Business magnate and President of the Dangote Group, Aliko Dangote, has hailed President John Dramani Mahama for turning around Ghana's economy within a short period.
He said Ghana’s economic recovery proved that "money follows trust.”
Speaking at the Accra Reset meeting hosted by President Mahama on the sidelines of the 81st UN General Assembly in New York on Monday, Mr Dangote said Ghana's macroeconomic stability and rapid improvement in investor confidence was not the result of magic but on account of right decisions.
He said Ghana’s economic situation was not a very good case, and that when President Mahama became the President he did not perform any magic.
“President Mahama is not a magician; but he did the right things, making people really have a lot of trust in him, that is why Ghana's economy turned around," he told the world leaders, investors and business executives gathered at the event.
Background
Ghana's inflation, which peaked at 54.1 per cent at the end of 2022, fell sharply to low single digits early this year, while the cedi appreciated by over 40 per cent against the US dollar last year to become Africa's best performing currency, according to International Monetary Fund data.
Gross international reserves also rose to $14.4 billion, while foreign direct investment jumped to an estimated $2.61 billion this year, from $652 million in 2024.
The Accra Reset, convened by President Mahama, is aimed at repositioning Ghana as a hub for trade and investment under the African Continental Free Trade Area, whose secretariat is hosted in Accra.
The event brought together heads of state, UN officials and private sector leaders to discuss Africa's industrialisation, critical minerals and intra-African trade.
Continental reforms
The Nigerian billionaire called for reforms on the continent, urging African leaders to stop talking and act on free movement of people, goods and services.
"We really need to come together, because this is our continent and nobody will come to develop our continent for us.
“Issues about visas and free movement of persons, goods and services must be addressed; we must act now!
"I am always wondering why we don't allow ourselves to visit each other.
Why should I invest, why do you allow Europeans to visit Africa much easier than me as an African?
It does not make sense," Mr Dangote said.
He said security fears often cited by political leaders for restrictive visa regimes were misplaced, arguing that those who caused instability did not travel through airports.
"Africans do not have the capacity to cause trouble more than somebody who is more enlightened.
In Africa those who are trouble makers don't need visas, they come through the borders to attack,” Mr Dangote said.
He further urged African governments and the private sector to believe in the continent and invest in its young and vibrant population at a time when populations elsewhere were aging.
"So, we have to get together and believe in our continent. We have to invest there; it is not only for us but it is for the future of the next generation.
“The promise and potential we have in Africa is enormous. Some of us are tired of talking about these potentials; we need to turn them into reality,” Mr Dangote said.
He said his group had rolled out a massive investment plan focused exclusively on the continent.
"It has been a rough and tough eight years, we are rolling out an investment of $46 billion between now and 2030, across Africa because we believe in the future of Africa - Africa will be great," Mr Dangote added.
The Dangote group, with its 650,000 barrels-per-day refinery has already exported over 456,000 tonnes of fuel to some African countries, including Ghana.
