President John Dramani Mahama has challenged the Ghanaian private sector to be more courageous in investing in large-scale industrial ventures, questioning the mindset that cedes major manufacturing opportunities to foreign nationals.
Addressing the Ghanaian community in Moscow at the St Regis Hotel last Thursday when he attended the third Russia-Africa Summit, the President lamented the tendency of local investors to shy away from establishing factories, only to complain when foreigners seize the opportunities.
"The domestic Ghanaian investment community must also be more courageous in investing.
We were not born to only establish pure water factories or FM stations or things like that," President Mahama said, drawing applause from the diaspora audience.
He recounted a real-life story of a friend who was setting up a factory, only for his colleagues to dismiss it as an endeavour reserved for foreigners.
President Mahama stressed that establishing manufacturing industries was "not rocket science", and urged Ghanaians with capital to venture into sectors currently dominated by Indians, Lebanese, and Chinese investors.
"We must not sit and say that we are ceding that factory, that sector to foreigners.
We can also do it," he stated.
The President also took a swipe at the tendency for ostentatious spending, advising that when Ghanaians make money, they should invest in productive ventures rather than buying luxury cars such as Lamborghinis and Ferraris that could not even navigate speed ramps.
"Let's be bold, let's be courageous, let's also put our money where our mouth is," he urged.
Domestic investment success
President Mahama singled out the Chief Executive of DTRT, a Ghanaian woman who had established a thriving textile and garment factory employing 6,000 Ghanaians, 90 per cent of whom are young women.
"I visited her factory about two months ago, and she's doing well," he said, adding that the government had amended the Ghana Investment Promotion Centre (GIPC) Act to create a more level playing field for domestic and foreign investors.
He encouraged Ghanaians to explore investment opportunities in hospitality, pharmaceuticals, textiles, and agro-processing, citing the example of ginger shots which had become popular in the UK and could be produced and exported from Ghana.
Economy resilient
On the state of the economy, the President announced that Ghana had successfully completed the IMF programme and was now seeing significant macroeconomic stability, and provided economic statistics to back his assertions.
"Despite what has been happening in the geopolitical sphere, I am happy to announce that our economy is resilient.
Inflation is holding its own; it's just above five per cent, and we're hoping that by the end of the year, average inflation will not go above 6 per cent," he said.
He also touched on a remarkable turnaround in state-owned enterprises, and the fight against illegal mining.
"We've cleared all the nine zones and removed them from the forest reserves.
We've declared them security zones and set up military encampments to prevent them from coming back," President Mahama stated.
He disclosed that the Finance Minister had pledged an additional GH¢400 million in next year's budget to expand the operations of Operation Halt and NAIMOS, the security task force combating illegal mining.
