Ghana is ready for business – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has called on the international business community to consider Ghana as a top investment destination because “we are a nation of unquestionable attractive opportunities.”
Speaking at the “Ghana Day” at the ongoing Dubai Expo 2020, he stressed that Ghana’s favourable business climate, coupled with its diverse investment potential, was a signal to investors that the country was ready for business.
“Today, we are the safest country in West Africa, the largest recipient of foreign direct investment in West Africa and ranked third in the Ease of Doing Business Index in West Africa.
“We are the new commercial capital of Africa by virtue of our hosting of the Secretariat of the African Continental Free Trade Area (AfCFTA), we are the second largest cocoa producer in the world, we are the largest producer of gold in Africa, we are endowed with considerable deposits of bauxite, iron ore, manganese, lithium, oil and gas, diamonds, and timber, and we are geographically closer than any other country to the centre of the planet.
President Akufo-Addo explained that Ghana had moved away from the earlier uncertainties that clouded her path towards progress and prosperity.
He pointed out that the last twenty-nine years of democratic governance in Ghana’s Fourth Republic had generally been the period of the greatest economic growth in the country’s history.
“We are a country where investments are secure and protected under a governance system where an independent judiciary upholds the rule of law and respect for private property rights,” he said.
The President emphasised that his government was determined to build a business-friendly economy that would enable Ghana to get to the stage where the exploitation of the opportunities that were available would help her build an optimistic, self-confident and prosperous nation.
He said Ghana at the height of the COVID-19 pandemic in 2020, was one of the few countries to record positive growth.
President Akufo-Addo said through GH¢100 billion economic recovery programme, dubbed the Ghana CARES ‘Obaatampa’ Programme, the economy grew at a provisional 5.2 per cent in the first three quarters of 2021, with a projected growth rate of 5.6 per cent for 2021.
“We appear to be on the path of sustained economic recovery. We still, nevertheless, have some important challenges, but we see these challenges as opportunities, which serve as catalysts for growth and the realisation of Government’s transformational agenda. This agenda is hinged, primarily, on creating space for the private sector to thrive, thereby growing the jobs that our young people need,” he added.
The President stated that policies such as One-District-One-Factory and the development of strategic anchor industries, such as the emerging automotive industry and the coordinated exploitation of significant bauxite and iron ore deposits, the agricultural expansion through the programme for Planting for Food and Jobs, targeted infrastructural development, especially of roads and railways, and promoting access to digital technology were serving as the main avenues for job creation.
“We have been successful at removing some of the constraints of Ghanaian life, that have been sources of frustration in conducting business. As part of the process of formalising the economy, we have, amongst others, implemented a digital property addressing system, issued biometric national identification cards to residents this year, so that every resident will have a unique identification number, and ensured paperless transactions at our ports,” he said, and encouraged people with business interests to explore all that the country had to offer.
The Dubai Expo, which should have taken place in 2020 but was postponed to 2022 because of COVID-19 pandemic, is on the theme “Connecting Minds, creating the Future. ”
The Expo aims to forge new partnerships and inspire ground-breaking solutions across key industries worldwide.
It also seeks to raise awareness about global issues faced by mankind. The Expo provides several possibilities for networking and the promotion of international connections.
Source: GNA