By next decade if you are not in Ghana, you are not in Africa – Bawumia | General news

Vice President Mahamudu Bawumia told a group of Canadian investors why Ghana was the best investment destination in Africa for local and foreign investors.

According to Bawumia, not only does Ghana's political stability and security, as well as its favorable legal and regulatory environment, provide the best climate for investment, but its large domestic market and macroeconomic stability position it as a destination of choice for investment. in Africa. continent.

Addressing a group of investors at the Canada-Ghana Economic Summit organized by the Canada-Africa Strategic Investment Group Inc. in Vancouver, Canada on Monday, July 22, 2019, the Vice-President Bawumia is optimistic that recent economic developments in Ghana offer tremendous opportunities for diversity. types of investment and called on Canadian investors to double their footsteps in Ghana.

Ssuking a favorable regulatory environment in Ghana, Mr Bawumia said that "Ghana, ranked 48th (out of 126 countries) on the state of the law rule of the World Justice Project 2019, offers a safe haven allowing commercially conscious "justice system" investments. In addition, other notable global comparisons present positive judgments about potential investment in Ghana.

For example, Ghana has been ranked ahead of countries like South Africa in the GSI (Global Service Location Index) AT Kearney from 2019, a measure of the country's attractiveness. a location for offshore services. Ghana has maintained a consistent position as the second-ranked country (ranked 20 out of 20) in the Absa / Barclays Africa financial markets index for two consecutive years. And Ghana is also ranked 4th among African countries on the Ernst & Young Africa Attractiveness Survey (2017), ahead of Côte d'Ivoire, Mauritius, Rwanda and Nigeria.

According to Bawumia, Ghana's important domestic market and the entry into force of the Continental Free Trade Area in Africa (AfCFTA) suggest that the country's internal market is no longer confined to Africa's Africa. Where is. This makes Ghana the potential capital of Africa's future trade, investment and investment. "Ghana already hosts the headquarters of several multinational companies serving more than 350 million people in the ECOWAS region. The multiplier effects of AfCFTA hosting offer businesses an even greater opportunity to quickly get started in the rest of Africa from Ghana, "said Dr. Bawumia.

Vice President Bawumia added that "the successful implementation of the AfCTFA will result in combined consumer and business spending of $ 6.7 trillion in 2030, boost industrial and manufacturing development in Africa and increase trade 15 to 25 per cent, or $ 50 to $ 70 billion. by 2040, compared to an Africa without AfCFTA, which will all be coordinated and led by Ghana-based institutions, staff and resources. "

Mr. Bawumia said, inter alia, that "with digitization, the focus on economic transformation," the development of all flexible infrastructure platforms – identification, digital address system and electronic port system, electronic justice system, interoperability of payment systems. system, et cetera, which were dictated by the government but fully implemented by the private sector, offer many opportunities for financial technology companies.