President Akufo-Addo has disclosed that government is working tirelessly to ensure the economy of the country improves at an improved rate this year.
According to him, towards realizing the Ghana Beyond Aid vision, government has made efforts in determining the investment priorities of the country.
Speaking at ‘Spark Up 2021’, President Akufo-Addo explained government has identified some sectors for the revitalization of the economy. As such, it has also taken steps to mobilize necessary resources for these priority areas.
“In spite of the ravages of the pandemic, we are working to grow the economy at a much faster rate this year. Our target being a 5% GDP growth rate which will enhance the prospects of a win-win environment for both private sector and country.
“We have identified the relevant sectors of our economy requiring the needed investment and will help accelerate in rebounding growth of the Ghanaian economy”.
President Akufo-Addo
Following this, he noted that government has also created an environment where companies do not just survive, but actually thrive.
As such, he noted that the maiden edition of ‘Spark Up’ must be dedicated to exploring ways and determining which “potential investments are integrated into the Ghanaian economy”.
“The Ghana Investment Promotion Center has been at the forefront of handholding potential investors and working to support their establishment in the Ghanaian economy”.
President Akufo-Addo
Revitalizing to the economy
President Akufo-Addo further revealed that government has worked hard to ensure a thriving and bustling business community.
Elaborating on the growth on the economy, he maintained that the global FDI declined by some 42% in 2020, however FDI flow recorded by Ghana through the “GIPC amounted to some $2.65 billion”.
“…representing a significant increase over the 2019 FDI value. We want to help transform Ghana from being a mere producer and exporter of raw materials to a value-added industrialized economy that will provide opportunities, jobs and prosperity for all Ghanaians.
“Government since 2017 has put in place measures needed to reduce the cost of doing business [and] improve the business environment… Averaging 7% GDP annual rates of growth, up from the 3.4% rate we inherited in 2016. Ghana’s economy was one of the very few and still managed to record a positive GDP growth, that is [0.4%] in 2020. Albeit it significantly reduced from the average levels of 7% per annum…”
President Akufo-Addo
Dialogue between stakeholders and investors
Subsequently, the President urged GIPC to organise forums between relevant stakeholders and investors. This, he noted, will offer them the opportunity to explore how the bottlenecks frustrate and slow down investors.
“In keeping up with the importance of public-private dialogue as recommended by the Ministry of Trade and Industry, I’m charging GIPC to use the summit as platform for open, frank and solution-oriented engagements between investors, regulators and investment facilitators. I’m hopeful that it will afford the facilitator-agencies, regulators and relevant public officials on one side the opportunity to engage directly with investors and potential investors on the other.
“The ongoing review of the GIPC law Act 865… will be crucial in implementing the outcomes of this summit. They will strengthen the GIPC to continue to play a lead role in assisting government to mobilize private sector complementary investment…”
President Akufo-Addo
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