The President indicated that in spite of the country’s present economic challenges, “it is an exciting time to be in Ghana, and do business in the country.”
President Akufo-Addo gave the call while addressing the UAE-Ghana Business Forum as part of the Abu Dhabi Sustainability Week Conference in the UAE.
He said the government, since 2017, has put in place measures needed to reduce the cost of doing business, and improving the business environment.
According to the President, such 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.”
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.”
“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.
The President continued that more recently, Ghana has been placed globally on the map of some few countries that have made significant discoveries of lithium, just as it has also found graphite and iron ore in significant quantities.
President Akufo-Addo explained that what his administration was seeking to do was not just to exploit minerals in their raw form to enhance export earnings, but, more importantly, generate value-added benefits, along the full value chain of the minerals, and create linkages with other sectors of the economy.
“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,” he added.
He added that the potentials created offer considerable opportunities for UAE investors, who possessed the capacity to generate the value-added benefits.
President Akufo-Addo assured that the standards for responsible environmental and social stewardship, maintained by Ghana’s minerals and mining sector, was 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.”
“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,” he stated.