Vice President Kwesi Amissah-Arthur has said that Ghana cannot develop and transform its economy by merely exporting oil and other produce.

According to him, it is necessary for the country to invest in research too, if it wants to graduate from being a lower-middle income country to a middle-income nation.

“Our desire to transform this country from a low to a middle income country can only be realised through research and the training of high level manpower with the appropriate scientific and technological skills,” Amissah-Arthur said at the 15th congregation of the University for Development Studies in Wa.

The former Governor of the Bank of Ghana said Ghana “cannot develop merely through the sale of oil and other primary products.

"Therefore it is necessary to invest in research and innovation for added value and economic transformation.”

To that end, the Vice President said: “Government is committed to solving the problem of inadequate funding of research in this country.”

“Plans are advance in setting up a National Research Fund. In the meantime, early in the New Year we will invite proposals for limited funding for research from the National Council for Tertiary Education,” he mentioned.

He said: “Even as we explore other possibilities for growth in the service and manufacturing sectors, agriculture will remain in the backbone of the Ghanaian economy, which means that improvement in agriculture will be vital to improving the livelihood of our people.

“I urge the university to work to improve agriculture especially in the Savannah belt and I assure you Government will continue to provide support through the provision of research grants,” he said.