The President of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo has described Ghana as the best place to do business in West Africa, and has therefore called on the business community and the private sector in the United Arab Emirates (UAE) to take advantage of the favorable investment climate his administration has created in Ghana to invest in the country.
The President speaking at the United Arab Emirates (UAE) Ghana Business Forum at the four seasons hotel on Abu Dhabi Sustainability Week disclosed that, even though the COVID-19 pandemic and the Russian invasion of Ukraine have had a negative impact on the Ghanaian economy just as much as the global economy, Ghana remains a viable destination for global investors.
He added that his government has put in place measures needed to reduce the cost of doing business and as well improved the business environment.
According to the President, these measures made the Ghanaian economy not only one of the most business-friendly economies in Africa, but also one of the fastest growing economies in the world between 2017 and 2020, averaging 7% GDP annual rates of growth, up from the 3.4% rate inherited in 2016.
With Government working to restore the nation onto the path of high growth rates experienced prior to the onset of COVID-19 and Russian-Ukraine war, the President informed the gathering of Ghana’s decision to seek the collaboration of the IMF to repair in the short run the country’s public finances and give credibility to the balance of payments, which have taken a severe hit in very recent times as a result of these developments.
“I am confident that we will emerge from this with a stronger and more resilient economy, and advance towards our goal of reaching a Ghana Beyond Aid.”
President Akufo Addo
Focus On Ghana’s Lucrative Mining And Other Sectors
In his speech, President Akufo-Addo invited his audience to take particular interests in the mining, tourism, financial services, housing and construction, trade and manufacturing, agriculture, environment, science, technology and innovation sectors among others.
Describing mining as a key pillar of Ghana’s economy, President Akufo-Addo told the gathering that gold, which still holds its own as both a commodity and a financial asset, is by far the most commercially exploited mineral in Ghana, accounting for more than ninety percent (90%) of the country’s mineral revenue.
“Not only is Ghana the best place for doing business in West Africa, but she is also the preferred destination for a perfect blend of mineral resource potential, stable regulatory environment, favorable fiscal regime and socially responsive mining in Africa.
“Indeed, in recent times until 2021, Ghana was the largest producer of gold in Africa and was 6th in the world. We are also the major producers of bauxite and manganese, and are, indeed, the 3rd largest producer of these two minerals in Africa.”
President Akufo-Addo
Touching on the nation’s discoveries, the President continued by revealing that Ghana has been placed globally on the map of some few countries that have made significant discoveries of lithium, just as she has found also graphite and iron ore in significant quantities. ‘Ghana is also working towards the net zero emission target, and collaborating with other relevant stakeholders in employing climate-friendly technologies and practices, to achieve the maximum developmental impact for the country, he added.
He explained that what his government is seeking to do is not just to exploit these minerals in their raw form to enhance the country’s export earnings, but, more importantly, generate value added benefits along the full value chain of the minerals, and create linkages with other sectors of the economy.
“The potentials created offer considerable opportunities for UAE investors, who possess the capacity to generate the value-added benefits, especially through the Government’s local value-addition and processing drive, to partner Ghanaian companies in converting their natural comparative advantage into an enhanced, more valuable, sustainable and competitive advantage.”
President Akufo-Addo
He assured that the standards for responsible environmental and social stewardship maintained by Ghana’s minerals and mining sector is comparable to any found in the best of mining jurisdictions, stressing that ‘the Minerals and Mining Act of 2006 (Act 703), supported by the Regulations passed in 2012 along with a few amendments and introductions that have been made, have stood the test of time’.
“Inspite of our present challenges, I maintain that it is an exciting time to be in Ghana and do business in the country. So, I will urge the private sector in the UAE to take advantage of the business climate in the country to invest in Ghana.
“Regardless of where you choose to invest in Ghana, government has instituted a number of fascial incentives for the investor depending on their activity or location of the investment.”
President Akufo-Addo
The President in his address stressed on the fact that Ghana is rightly considered the beacon of democracy and stability in Africa with a modern democratic system of governance, with an independent judiciary and a strong attachment to the rule of law.
To end this, President Akufo-Addo divulged that his administration is determined to make Ghana an example of rapid economic growth within the context of a well-developed market economy. ‘We welcome greatly the contribution of UAE investors to this endeavor,’ he said
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