Vice President Dr. Mahamudu Bawumia has stated that Ghana’s investment opportunities for private sector investors are back on track as the country continues to revive its economy following the global economic crisis.
Government of Ghana, he indicated, is relentlessly re-focusing on economic growth and working hard to regain the trajectory the country was on in order to get back to pre-Covid growth levels.
Vice President Bawumia said as part of the overall investment agenda and creation of opportunities, government is projecting non-traditional export sector to grow from US$2.5 billion to US$25.3 by 2029.
This, Dr. Bawumia pointed out, is part of the 10-year National Export Development Strategy, which has strategically outlined 17 sectors.
The sectors include cocoa, cashew horticultural products, oil feeds, fish and fishery products, textiles and garments, natural rubber sheets and aluminium products as priority areas for national development.
Vice President Bawumia announced this at the opening of this year’s Ghana Investment and Opportunities Summit (GHIOS) in London, United Kingdom yesterday on the theme: “Post-COVID recovery, Opportunities for the Investor”.
“The private sector is the engine of growth, and we are only here to support you. Our government is acting as your facilitator. We will unlock bottlenecks and prioritize limited resources to strategic sectors and projects. We think this is an exciting time to be part of Ghana’s economic growth,” he said in his keynote address.
“We are organizing this Investment and Opportunities Summit exactly in that context. First, we want to show that Ghana is back on track and that strong opportunities exist for profitable private investments in key sectors.
“Ghana is home to one of West Africa’s most prominent and efficient ports, Tema, on the eastern serves as a feedstock to the landlocked ECOWAS countries. There is also the Takoradi port on the western coast, which serves the logistics, oil and gas, and allied industries. Takoradi is undergoing a significant transformation and requires significant investment to help decongest Tema and establish a commercial case for more vessels berthing there,” Vice President Bawumia added.
He cited the Brownfield, Greenfield, and Public Private Partnerships as tangible and bankable projects championed by the private sector in Ghana and abroad.
The UK events
Vice President Bawumia was in the United Kingdom for the 8th UK-Ghana Business Council meeting (UKGBC) and the 3rd edition of the GHIOS organized by the Ghana High Commission, UK in partnership with the Ghana Investment Promotion Centre (GIPC).
As co-chair of the UKGBC, Vice President Bawumia led a team of government officials and the private sector to discuss with their counterparts in the UK issues of development cooperation between Ghana and the United Kingdom.
Some of the key outcomes from previous UKGBC meetings are the Kumasi International Airport, Obetsebi Lamptey Interchange Phase II, and the Tamale International Airport.
At the GHIOS, Vice President Bawumia led a delegation of industry captains and business leaders to showcase why Ghana should be the number one choice for investors considering doing business in Africa.
Non-traditional exports growth
To achieve the growth of the non-traditional export sector, Vice President Bawumia said government is embarking on deep structural transformation that will position Ghana as a competitive export-led economy.
“To expand and diversify the supply base for value-added industrial export products and services, the government through the national export development strategy has strategically outlined 17 sectors which are not exhaustive and includes cocoa, cashew horticultural products, oil feeds, fish and fishery products, textiles and garments, natural rubber sheets and aluminium products as priority areas for national development.
“Government of Ghana envisage that over a duration of ten years, our non-traditional exports will grow from US$2.5 billion to US$25.3 billion by 2029.”
“This, however, will be accompanied by deep structural transformation that will position Ghana as a competitive export-led economy. Government is extensively supporting the private sector growth in strategic export-oriented sectors to enable greater export,” the Vice President added.
Ghana open for business
Vice President Bawumia used the occasion to urge investors from the United Kingdom to visit Ghana and invest.
“I must emphasise that Ghana is open for business and we are ready to engage the business community in the United Kingdom to forge mutually beneficial cooperation,” he reiterated.
According to Vice President Bawumia, the underlining motive of the investment summit is to explore areas of cooperation between Ghana and the United Kingdom.
“The destination for investment in Africa has always been Ghana as it connects every part of the continent.
“Another reason for the choice of Ghana as the preferred destination for investments in Africa is the stable political environment, working democracy and independent judiciary to settle any investment disputes equitably and fairly.
“The application for the rule of law in a firm and robust banner in the most peaceful country in West Africa and the second most peaceful in Africa cannot be overlooked especially when the goal of every investor is to reap the return of their investment…. Ghana gives exactly that,” Dr. Bawumia emphasised.
IMF bailout
Vice President Bawumia has successfully secured balance of payment support from the International Monetary Fund (IMF) to help revive the Ghanaian economy following the devastation of global economies by COVID-19 and the Russia-Ukraine war.
“Ghana has successfully secured a US$3 billion IMF financial bailout to support our economic recovery.
“This aims to among other things restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilient and laid the foundation for stronger inclusive growth.
“The IMF programme will help Ghana overcome immediate policy and financing challenges including through mobilizing external financing from development partners and providing a framework for successful completion of the ongoing debt restructuring”, Vice President Bawumia stated.
About GHIOS
The Ghana Investment and Opportunities Summit, which is the third in the series, is aimed at bringing together delegates from the international investor community, venture capitalists and private equity fund managers amongst others for in-depth discussions and the exploration of viable bankable investment opportunities within various sectors of the Ghanaian economy as well as matching local businesses with international partners.
The two-day event attracted over 800 delegates, including 200 corporate industry captains, about 40 speakers, and over millions of deals to be sealed amongst business-to-business sessions.
The summit seeks to target international investors, various corporate organisations, government institutions as well as the general public in Ghana and Europe and the diaspora.
