Ghana is the greatest site in West Africa to conduct business, according to President Nana Akufo-Addo, who also urged the private sector and investors in the United Arab Emirates to make Ghana their first stop when doing business in the region.
President Akufo-Addo said in a speech to the UAE-Ghana Business Forum on Tuesday, January 17, 2023, which was held in conjunction with Abu Dhabi Sustainability Week, that the government has been putting in place the necessary measures since 2017 to lower business costs and enhance the business environment.
In addition to being one of the most business-friendly in Africa, the Ghanaian economy “became 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% pace we inherited in 2016,” the President claimed.
He informed the audience of Ghana’s intention to request the IMF’s assistance as the government works to put the country back on the road of rapid growth experienced before the start of COVID-19 and the Russian/Ukrainian war “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 she is 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.
According to President Akufo-Addo, who described mining as a crucial pillar of Ghana’s economy, gold is by far the most commercially exploited mineral in Ghana, accounting for more than ninety percent (90%) of the nation’s mineral revenue. Gold continues to hold its own as a commodity and a financial asset.
“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 bauxite and manganese, and are, indeed, the 3rd largest producer of these two minerals in Africa,” he said.
The President continued, “more recently, Ghana has been placed globally on the map of some few countries that have made significant discoveries of lithium, just as she has found also graphite and iron ore in significant quantities. Ghana is also working towards the net zero emission target, and collaborating with other relevant stakeholders in employing climate-friendly technologies and practices, to achieve the maximum developmental impact for the country.”
