President John Dramani Mahama has unveiled plans to significantly boost Ghana’s manufacturing sector, setting a target for it to contribute at least 15 percent to the country’s Gross Domestic Product (GDP) by 2030.

The initiative also aims to create 500,000 new industrial jobs.

Addressing business leaders in Accra, the president highlighted the long-term stagnation of the sector.

“For over five decades, Ghana’s manufacturing sector has contributed around 10% to GDP. Meanwhile, emerging Asian economies, starting from a similar basis, have achieved manufacturing of 20% to 30% of GDP,” he said, stressing the need for urgent reforms to remain competitive.

To achieve the target, President Mahama outlined a series of structural measures aimed at addressing key obstacles.

Citing a report by the Ghana Chamber of Mines, he noted that Ghana is losing investment competitiveness to neighbouring countries, including Benin, Côte d’Ivoire, and Nigeria.

High electricity tariffs, unstable power supply, machinery import duties, and corporate taxation were identified as major barriers discouraging industrial growth.

“No industrial nation thrives under structurally high costs of power,” he said, announcing plans to restructure energy sector debts, expand renewable energy generation, introduce differentiated off-peak tariffs for industry, and improve transmission efficiency.

President Mahama also pledged to expand access to industrial financing through partnerships with the Bank of Ghana (BoG) and development finance institutions.

“These reforms are not incremental adjustments, they are structural reforms necessary to change our trajectory,” he said.

He emphasised that achieving the 15 percent manufacturing target will position Ghana as a competitive industrial hub in West Africa, driving economic growth, job creation, and investment.

The announcement signals a renewed focus on structural reforms and long-term planning as the government seeks to transform Ghana’s industrial landscape.