Dr. Mahamudu Bawumia has outlined a comprehensive plan to stimulate Ghanaian industries through a “Buy Ghana First” policy, which aims to prioritize locally produced goods and services in public sector procurement.
This policy reflects his commitment to boosting local industries by ensuring they have a guaranteed market through government contracts. By giving preference to Ghanaian-made products, this initiative will foster local manufacturing and create a positive ripple effect throughout the economy.
The “Buy Ghana First” policy is expected to drive industrial growth by encouraging local businesses to scale up their operations to meet the demand generated by government procurement. This approach not only helps businesses grow but also enhances job creation, as expanding industries will need to hire more workers to keep up with increased production. Additionally, it promotes the consumption of homegrown goods, reducing reliance on imports and supporting the national economy.
In tandem with this policy, Dr. Bawumia has proposed electricity tariff reforms aimed at reducing the cost of power for businesses. The current disparity between residential and commercial electricity rates places a significant burden on industries, making it difficult for them to remain competitive. Bawumia’s reforms would equalize or lower commercial rates, allowing businesses to reduce their operating costs and reinvest in growth.
By addressing two of the most significant challenges facing local industries—market access and high operational costs—these initiatives create a more favorable environment for businesses to flourish. Dr. Bawumia’s policies underscore his commitment to empowering local industries, supporting economic self-sufficiency, and driving sustainable economic growth in Ghana.
