Dr Sam Ankrah —  President, Africa Investment Group
Dr Sam Ankrah — President, Africa Investment Group

Graphic Business/Stanbic Bank Breakfast Meeting:Road map to economic recovery must restore investor confidence— Dr Ankrah

An investment banker has challenged managers of the economy to chart a clear, unambiguous and detailed road map that will restore the economy and ensure sustained growth.

He said the thrust of such a policy should be on the need to regain the confidence of the investing public, especially after the implementation of the Domestic Debt Exchange Programme (DDEP) that threatened to wipe out investor confidence in the economy.

Dr Sam Ankrah, who is also the President of the African Investment Group, noted that with confidence in the economy at an all-time low, what would be required to restore sustained growth in the economy were pragmatic investment plans that had the potency to revive the most productive sectors of the economy and create the needed jobs.

He was speaking in an interview with the Daily Graphic ahead of the Graphic Business/Stanbic Bank Breakfast Meeting at the Labadi Beach Hotel in Accra tomorrow (Tuesday 21st March).

The quarterly thought-leadership meeting, which is on the theme: “DDEP: Lessons and Implications for How you Invest”, will assemble experts on the economy, capital markets, finance and investment leaders to discuss issues on how the country can explore ways to restore investor confidence post-DDEP.

Investor confidence

Dr Ankrah was of the opinion that the implementation of the DDEP had disorganised the investment plans of many investors “and therefore naturally, confidence in the economy will be low”.

To him, this is where the government has to be transparent with the people and implement the necessary programmes and policies in a more prudent and cost-effective manner to gain the confidence of the investing public to spur investments back into the economy.

He said “although it is envisaged that an International Monetary Fund (IMF) agreement with the country will automatically restore confidence in the markets, and subsequently attract the needed direct foreign investment to cover the financing gap, prudence is key,” 

However, Dr Ankrah pointed to the fact that government did not have the fiscal, as debts to GDP was over 105 per cent, adding that “this shows that there is need for serious measures to be implemented in both revenue mobilisation and cutting down on costs”.

Failure to implement such revenue and expenditure policies would further expose the government and cause a further loss of investor confidence, Dr Ankrah warned.

Event outcome

Dr Ankrah was hopeful that the event would provide the panellists, the opportunity to proffer other solutions to help the government to restore investor confidence.

“No matter how bad the situation, there is the need for all to get on board to restore confidence because the economy needs it, the people need it and we cannot fail. In the end, we should also not do the same old things and expect new results. This time, the government must listen and implement what the experts say and that can help turn things around”, Dr Ankrah concluded.


Abena Amoah — Managing Director, Ghana Stock Exchange, to chair the event, Rev. Daniel Ogbarmey Tetteh — Director-General, Securities and Exchange Commission, paneilist, Prof. Ebo Turkson — Professor of Development Economics, University of Ghana, paneilist,  Dr Daniel Seddoh — Former CEO of the NPRA, paneilist

The first quarter Graphic Business/Stanbic Bank Breakfast Meeting will be chaired by the Managing Director of the Ghana Stock Exchange (GSE), Ms Abena Amoah.

 Other speakers are; Director General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh, who will speak on the Role of Investments in the National Development Agenda and its Benefits to Investors.

An Associate Professor of Economics, Prof. Festus Ebo Turkson, will also speak on the Triggers of the DDEP, Lessons and Strategies to Prevent a Repeat. A chartered accountant and former Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Dr Dan Seddoh, will speak on The Future of Investments and How to Regain Public Trust.


The event is aimed at exploring the lessons and implications of the DDEP – a prerequisite to access assistance from the International Monetary Fund (IMF) to resuscitate the economy. 

The DDEP resulted in the swapping of about GH¢87 billion short-dated bonds that had an average coupon rate of 19 per cent for long-dated ones with yields averaging nine per cent.
Government currently is engaging its external creditors in a bid to provide the government with the fiscal space to meet the IMF conditionalities in accessing a US$3 billion budgetary support.

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