Ghana, attractive investment destination
Currently underway in Dubai is the Expo 2020 investment forum which has brought together global and business leaders to share knowledge and experiences on how to attract foreign direct investments to their respective countries while others seek to improve bilateral trade.
The Expo aims to forge new partnerships and inspire ground-breaking solutions across key industries worldwide. It also seeks to raise awareness of the worldwide issues that mankind faces. It also provides several possibilities for networking and the promotion of international connections, with countries exhibiting their unique cultures and technical innovations.
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March 8, 2022, was the turn of Ghana to address the forum and also showcase its investment opportunities, and thankfully, President Nana Addo Akufo-Addo who is leading the Ghanaian delegation spoke about Ghana’s positioning as the investment destination of the continent.
In his speech to mark “Ghana Day” at the ongoing Dubai Expo 2020, President Akufo-Addo noted: “Our engagement at the Expo is themed on opportunity because we are a nation of unquestionably attractive opportunities.”
The Daily Graphic agrees with President Akufo-Addo when he said Ghana had moved away from the earlier uncertainties that clouded her path towards progress and prosperity, and the last 29 years of democratic governance in the 4th Republic had generally been the period of the greatest economic growth in our history.
Evidence clearly abounds that Ghana is, today, the safest country in West Africa, the largest recipient of foreign direct investments (FDIs) in West Africa and is ranked third in the Ease of Doing Business Index in West Africa.
Further, Ghana is the new commercial capital of Africa by virtue of its hosting of the Secretariat of the African Continental Free Trade Area (AfCFTA), the second largest cocoa producer in the world, the largest producer of gold in Africa. The country is also endowed with considerable deposits of bauxite, iron ore, manganese, lithium, oil and gas, diamonds and timber, and it is geographically closer than any other country to the centre of the planet.
All these achievements and advantages position our country as a place ripe to attract foreign direct investments and coupled with the fact that our President has marketed the country to foreign investors must be a cue to them that they are warmly welcome. As a developing country, we need massive inflow of foreign direct investments to boost the economy.
The government is seeking to diversify and industrialise, in particular, through agro-processing, mining and manufacturing. Consequently, various measures are being taken to cast the country as possessing an FDI-friendly environment.
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Moreso, it has made attracting foreign direct investment (FDI) a priority to support its industrialisation plans and overcome an annual infrastructure funding gap of at least USD 1.5 billion.
It is instructive to state that there is no discrimination against foreign-owned businesses unlike in some countries. Additionally, investment laws protect investors against expropriation and nationalisation, and guarantee that investors can transfer profits out of the country. Among the most promising sectors in the country are agribusiness, food processing, textiles and apparel; downstream oil, gas, minerals processing and the mining-related services subsectors.
We are a country where investments are secure and protected under a governance system where an independent judiciary upholds the rule of law and respect for private property rights.
It is important that government maintains its determination to build a business-friendly economy that will enable Ghana get to the stage where the exploitation of the opportunities that are available will help build an optimistic, self-confident and prosperous nation.
This is why we are so far impressed with President Akufo-Addo for leading the way in marketing the country as ready for FDIs at every event or forum locally or internationally when the opportunity presents itself.
We know that attracting FDIs is a work in progress which means that the government must continue to take steps to overhaul the regulatory system and improve the ease of doing business, maintain fiscal discipline, combat corruption and promote better transparency and accountability.