President Nana Addo Dankwa Akufo-Addo is encouraging businesses in the United Arab Emirates (UAE) to consider Ghana as a preferred investment location.
According to Nana Akufo-Addo, Ghana's political stability and welcoming climate make it an attractive area to invest.
Nana Akufo-Addo remarked during the UAE-Ghana Investment Summit in Dubai that Ghana stands out among African rivals for commerce and trade.
"In spite of our present issues, I maintain that, it's an exciting moment to be in Ghana to do business. I would encourage the UAE's private sector to invest in Ghana, taking advantage of the country's business-friendly environment. Whatever place you choose to invest in Ghana, the government has created a range of fiscal and investment incentives based on the nature of the activity or location of the investment."
President Akufo-Addo stated that the administration has been putting in place measures to cut the cost of doing business and improve the business climate since 2017.
These measures, according to the President, "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 the government working to return the country to the high growth rates that existed prior to the onset of COVID-19 and the Russian/Ukraine war, he informed the audience of Ghana's decision to seek IMF assistance "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 optimistic that we will emerge from this with a stronger and more resilient economy, and move towards our objective of establishing a Ghana Beyond Aid. Not only is Ghana the greatest site in West Africa to do business, but she is also the favored destination in Africa for a perfect balance of mineral resource potential, stable regulatory environment, favorable fiscal regime, and socially sensitive mining," he added.
President Akufo-Addo described mining as a major pillar of Ghana's economy, telling the gathering that gold, which remains a commodity and a financial asset, is by far the most commercially exploited mineral in Ghana, accounting for more than ninety percent (90%) of the country's mineral earnings.
"In fact, until 2021, Ghana was Africa's greatest gold producer and ranked sixth in the world. We are also important producers of bauxite and manganese, ranking third in Africa for these two commodities," he stated.
"More recently, Ghana has been placed worldwide on the map of those few nations that have made large discoveries of lithium, just as she has found graphite and iron ore in substantial amounts," the President stated. Ghana is also working toward a net-zero emission objective and engaging with other key stakeholders to implement climate-friendly technology and practices in order to maximize the country's developmental effect."
He emphasized that his government's goal is not merely to utilize these minerals in their raw form to increase export revenues, but also to develop value added advantages along the whole value chain of the minerals and to establish links with other sectors of the economy.
"The opportunities created provide significant opportunities for UAE investors who have the capacity to generate value-added benefits, particularly 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 existing issues, President Akufo-Addo emphasized that "it is an exciting moment to be in Ghana, and conduct business in the country.
In spite of the country's existing issues, President Akufo-Addo emphasized that "it is an exciting moment to be in Ghana, and conduct business in the country. As a result, I would encourage the private sector in the UAE to take advantage of the country's business-friendly environment and invest in Ghana. Regardless of where you choose to invest in Ghana, the government has established a range of fiscal incentives for investors based on the type of 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 really appreciate your help to our endeavor."