President Nana Addo Dankwa Akufo-Addo has urged foreign investors to consider investing in the country because of its favourable and attractive investment environment.
He said Ghana is currently the safest country and the largest recipient of foreign direct investment in West Africa. The country is also ranked 3rd in the Ease of Doing Business Index in West Africa.
Delivering a statement yesterday on “Ghana Day” at the ongoing Dubai Expo 2020, President Akufo-Addo stated: “Our engagement at the Expo is themed on opportunity because we are a nation of unquestionably attractive opportunities.”
The President explained that Ghana is the new commercial capital of Africa by virtue of its hosting of the Secretariat of the African Continental Free Trade Area (AfCFTA).
“We are the 2nd 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,” the President added.
He noted that in Ghana investments are secured and protected under “a governance system where an independent Judiciary upholds the rule of law and respect for private property rights.”
Ready for business
Touching on Ghana’s “readiness for business”, President Akufo-Addo stressed that his government is determined to build a business-friendly economy that will enable Ghana get to the stage where the exploitation of the available opportunities will help build an optimistic, self-confident and prosperous nation.
“Indeed, prior to the onset of COVID-19, in 2017, 2018 and 2019, that is during my first term in office, Ghana recorded annual average GDP growth rates of seven percent (7%), making our economy one of the fastest growing in the world at the time. At the height of the pandemic, in 2020, we were, indeed, one of the few countries to record positive growth,” he said.
The President emphasised that through the GH¢100 billion economic recovery programme, dubbed the Ghana CARES ‘Obaatampa’ Programme, the economy grew at a provisional 5.2% in the first three quarters of 2021, with a projected growth rate of 5.6% 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.
President Akufo-Addo 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 our significant bauxite and iron ore deposits, are creating jobs.
This, he indicated, is aside of initiatives like Planting for Food and Jobs, targeted infrastructural development, especially in the roads and railways sectors, as well as promotion of access to digital technology, all intended at serving as the main avenues for job creation.
The President said his government had also been successful at removing some of the constraints of Ghanaian life that had 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 added.
He said Ghana had moved away from the earlier uncertainties that clouded her path towards progress and prosperity, adding that the last 29 years of democratic governance in the 4th Republic had generally been the period of the greatest economic growth in the country’s history.
President Nana Akufo-Addo on Monday, March 7, left the country to lead Ghana’s delegation to the Dubai Expo 2020.
The Expo aims at forging new partnerships and inspire ground-breaking solutions across key industries worldwide. It also seeks to raise awareness about the worldwide issues that mankind faces.
The Expo provides several possibilities for networking and the promotion of international connections. Individual pavilions are set up at Expo 2020, with countries exhibiting their unique cultures and technical innovations.