President Mahama targets 15% manufacturing share of GDP, 500,000 industrial jobs by 2030

President John Dramani Mahama has announced an ambitious strategy to revitalise Ghana’s manufacturing sector, aiming to increase its contribution to at least 15 percent of Gross Domestic Product (GDP) by 2030 while creating 500,000 new industrial jobs.

Speaking to business leaders in Accra, the President noted that manufacturing has remained stagnant at roughly 10 percent of GDP for over five decades. He contrasted this with emerging Asian economies that have expanded manufacturing output to between 20 and 30 percent of GDP, stressing the urgency of reforms to enhance competitiveness.

To achieve the target, he outlined structural measures to tackle persistent barriers to industrial growth. Citing a report from the Ghana Chamber of Mines, he said Ghana is losing investment competitiveness to neighbouring countries such as Benin, Côte d’Ivoire and Nigeria.

High electricity tariffs, unreliable power supply, import duties on machinery, and corporate taxes were identified as major constraints. The President emphasised that no industrialised nation thrives under high energy costs and announced plans to restructure energy sector debts, expand renewable energy generation, introduce differentiated off-peak tariffs for industry, and improve transmission efficiency.

He also pledged to expand access to industrial financing through collaboration with the Bank of Ghana and development finance institutions.

Mahama stressed that the reforms represent a structural transformation rather than incremental adjustments, adding that achieving the manufacturing target will position Ghana as a competitive industrial hub in West Africa while driving growth, job creation, and investment.