President Nana Akufo-Addo has entreated entrepreneurs to add value to raw materials instead of exporting them to other countries.
He describes the system of producing and exporting raw materials to the industrialised countries as the 'Guggisberg economy' and called for a paradigm shift.
Speaking at the 6th Association of Ghana Industries (AGI) and Quality Awards ceremony, President Akufo-Addo entreated entrepreneurs to be at the forefront of the critical national assignment which is the structural transformation of the economy.
He described the current system of feeding the international market with raw materials from Ghana as a colonial loot system, likening it to the colonial administrator, Gordon Guggisberg.
"The raw material producing economy, which I call the Guggisberg economy has run its course", he said.
He expressed fears that there is no prosperity in the short, mid or long term in the future for Ghanaians should the economy continue to rely on raw materials exports.
“We must add value to the resources our nation have been endowed with by the Almighty, we must industrialise!” he stressed.
The NPP government under Akufo-Addo has shown its commitment to transforming the Ghanaian economy from relying on raw materials production with its flagship one-district-one-factory (ID-1F) and digital addressing system policies which aim at boosting economic activity.
The Trade Minister, Alan Kyerematen earlier this month said the 1D-1F project is very much on track after communicating that 192 out of 462 business plans have been approved for take-off.
Tony Oteng-Gyasi, the Chairman of Tropical Cable and Conductor Ltd which was adjudged the overall best industrial company of the year, said his company was hoping that the 2018 budget will include plans to reduce power tariffs to help businesses.
He also hopes the budget will include plans to sustain the stimulus package and promote the 1D-1F policy.
The President has, meanwhile, revealed plans to reduce power tariffs, details of which will be contained in the budget