In order to convince investors to choose Ghana as their preferred investment location, President Nana Addo Dankwa Akufo-Addo is courting the support of investors in the United Arab Emirates (UAE).
According to Nana Akufo-Addo, Ghana is the perfect destination to invest due to its hospitable atmosphere and political stability.
Ghana stands out among its competitors for commerce and trade in Africa, according to Nana Akufo-Addo, who was speaking at the UAE-Ghana Investment Summit in Dubai.
“In spite of our present challenges, I maintain that it’s an exciting time to be in Ghana to do business. I will urge the private sector in the UAE to take advantage of the business-friendly climate in the country to invest in Ghana. Regardless of where you choose to invest in Ghana, government has instituted a number of fiscal and investment incentives depending on the nature of activity or location of the investment.”
President Akufo-Addo said, the administration has implemented the necessary policies to lower company costs and enhance the business environment since 2017.
According to the President, these measures “made the Ghanaian economy not only one of the most business-friendly economies in Africa but also one of the fastest growing economies in the world between 2017 and 2020, averaging 7% GDP annual rates of growth, up from the 3.4% rate we inherited in 2016.”
With Government working to restore the nation onto the path of high growth rates experienced prior to the onset of COVID-19 and the Russian/Ukraine war, he told the gathering of Ghana’s decision to seek the collaboration of the IMF “to repair, in the short run, our public finances, and give credibility to our balance of payments, which have taken a severe hit in very recent times as a result of these developments.”
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“I am confident that we will emerge from this with a stronger and more resilient economy, and advance towards our goal of reaching a Ghana Beyond Aid. Not only is Ghana the best place for doing business in West Africa, but she is also the preferred destination for a perfect blend of mineral resource potential, stable regulatory environment, favourable fiscal regime, and socially responsive mining in Africa,” he added.
He described mining as a crucial pillar of Ghana’s economy, stating that gold is by far the most commercially exploited mineral in Ghana, accounting for more than ninety percent (90%) of the nation’s mineral revenue. Gold continues to hold its own as a commodity and a financial asset.
“Indeed, in recent times until 2021, Ghana was the largest producer of gold in Africa and was 6th in the world. We are also major producers of bauxite and manganese, and are, indeed, the 3rd largest producer of these two minerals in Africa,” he said.
The President continued, “more recently, Ghana has been placed globally on the map of some few countries that have made significant discoveries of lithium, just as she has found also graphite and iron ore in significant quantities. Ghana is also working towards the net-zero emission target, and collaborating with other relevant stakeholders in employing climate-friendly technologies and practices, to achieve the maximum developmental impact for the country.”
According to him, his administration wants to do more than just exploit these minerals in their raw form to increase export revenues; it also wants to establish links with other economic sectors and produce value added benefits along the entire value chain of the minerals.
“The potentials created offer considerable opportunities for UAE investors, who possess the capacity to generate the value-added benefits, especially through the Government’s local value-addition and processing drive, to partner Ghanaian companies in converting their natural comparative advantage into an enhanced, more valuable, sustainable and competitive advantage,” the President added.
He assured that the standards for responsible environmental and social stewardship, maintained by Ghana’s minerals and mining sector, are comparable to any found in the best of mining jurisdictions, stressing that “the Minerals and Mining Act of 2006 (Act 703), supported by the Regulations passed in 2012, along with a few amendments and introductions that have been made, have stood the test of time”.
In spite of the country’s present challenges, President Akufo-Addo maintained that “it is an exciting time to be in Ghana, and do business in the country. So, I would urge the private sector in the UAE to take advantage of the business-friendly climate in the country to invest in Ghana. Regardless of where you choose to invest in Ghana, Government has instituted a number of fiscal incentives for the investor, depending on the nature of the activity or the location of the investment.”
With Ghana considered a beacon of democracy and stability in Africa, with a modern democratic system of governance, with an independent Judiciary and a strong attachment to the rule of law the President stated that “in the same vein, we are determined to make Ghana an example of rapid economic growth within the context of a well-developed market economy. We welcome greatly your contribution to this endeavour.”
Source: Citinews
