Ghana's Modest Gains Attract Global Investors - President Akufo-Addo

Modest gains chalked by Ghana in transforming its economy over the past 20 months have attracted the global business community in the areas of trade and investment.

Lauding the modest successes achieved since he assumed office, President Nana Addo Dankwa Akufo-Addo, mentioned that the decision by two global car giants, Volkswagen of Germany and Sinotruk of China to establish assembly plants in Ghana were ample testimonies.

In addition, Tech giant, Google, has also decided to base its African Artificial Intelligence Centre in Ghana, which would make it the first in Africa, he stated, adding that ExxonMobil has also signed an agreement with the Ghana National Petroleum Corporation (GNPC) to undertake deep-water oil exploration and production.

President Akufo-Addo was addressing the US-Africa Business Centre in New York. He said "for us, the rapid enhancement of foreign direct investment is an essential ingredient in realizing our vision of a Ghana Beyond Aid."

These investments, he noted, would help Ghana to become, a strong, productive economy, capable of generating a dignified, prosperous job opportunities, that would banish the specter of poverty in the country.

He said the creation of a resilient and robust economy, strong macroeconomic fundamentals halfway through his four-year term of office, pointed to the right direction, as it would provide the needed stability to stimulate investments.

Although, the President noted that his government inherited a bleak economy in 2016, a GDP growth rate at 3.6 per cent "by dint of hard work and prudent management, GDP growth rate grew to 8.5 per cent in our first year (2017)", with an expected growth rate of 8.3 per cent in 2018.

"Sector after sector, we are making significant advances. We have also taken steps to formalize the Ghanaian economy, and, in the process, we aim to establish the most business-friendly economy in Africa, to enable the private sector to thrive," he added.

President Akufo-Addo urged representatives of Fortune 500 companies present at the event to take advantage of the prospects and invest in Ghana.

"You can choose to invest through the Ghana Investment Promotion Centre or set up as a company in our Free Zones enclave. Regardless of where the investment is, government has instituted a number of incentives for the investor, depending on the nature of the activity or the location of the investment. This is to ensure that your investment succeeds. I assure you that your investments will be safe in fact, and will be protected by law," he added.

Source: ISD (Rex Mainoo Yeboah)

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