A former Deputy Minister for Trade and Industry, Robert Ahomka Lindsay, says Ghanaian manufacturers must consider moving into fast-moving consumer goods (FMCGs) in order to sustain their businesses and grow.
He said most retailers in Ghana trade in imported products, and that presents a vacuum that needs to be captured by local manufacturers.
Speaking on the fifth virtual forum of the #CitiBusinessFestival on Citi TV on Tuesday, the former Deputy Minister said made-in Ghana products can become the mainstay in the country if the focus is shifted to fast-moving consumer goods.
The theme for the forum was ‘Promoting made-in-Ghana products to spur inclusive economic growth’.
“Fast-moving consumer goods are designed because we use them every day. They are designed because they are sold by retailers and to consumers all the time. In Ghana, our challenge is that we retail products that are manufactured outside our home, so it will greatly help if we can tap in and focus on the fast-moving consumer goods,” he said.
He added that it isn’t enough to produce local goods, but it is also important to produce different ranges of goods.
According to the former Deputy Minister, producing different products would increase market size and rake in more profit for local producers.
Mr. Ahomka Lindsay cited the production of different products from local cocoa to establish a wide range of products.
“Our range of goods that are available must be increased. I would encourage Ghanaian manufacturers to look at producing other fast-moving consumer goods range every year, so we can make millions of dollars from them. If you look at the top 500 richest companies in the world, you’ll be shocked how many fast-moving consumer goods you find.”
He further urged Ghanaian manufacturers to re-assess the entire value chain of their business and ensure that their products are always available on the market to meet consumer demands.
“We need to make sure that we are reliable. When we say we are producing 10 cartons of juice every day, we get it every day. That means a review of our value chains to ensure that we have enough pineapple, for instance, for the Eku juice to be produced,” he noted.
Held in June, the Citi Business Festival lined up virtual business discussions aired live on Citi TV every Tuesday from 11:00 am to 1:00 pm.
The radio on-air series, on the Citi Breakfast Show at 9:20 am from Monday to Thursday, is also themed to correspond with the virtual fora.
This year’s Festival has focused on five areas, namely;
Week 1: Digital Economy – Building a cashless society and the opportunities for business and job creation.
Week 2: Doing business in Ghana.
Week 3: AgriBusiness – Feeding Ghana with a sound import substitution strategy.
Week 4: Trade – AfCFTA: Opportunities for investment & Job creation in Ghana.
Week 5: Promoting Made-in-Ghana products to spur inclusive economic growth.
The 2021 Citi Business Festival is powered by Citi FM, Citi TV, and citibusinessnews.com, and proudly sponsored by ABSA Bank and with support from IT Consortium and GIPC.