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President Nana Addo Dankwa Akufo-Addo of Ghana made a strong case for increased China-Africa economic cooperation in a stirring speech at the China-Africa Private Sector Cooperation Forum on September 7, 2024, in Shenzhen, China.
The speech highlighted Ghana’s efforts toward industrialization, agricultural modernization, and green development.
During his address at the Forum on China-Africa Cooperation (FOCAC), he stressed Ghana’s strategic position as the center of economic growth in Africa while outlining the country’s transformative investment potential.
During his speech, President Akufo-Addo commended Shenzhen for its outstanding accomplishments, citing the city as a prime example of China’s economic revolution driven by innovation and investment. “Shenzhen symbolizes the extraordinary achievements that are possible through partnership, investment, and innovation,” he said.
He drew comparisons, pointing out how comparable initiatives in Ghana are starting to pay off, and he extended an invitation to Chinese and international investors to collaborate with Ghana in extending these achievements throughout the African continent.
The main focus of President Akufo-Addo’s speech was Ghana’s aggressive industrialization plan. He underlined that putting value on Ghana’s plentiful natural resources is essential to the country’s economic progress. The President emphasized the growing car assembly industry as one of his main focus areas. This industry has already drawn large international companies to establish operations in the nation, including Toyota, Nissan, Volkswagen, and Sinotruk.
The President gave prospective investors assurances about Ghana’s favorable investment climate, which is bolstered by the nation’s Automotive Development Policy, which provides tax exemptions and other benefits for car assembly businesses.
With the African Continental Free Trade Area (AfCFTA) Secretariat based in Accra, the President further stressed that Ghana offers investors a strategic gateway to the entire African market, positioning itself as a vital hub for regional trade and manufacturing.
Beyond the automotive sector, President Akufo-Addo outlined the success of the “One District, One Factory” (1D1F) initiative, a cornerstone of his government’s industrialization strategy. Through this program, the government has facilitated the establishment of at least one manufacturing facility in each of the country’s 261 districts. As a result, 321 new factories have been developed, with 211 of them being brand-new enterprises. The initiative has also led to the creation of 170,000 jobs, and the President projected even more growth as the program continues to expand.
He urged Chinese investors to consider the vast potential within this program, emphasizing its role in decentralizing industry, creating jobs, and driving rural development.
President Akufo-Addo also acknowledged agriculture as the backbone of Ghana’s economy, contributing significantly to the nation’s GDP. However, he stressed that the sector remains ripe for modernization. The President highlighted Ghana’s “Planting for Food and Jobs” (PFJ) initiative, which has already supported over 1.9 million farmers, significantly boosting the production of key staples such as maize and rice.
Yet, the President was keen to underscore the immense opportunity for investment in agro-processing, a sector he believes will move Ghana up the agricultural value chain. With Ghana being the world’s second-largest producer of cocoa, he urged investors to seize the chance to partner in agro-processing, storage, mechanization, and sustainable agricultural practices, including organic farming.
President Akufo-Addo further emphasized his government’s commitment to green development, seeing it as both a moral imperative and an economic opportunity. He highlighted Ghana’s ambitious goals to increase the share of renewable energy in its energy mix to 10% by 2030, presenting a wealth of opportunities for investment in solar and wind energy.
“Ghana’s doors are wide open to investors who share our vision of a prosperous, industrialized, agriculturally modern, and green Africa,” President Akufo-Addo declared, adding that Ghana offers significant incentives, such as tax breaks and guaranteed feed-in tariffs, to encourage investments in renewable energy.
The President also underlined the need for better recycling and waste management, seeing these as areas with enormous potential for generating economic value.
Finally, President Akufo-Addo emphasized that relationships must be based on respect for one another and sustainable development, calling on China and Africa to expand their economic collaboration through the Belt and Road Initiative. He invited investors to take advantage of the potential in industrialization, agriculture, and green development, saying that the moment was right for investment in Ghana.
President Akufo-Addo made it plain during the China-Africa Private Sector Cooperation Forum that Ghana is open for business and willing to work with investors to create a future of shared prosperity and sustainable growth as the country continues to pave the way for economic transformation.
Source: Ghanatodayonline.com
