President Akufo-Addo has disclosed to the members of the black business community in the United States of America that Ghana has done the needed work to transition its economy into a growth economy.
According to him, the investor community is assured of safe investment with the country because “Ghana is the safest country in West Africa”. President Akufo-Addo explained that the security agencies in the country work assiduously to keep Ghana an “open and happy place”.
Delivering the keynote address at the “Africa Flagship Programme” session of the 45th Annual Legislative Conference of the National Black Caucus of State Legislators, being held in Atlanta, Georgia, President Akufo-Addo stated that “it is a great time to invest in Ghana, for the opportunities are bright”.
“We have done the heavy lifting required to transition our economy into a growth economy, and are now establishing sustainability and irreversibility. We are spearheading regional integration and cooperation in industrialising Africa, and currently hosting the Secretariat of the African Continental Free Trade Area (AfCFTA), which comprises 54 states, with a combined GDP of US$3 trillion”.
President Akufo-Addo
Elaborating on the prospects in the country, President Akufo-Addo noted that potential investors can choose to invest in Ghana through the Ghana Investment Promotion Centre or set up as a Free Zones enterprise. He stressed that government has introduced a number of fiscal incentives for the investor depending on the nature of the activity or the location of the investment.
Prospects in the country for investors
President Akufo-Addo revealed that he has identified some sectors within the country investors can take advantage to help grow the economy. He indicated that there are numerous investment opportunities within Ghana, as the country seeks to build back its economy from the devastation caused by COVID-19.
“We have identified the relevant sectors of the economy requiring the needed investment that will help accelerate the rebound and growth of the Ghanaian economy as was witnessed in the immediate years before the pandemic struck, which saw, between 2017 and 2020, our average annual GDP growth rate of seven percent (7%), as one of the fastest in the world. We call the recovery package the Ghana CARES ‘Obaatampa’ Programme”.
President Akufo-Addo
In extolling the conducive environment for investors, President Akufo-Addo disclosed that last year, 2020, Ghana recorded FDI of US$2.65 billion from 279 projects. For 2021 alone, he noted that the Ghana Investment Promotion Centre (GIPC) has recorded FDI of US$973.38 million from 173 projects for the first three quarters of the year, “with large ticket projects in the pipeline to boost FDI flows by the close of year”.
Ghana, President Akufo-Addo stated in his address, was among the first countries to put together a medium-term response strategy to address the impact of COVID-19 on the economy. He told the gathering that the GH¢100 billion Programme, aimed at stabilising and revitalising the Ghanaian economy, has two phases. The Stabilisation Phase, which was implemented between July to December 2020 and the Revitalisation and Transformation Stage which is currently under implementation, he indicated, will end in 2023.
“We are focusing our energies on supporting commercial farming, and attracting educated youths into agriculture, building Ghana’s light manufacturing sector, fast-tracking efforts at digitisation, developing Ghana’s housing and construction industry, establishing Ghana as a Regional Hub, and strengthening the enablers of growth of our economy”.
President Akufo-Addo
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