Vice-President Mahamudu Bawumia has stated that the government plans to grow the non-traditional export sector from US$2.5 billion to a staggering US$25.3 by 2029.
The Vice President explained that this is part of the ten-year National Export Development strategy which has strategically outlined 17 sectors including cocoa, cashew horticultural products, oil feeds, fish and fishery products, textiles and garments, natural rubber sheets and aluminium products as priority areas for national development.
Speaking at the opening of this year’s Ghana Investment and Opportunities Summit in London, United Kingdom on Tuesday, 6th June, 2023, Dr Bawumia noted that to achieve the growth of the non-traditional export sector, the government has embarked on deep structural transformation that will position Ghana as a competitive export-led economy.
“To expand and diversify the supply base for value-added industrial export products and services, the government through the national export development strategy has strategically outlined 17 sectors which are not exhaustive and includes cocoa, cashew horticultural products, oil feeds, fish and fishery products, textiles and garments, natural rubber sheets and aluminium products as priority areas for national development. Government of Ghana envisage that over a duration of ten years, our non-traditional exports will grow from US$2.5 billion to US$25.3 billion by 2029.
“This, however, will be accompanied by deep structural transformation that will position Ghana as a competitive export-led economy. Government is extensively supporting the private sector growth in strategic export-oriented sectors to enable greater export.”
Dr Bawumia
Vice-President Bawumia, meanwhile, used the occasion to urge investors from the United Kingdom to visit the country and invest adding that “I must emphasise that Ghana is open for business and we are ready to engage the business community in the United Kingdom to forge mutually beneficial cooperation.”
Motive of the Summit
Dr Bawumia explained that the underlining motive of the investment summit is to explore areas of cooperation between Ghana and the United Kingdom. He thus said, “The destination for investment in Africa has always been Ghana as it connects every part of the continent”.
“Another reason for the choice of Ghana as the preferred destination for investments in Africa is the stable political environment, working democracy and independent judiciary to settle any investment disputes equitably and fairly.
“The application for the rule of law in a firm and robust manner in the most peaceful country in West Africa and the second most peaceful in Africa cannot be overlooked especially when the goal of every investor is to reap the return of their investment. Ghana gives exactly that.”
Dr Bawumia
Bailout from the International Monetary Fund
On the bailout from the International Monetary Fund (IMF), the Vice President boasted that Ghana has successfully secured a US$3 billion IMF financial bailout to support its economic recovery.
“This aims to among other things restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilient and laid the foundation for stronger inclusive growth.
“The IMF programme will help Ghana overcome immediate policy and financing challenges including through mobilizing external financing from development partners and providing a framework for successful completion of the ongoing debt restructuring.”
Dr Bawumia
The Ghana Investment and Opportunities Summit, which is the third in the series, is aimed at bringing together delegates from the international investor community, venture capitalists and private equity fund managers amongst others for in-depth discussions and the exploration of viable bankable investment opportunities within various sectors of the Ghanaian economy as well as matching local businesses with international partners.
The two-day event is expected to attract over 800 delegates, including 200 corporate industry captains, about 40 speakers, and over a hundred million deals to be sealed amongst business-to-business sessions.
The summit seeks to target international investors, various corporate organisations, government institutions as well as the general public in Ghana and Europe and the diaspora.
It is under the theme: ‘Post-COVID recovery, Opportunities for the Investor’.
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