculture and manufacturing. Production must be ramped up, and import substitution should be taken seriously,” he said.
Mr Ayitey underscored agribusiness as a critical sector for food security, inflation management and long-term economic resilience.
To this end, he urged businesses to adopt collaborative models, such as pooling resources or forming consortia, in order to meet the heavy investment demands of large-scale industrial ventures.
On the issue of financing, Mr Ayitey called for more patient capital and reduced interest rates to ensure sustainable business growth.
“Ghana should aim to reduce interest rates to between six and nine percent by the end of 2026. This will create room for private sector expansion and ease inflationary pressures,” he explained.
While commending the Bank of Ghana for its efforts in stabilising inflation, he noted that access to affordable credit remained a major hurdle for enterprises.
According to Mr Ayitey, high borrowing costs have been a significant factor in the collapse of many businesses, especially start-ups.
He however cautioned against unfair competition from imports, particularly in industries such as pharmaceuticals and cable manufacturing, which he said continue to undermine local producers.
“We need to understand our situation and be deliberate about solving our problems,” Mr Ayitey stressed.
