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On September 7, 2024, in Shenzhen, China, President Nana Addo Dankwa Akufo-Addo presented a strong argument for increasing Chinese investment in Ghana at the China-Ghana Business Forum.
The President highlighted Ghana’s long-standing connection with China in his speech to a group of influential businesspeople from China. He also highlighted the enormous investment prospects Ghana has in industries ranging from manufacturing to agriculture and green energy.
President Akufo-Addo opened his address with a Chinese proverb, “If you want to walk far, walk with someone,” symbolizing Ghana’s desire to walk hand-in-hand with China on the path to long-term economic progress. He highlighted Ghana’s determination to learn from China’s success story and its commitment to deepening ties with China’s business community to ensure mutual prosperity.
China has been Ghana’s biggest commercial partner since 2015, the President noted, underscoring the two countries’ robust trade ties. The amount of commerce between the two countries was $9.23 billion in 2023. He expressed gratitude to Chinese businesses for their ongoing investments in vital industries including ICT, energy, agriculture, and construction. He also ascribed China’s increasing influence in Ghana to the stability, security, and friendly investment climate of the West African nation.
In light of the continuing conflict between Russia and Ukraine and the COVID-19 outbreak, President Akufo-Addo noted that these developments have shown systemic flaws throughout Africa.
In order to build robust, environmentally sensitive, and diversified economies that are able to endure future shocks to the world, he asked the corporate sector to collaborate with Ghana. He asserts that creating economies that prosper in spite of global upheavals would require international collaboration.
President Akufo-Addo emphasized Ghana’s advancements during his term in office, pointing to the initiatives taken by his administration to create an atmosphere that is conducive to business since taking office in 2017. Between 2017 and 2020, Ghana’s economy expanded quickly, with an average yearly GDP growth rate of 7%, according to him. Ghana is once again on a road of solid economic growth, the President voiced hope, despite the economic difficulties imposed by the epidemic and geopolitical concerns.
The President’s remarks also highlighted his government’s ambitious Ghana CARES ‘Obaatampa’ Programme, a comprehensive economic revitalization plan aimed at addressing the challenges caused by the pandemic. The program seeks to inject significant investments into key sectors such as agriculture, agro-processing, housing, and healthcare. The initiative requires private sector participation, and President Akufo-Addo invited Chinese businesses to contribute to this effort, emphasizing the importance of partnerships in rebuilding the Ghanaian economy.
In his address, President Akufo-Addo showcased a range of government programs designed to boost industrialization and economic development. These included the “Planting for Food and Jobs” initiative, the development of Ghana’s nascent automotive sector, and efforts to build integrated bauxite and iron industries. These initiatives, he explained, are part of Ghana’s broader strategy to transition from an exporter of raw materials to a value-added, industrialized economy.
The President also spoke about Ghana’s unique position as the host of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra. He pointed out that this continental trade agreement offers immense opportunities for businesses to access African markets, positioning Ghana as a strategic hub for regional trade and investment. “We are leveraging the AfCFTA to become a new commercial capital of Africa,” The President said, stressing Ghana’s ability to act as a gateway to the continent.
Finally, President Akufo-Addo reaffirmed Ghana’s status as a top investment destination for Chinese nationals. The nation provides unmatched prospects for companies wishing to develop into Africa because of its stable regulatory framework, advantageous fiscal policies, and wealth of natural resources. In addition to highlighting Ghana’s open doors and ready markets for significant collaborations, he urged Chinese investors to take advantage of the opportunity.
President Akufo-Addo expressed hope about the future, stating that closer cooperation between the two nations will bring prosperity to their respective people. He also reaffirmed his commitment to building strong connections between Ghana and China.
“Let us seize this moment to forge stronger ties, build lasting partnerships, and create shared prosperity for the people of Ghana and China,” the President concluded, extending his gratitude to the Chinese business community for their continued interest in Ghana.
Source: Ghanatodayonline.com
