President Nana Addo Dankwa Akufo-Addo has assured investors that the Ghanaian economy is safe and secured for investments, hence the need for them to take advantage of it.
He said the economy was protected because Ghana is a country governed by the rule of law, where there is separation of powers in an independent jurisdiction.
The president, at the opening of the UK-Ghana investment summit in Accra on Monday, said that his government believes in market principles and welcomes investors who want to work to grow the Ghanaian economy while looking out for the interest of Ghanaians.
“It is an exciting time to be in Ghana and to do business in the country as numerous economic giant groups have signaled their intentions of establishing basis in Ghana,” the president said.
He urged the UK business delegation to take advantage of the growing business-friendly climate in Ghana and invest in the it, saying, “you must now be familiar with the governments flagship policy of ‘one district, one factory, one village one dam’ and the program for planting for food and jobs and invest in them”.
According to the president, government has instituted a number of incentives for investors, irrespective of their targeted areas to ensure that all investments succeed.
Ghana beyond Aid
The president said Ghana was poised to move away from the traditional aid-based relationship central it its vision of a Ghana Beyond Aid.
“Ghana has good human capital and our economy has great possibilities for accelerating growth and job creation, but in recent years our economy has not done too well and we have not been successful in improving efficiently, the living standards of our people,” he said
He said for a country that has abundance of valuable natural resources, Ghana has no excuse for not being able to create wealth and prosperity for its citizenry.
The attainment of single digit inflation, despite the challenges of a strong dollar, reduction on lending rates and the implementation of policies such as the paperless port system, e-business registration and the mobile -interoperability system are helping to formalize the Ghanaian economy and lowering the cost of doing business”.
He said his government was working to enhance the business climate and create partnerships for a more thriving private sector.
Ghana is Ready for Business
President Nana Addo noted that Ghana was not only looking to China for investments to the neglect of the west but welcomes the readiness on the world second largest economy; the UK to provide Ghana with the needed technology to accelerate its development.
“We however believe that it is the custom duty of the government to get the most competitive deal for Ghana and my government is giving equal access to all investors to compete freely and fairly in the Ghanaian economy irrespective of where they come from,” he said.
Madam Baroness Fairhead, UK Minister of State for Trade and Export Promotion, said over the next two days, UK investors will be unveiling plans for potential business deals worth over £500 million.
They range from infrastructure projects such as roads, bridges, water treatment plants and rail refurbishment, to support in facilitating investment in Ghana’s priority industrial sectors, to showcasing the unrivalled financial services and world-class professional service expertise of UK firms.
She encouraged partnerships between Ghanaian and UK companies to draw on the financial strength, services and technical expertise of both parties, which have potentials to build a bright, secure and prosperous future for the people of Ghana and the UK.
UK-GHANA Investment Summit
The summit was organised by the UK-Ghana Chamber of Commerce, the UK’s Department for International Trade, International Development, and the UK Foreign and Commonwealth Office.
The summit was attended by over 50 business delegations from the UK and actors in the Ghanaian business sector to interact and discuss opportunities, incentives and available infrastructure to support their investments in Ghana.
By Linda Naa Deide Aryeetey