Ghana Is The Best Place For Business – Akufo-Addo Woos UAE Investors
President Nana Addo Dankwa Akufo-Addo is courting the support of investors in the United Arab Emirates (UAE) to consider Ghana as a destination of choice for investment. Nana Akufo-Addo says Ghana’s political stability and friendly environment make it an ideal place to invest.
Speaking at the UAE-Ghana Investment Summit in Dubai, Nana Akufo-Addo said Ghana stands tall among its counterparts for business and trade in Africa. “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 government, since 2017, has put in place measures needed to reduce the cost of doing business, and improve the business environment.
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.
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 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 Describing mining as a key pillar of Ghana’s economy, President Akufo-Addo told the gathering that gold, which still holds its own as both 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 revenue.
“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 boucxite and manganese, and are, indeed, the 3rd largest producer of these two minerals in Africa,” he said.