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INDUSTRIALIZATION

Industrialization transforms economies from agriculture-based to manufacturing-focused, significantly benefiting West African countries by increasing GDP, employment, and revenue. It fosters foreign exchange earnings through exports, creates job opportunities, and promotes agricultural development by providing necessary tools and a market for raw materials. The interdependence of agriculture and industry is highlighted, with each sector supporting the growth of the other.

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2 views8 pages

INDUSTRIALIZATION

Industrialization transforms economies from agriculture-based to manufacturing-focused, significantly benefiting West African countries by increasing GDP, employment, and revenue. It fosters foreign exchange earnings through exports, creates job opportunities, and promotes agricultural development by providing necessary tools and a market for raw materials. The interdependence of agriculture and industry is highlighted, with each sector supporting the growth of the other.

Uploaded by

hq82tr2dkc
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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INDUSTRIALIZATION

Industrialization is the process


by which an economy is
transformed from a primarily
agricultural one to one based
on the manufacturing of
goods.

IMPORTANCE OF
INDUSTRIALIZATION TO
WEST AFRICAN COUNTRIES.
Industrialization contributes
greatly to economic
development of West African
countries in terms of Gross
Domestic Product(G.P.D)
employment and revenue,
among others. The importance
of industrialization can be
summed up as:

Foreign exchange earnings:


industrialization will enable
countries in West Africa to
generate enough foreign
exchange needed to
finance projects meant to
promote economic
development. This would
be achieved through the
export of goods to other
countries. Example, the
export of cocoa products
such as cocoa butter,
liquor, cake, and powder
fetched the Ghana
government $60.95million
in 2002.

Employment: Besides,
industrialization will help to
create more employment
avenues to reduce
unemployment problems
facing West African
countries. For example,
presently, the industrial
sector, which used to
employ about 105,100
people in 1984(state of
Ghanaian economy, 1995)
is employing about
300,000 persons.

Promotes Agricultural
development: Moreover,
industrialization can help to
promote agricultural
development through
production of farm
implements and demand
for agriculture raw
materials. For example,
Bibiani Metal Complex
produces simple farm
implements such as hoes
cutlasses and other farm
inputs for Ghanaian
farmers. I can therefore
improve the methods of
farming in West African
countries. The industrial
sector also ensures
constant demand demand
for raw materials produced
by the agricultural sector
hence encouraging farmers
to expand their output.

Revenue: the industries to


be established will pay tax
in their profit and at the
same thing excise duties
on goods produced and
used locally. For example,
(P.T.C) paid $3,975,089.40
to the government of
Ghana as sales to excise
and company tax in 1994.
The revenue generated
through industrial activity
can be used finance
development projects ms
planned to be undertaken
in order to speed up the
rate of economic
development.

What is Agriculture?
Agriculture is the art and
science of cultivating the
soil, growing crops and
raising livestock. It includes
the preparation of plant and
animal products for people to
use and their distribution to
markets.

What is an Industry?
The definition of an industry is
any large-scale business
activity or a type of
productive manufacture or
trade. An example of industry is
the coal mining business.

THE LINKS BETWEEN


AGRICULTURE AND
INDUSTRY. AND HOW
THEY SUPPORT EACH
OTHER.
Industry is not the substitute of
agriculture, rather they are
complementary to one another.
Both these sectors are so
attached with each other that it
is not possible to increase the
growth of one sector sector
without the improvement of the
other sector. If agriculture is
considered as the ‘heartʼ of the
country, then obviously industry
must be consider as the “brain”

Impact of Agriculture
on Industry.
Agriculture has huge positive
impacts on the industrial
development, such as:

It regularly supplies raw


materials like sugarcane ,
jute cotton, oilseeds, tea,
spices, wheat; paddy etc.
to the consumer goods
industries.
It supplies cereals,
vegetables and other food
items to the industrial
labourer and fodders for
the domestic animals in the
dairy industries on a
regular basis.
Farmer-households used to
save their money in the
bank and other financial
institutions which
ultimately is used by the
industry owners in the form
of investment.
Both for consumer and
capital goods Industries
agriculture sector gives a
ready market for the
finished products.
Impact of Industry on
Agriculture.
The impact of industry on
agriculture as follows:
It regularly supplies
scientific tools and
equipmentʼs like tractors,
harvesters, pump-sets
chemical fertilizers etc. to
agriculture increase the per
hectare production.
To increase the market for
finished agricultural goods
some infrastructural
development like roads,
railway, storage etc. are
very essential. In this
connection industry plays a
vital role.
Industries provide huge
employment opportunities
and therefore help to
absorb all the surplus
labour in our agriculture.
This lea to more industrial
development.
Agricultural sector itself is
a huge market for the
different finished products
of Industries. Farmers buy
several industrial products
like bi-cycle, torch, radio
etc. All these flourishment
of industries.

GROUP 3
NANTWI GYEABOUR
KEVIN OTENG
LARRY DAPAAH
GERALD OFORI
ROSELINE DIKRO
ELIZABETH ASAMOAH
ACHIAA ABENA

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