President Nana Addo Dankwa Akufo-Addo has stated that the prospects for Ghana’s development in the 21st century are immense and that British participation in her development process is welcome.

He said Ghana, the first sub-Saharan African nation that broke free from colonial rule, is poised to play a vanguard role in the new struggle for economic development for Africa’s 1.2 billion people.

Today, Africa is a market of some 1.2 billion people. By 2035, it will be 2 billion, the biggest market in the world.   

President Akufo-Addo said a proposed Continental Free Trade Area, which is expected to provide another dimension, will enhance dramatically the possibilities of collaboration between British and Ghanaian enterprises, in exploiting trade and investment opportunities.

President Akufo-Addo said this when he delivered the keynote address on  Monday, 15th October, 2018, at the "UK-GHANA INVESTMENT SUMMIT", organized by UK-Ghana Chamber of Commerce in Accra.

He said his government had created an enabling business environment for investment in the country and irrespective of where to invest; a number of incentives had been instituted for the investor, depending on the nature of the activity, or the location of the investment.

Among the incentives are exemption from payment of import duty for plant and machinery, a 25 per cent tax rebate for companies located in regional capitals; 50 per cent tax rebate for companies investing outside regional capitals in the regions.

President Akufo-Addo said it was exciting time to do business in Ghana as global car manufacturing giants, Volkswagen of Germany and Sinotruk of China; energy giants, US ExxonMobil and Noway’s Aker Energy, as well as tech giant, Google, have signaled their intentions of establishing bases in Ghana.   

The President said Ghana's economic outlook was positive and promising and that it was imperative UK business community took advantage of the growing business-friendly climate in the country to invest in Ghana.

"You must now be familiar with government’s flagship policies of “One District, One Factory”, “One Village, One Dam”, and the programme for “Planting for Food and Jobs”, which I commend to you, as I do, areas in water, health, housing, road and rail infrastructure, transport, industry, manufacturing, agriculture, petroleum and gas, the exploitation of our mineral wealth of bauxite, iron ore and gold, renewable energy and ICT growth", he stated.

President Akufo-Addo said Ghana and Africa's partnership with China for investments, described as neglect of the West, was misplaced as his government had given equal access to all investors to compete freely and fairly in the Ghanaian economy, irrespective of where they come from.

"We welcome the readiness of the world’s second largest economy to provide Ghana with the needed credit and technology to accelerate our development. At the same time, we believe it is the constant duty of government to get the most competitive deal for Ghana".

Ghana, President Akufo-Addo said, has good human capital and her economy has great possibilities for accelerated growth and job creation.

Ghanaian economy is back on track, the President stated, as the economic fundamentals, which, for a long time were off-target, are now beginning to point in the right direction.

The President cited among others, examples of some of the steps being taken to revive the Ghanaian economy as the country's growth rate of 8.5% in 2017, likely to be repeated this year (2018), up from 3.6% in 2016, the attainment of single digit inflation and a relatively stable currency despite the challenges of a strong dollar.

Source: ISD (Rex Mainoo Yeboah)

Created: 16 October 2018
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