Developing local content key to achieving 24-hour economy — Asante-Amoah

The Lead Executive of the Chartered Institute of Supply Chain Management (CISCM)-Ghana, Richard Asante-Amoah, has emphasised the need to develop resources locally as a strategic approach to achieving socioeconomic transformation.

He said the country and the rest of Africa must adopt an integrated supply chain management system to drive economic growth, ensure sustainable employment and enhance industrial competitiveness, stressing that a well-structured local supply chain would not only strengthen businesses but also position the country to achieve its “24-hour economy” policy.

“As a nation, we need to understand what our tastes are and figure out how to satisfy them. We don’t only need to look at what we can produce as a whole but what each district is capable of producing and then harness them to trade among ourselves,” he said. 

Event

Mr Asante-Amoah was speaking at a business scan organised by CISCM- Ghana held in Accra yesterday

It served as a platform for professionals, industry leaders, and stakeholders in the supply chain sector to analyse current trends, share best practices, foster networking and generally provide a forum for in-depth discussions on supply chain management in the country.

CISCM aims to advance the supply chain profession in Ghana by promoting continuous learning and collaboration among its members.

Globalisation

According to Mr Asante-Amoah, globalisation as we know it was gradually fading because many countries outside Africa were gearing up towards producing for their own markets and putting in place policies that would hinder competition from outside.

Therefore, he said, it had become imperative for the country and other African nations to rely on self-sufficiency and resilient local supply chains to reduce their dependence on external markets.

In that vein, he said Ghana and Africa must go beyond promoting entrepreneurship and focus on business development and innovation to add value to local resources, and not depend on imported products most of which are substandard.

Touching on the role of artificial intelligence (AI) in economic development, he cautioned that while AI could enhance efficiency, it must not replace human labour entirely in Africa, and  called for policies that balanced automation with job creation to prevent widespread unemployment.

Mr Asante-Amoah further highlighted the critical role of research in optimising the 24-hour economy policy.

He explained that without data-driven strategies, implementation could be ineffective, leading to inefficiencies and economic setbacks.  

“It should be based on empirical research that can connect up to what people need at any one time, so that we don’t create waste – because if there’s one thing supply chain frowns upon, it’s waste. Without research we may engage something that people may not want at a particular point in time,” he said.

He mentioned that CISCM had identified six priority sectors, including energy, security, healthcare, manufacturing, agriculture and mining as areas that require extensive research and investment to facilitate round-the-clock economic activities.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}