Ghana’s creative industry creates more wealth than oil economy – Theresa Ayoade

The Chief Executive Officer (CEO) of Charter House Events, Theresa Ayoade is says the creative industry in Ghana creates more wealth than that of the oil sector.

Ghana started oil production in December 2010 and there are high expectations for the industry, and it appears to have overshadowed other sectors of the economy.

The creative industry which includes music, writing, film, the theatre arts among others, according to Madam Ayoade creates a lot of employment for fashion designers, musicians, artisans, creative writers, journalists and other informal sector professions but the sector has received less recognition from government despite the fact that it contributes to the nation’s economic growth.

“The industry creates a lot of job opportunities for people than the oil sector thereby creating more wealthy individuals”, she told reporters at a Ghana Music Awards Forum in Accra on March 22, 2011.

Backing her argument, Madam Ayoade said Carlifonia, which is the world’s entertainment city, is the ninth wealthiest city in the world and richer than Texas, which is an oil city in the United States.

Mr Kiiki Banson, a music producer at EKB records also argued that the recently published world’s richest list by Forbes magazine shows no “oil guru” in the first-five of the list.

Both said government should put their attention and resources to the creative industry and the ripple effect will be massive growth in the country’s economy.

But the Trade Minister, Ms Hannah Tetteh, Chairperson at the function, who admitted their claims, said stakeholders should make a case to government by presenting data and all relevant documents to show that the country will benefit.

Meanwhile, economist Kwame Pianim at a breakfast meeting of the Canadian Chamber of Commerce Ghana in Accra on March 22, 2011, warned that heavy reliance on the oil sector at the expense of the other sectors could undermine economic growth and create problems for the country.

Earlier this year, the United Nations Development Programme (UNDP) said Ghana’s new found oil revenues are fundamentally not panaceas for economic transformation.

Mr Kabral Blay Amihere, Chairman of the National Media Commission (NMC) at the forum urged the Ministry of Foreign Affairs and Regional Integration to initiate programmes that would engage musicians to perform abroad as the country’s ambassadors.

By Ekow Quandzie