The Creative Arts Agency has highlighted the immense potential for growth and economic development in Ghana’s creative industry. At the Citi Business Festival’s Creative Entrepreneurship Roundtable, the Acting Deputy CEO, Frank Kwabena Owusu, emphasized the significant role that the creative sector plays in the country’s economy.
Owusu pointed out that the music industry alone is expected to generate $33.59 billion in revenue globally by the end of the year. He also urged parents to support and encourage their children’s interest in the creative arts space, stressing the importance of nurturing talent from a young age.
With global music streaming revenue projected to reach $33.59 billion in 2024, and Africa expected to generate $410.7 million with a growth rate of 7.1%, there are clear opportunities for Ghana to capitalize on this thriving industry. Owusu emphasized the need for the country to establish proper structures and tap into the global market to attract foreign direct investment, which could ultimately improve the lives of Ghanaian citizens.
He stated, “I think we have not even scratched the surface in terms of setting up the right structures and guiding our people to tap into the global market. By attracting foreign direct investment, we can significantly enhance the livelihoods of our people.”
As Ghana continues to position itself as a hub for creativity and innovation, it is crucial for stakeholders to collaborate and create a conducive environment for the creative arts industry to thrive. By harnessing the potential of this sector, Ghana can unlock new opportunities for growth and development while showcasing its unique cultural heritage to the world.
