President Nana Addo Dankwa Akufo Addo has assured investors participating in the Expo 2020 in Dubai that Ghana is ready for business as the country has moved away from the earlier uncertainties that clouded her path towards progress and prosperity.
He said the last 29 years of democratic governance in the fourth republic have generally been the period of the greatest economic growth in Ghana’s history.
Delivering a statement on “Ghana Day” at the ongoing Dubai Expo 2020, yesterday, President Akufo-Addo noted that, “Our engagement at the Expo is themed on Opportunity, because we are a nation of unquestionably attractive opportunities”.
Ghana today, he stressed, is the safest country in West Africa, the largest recipient of foreign direct investment in West Africa, and has been ranked 3rd in the Ease of Doing Business Index in West Africa.
“We are the new commercial capital of Africa by virtue of our hosting of the Secretariat of the African Continental Free Trade Area (AfCFTA), we are the 2nd largest cocoa producer in the world, we are the largest producer of gold in Africa, we are endowed with considerable deposits of bauxite, iron ore, manganese, lithium, oil and gas, diamonds, and timber, and we are geographically closer than any other country to the centre of the planet.
“We are a country where investments are secure and protected under a governance system where an independent judiciary upholds the rule of law and respect for private property rights”, President Akufo-Addo added.
Government of Ghana, he reiterated, is determined to build a business-friendly economy that will enable Ghana get to the stage where the exploitation of the opportunities that are available will help her build an optimistic, self-confident and prosperous nation.
“Indeed, prior to the onset of COVID-19, Ghana, in 2017, 2018 and 2019, that is during my first term in office, recorded annual average GDP growth rates of seven percent (7%), making our economy one of the fastest growing in the world at the time. At the height of the pandemic, in 2020, we were, indeed, one of the few countries to record positive growth,” he said.
President Akufo-Addo announced that through GH¢100 billion economic recovery programme, dubbed the Ghana CARES ‘Obaatampa’ Programme, Ghana’s economy grew at a provisional 5.2% in the first three quarters of 2021, with a projected growth rate of 5.6% for 2021.
“We are appearing to be on the path of sustained economic recovery. We still, nevertheless, have some important challenges, but we see these challenges as opportunities which serve as catalysts for growth and the realisation of Government’s transformational agenda. This agenda is hinged, primarily, on creating space for the private sector to thrive, thereby growing the jobs that our young people need,” he added.
Government initiatives
President Akufo-Addo stated that policies such as 1-District-1-Factory and the development of strategic anchor industries, such as the emerging automotive industry and the coordinated exploitation of our significant bauxite and iron ore deposits, the agricultural expansion through the programme for Planting for Food and Jobs, targeted infrastructural development, especially of roads and railways, and promoting access to digital technology are serving as the main avenues for job creation.
“We have been successful at removing some of the constraints of Ghanaian life, that have been sources of frustration in conducting business. As part of the process of formalising the economy, we have, amongst others, implemented a digital property addressing system, issued biometric national identification cards to residents this year, so that every resident will have a unique identification number, and ensured paperless transactions at our ports,” he added.
President Akufo-Addo explained that a number of bottlenecks had been removed to ensure the transaction of smoother business in Ghana.
He mentioned some of them as the institution of a digital address system, and the Ghana card which helps easier identification.
About Dubai expo
The Expo which began on October 1, 2021 will end on March 31, 2022.
It is on the theme “Connecting Minds, creating the Future ” and is based on the belief that innovation and progress are the result of people and ideas coming together in inspiring new ways.
Two hundred participants from all over the world are participating in the event.
