Prof Gareth Austin speaking at the event
The New Patriotic Party (NPP) administration, led by President Akufo-Addo, has been urged to take a second look at its industrialization policy for the country.
A Professor of Economics and History from the Cambridge University, Prof Gareth Austin, made the call at a public lecture organized by the Institute of Economic Affairs (IEA) on Tuesday in Accra under the theme, ‘Ghana’s Economic History 60 Years After Independence.’
He warned that some factories to be built under the ruling government’s flagship industrialization policy may fail if not reconsidered.
The NPP administration commenced its One District, One Factory policy with the commissioning of the Ekumfi Pineapple Factory in the Central Region in August, this year.
But Prof Austin believes promoting industrialization in Ghana does not involve building factories in every district but ensuring that there is a factory in each region where government can identify an economic product for value-addition processing domestically.
“I think if you have a commitment, political commitment that you must make sure that there is a factory in every district, you will end having to subsidize some of the factories and that will be a waste from the perspective of pursuing industrialization,” he said.
According to him, “It’s important not to waste resources along the way but keep sharply focused on the objectives of industrialization.”
He stressed that “I will say it’s much easier to deliver one factory in every region. That’s much more economical and that could be much more viable than in every district.”
However, Minister of Information, Mustapha Hamid, who attended the lecture alongside former First Lady, Nana Konadu Agyemang-Rawlings, challenged the assertions made by Prof. Austin, saying it’s feasible for government to achieve its objectives under the policy.
By Melvin Tarlue