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News from Wednesday, July 24, 2019
Source: Graphic.com.gh
2019-07-24
Vice President Dr. Mahamudu Bawumia
Vice President Mahamudu Bawumia told a group of Canadian investors that Ghana is the best destination for investment in Africa.
In his view, not only did the country's political stability, security and favorable legal and regulatory environment provide the best climate for investment, but its large domestic market and macroeconomic stability made it the destination of choice for investment on the continent. African.
Addressing the Canada-Ghana Economic Summit organized by the Canada-Africa Strategic Investment Group Inc. in Vancouver, Canada, on Monday, Bawumia added that recent economic developments in Ghana also included Huge opportunities for various types of investment and invited Canadian investors to direct their attention to Ghana.
Overall ratings
Regarding the favorable legal regulatory environment in Ghana, he said: "Ghana, ranked 48th (out of 126 countries) in the World Justice Project 2019 Law Rule Ranking, offers a haven where investments are protected by a fair and commercial justice system. . "
On top of that, he said, other notable world comparisons have presented positive judgments about the country's investment potential.
"For example, Ghana has been ranked ahead of countries such as South Africa in the 2019 AT ranking. The Kearney Global Services Location Index (GSLI), a measure of the attractiveness of a site for offshore services" said the vice president.
He said Ghana had maintained a consistent position as the second-ranked country (ranked in the top 20) in the Absa / Barclays Africa financial markets index for two consecutive years.
The country was also ranked fourth (out of 25) of African countries in Ernst & Young's Africa Attractiveness Survey (2017), ahead of Côte d'Ivoire, Mauritius, Rwanda and Nigeria , he added.
Free trade Area
According to Bawumia, Ghana's large domestic market and the implementation of the African Continental Free Trade Area (AfCFTA) suggested that its domestic market was no longer limited to West Africa.
"This makes Ghana the potential capital of Africa's future trade, investment and investment. Ghana already hosts the headquarters of several multinationals serving more than 350 million people in the ECOWAS region.
"The multiplier effects of AfCFTA hosting offer businesses in Ghana an even greater opportunity to quickly embark on the rest of Africa," he noted.
Vice President Bawumia added that "the successful implementation of the AfCFTA will result in combined consumer and business spending of $ 6.7 trillion in 2030, spur industrial and manufacturing development in Africa and increase trade 15 to 25%, or $ 50 billion to $ 70 billion by 2040, compared to an Africa without the Free Trade Agreement, all of which will be coordinated and led by institutions, and resources based in Ghana.
He also said that with the country's commitment to economic transformation through digitization, "the development of flexible infrastructure platforms, the national identification system, the digital addressing system, a paperless port system, an electronic justice system and the interoperability of the payment system strongly encouraged by the government but fully implemented by the private sector and provided many opportunities Financial Technology Companies (FinTech) ".
Vice President Mahamudu Bawumia at the Canada-Ghana Economic Summit in Vancouver, Canada
Economic progress
The Director General of the Investment Promotion Center of Ghana, Mr. Yofi Grant, and the Minister of Enterprise Development, Mr. Mohammed Awal, took turns marketing Ghana to investors.
According to Grant, Ghana's economic gains and sustained macroeconomic stability should be of interest to investors.
He mentioned tax cuts, including more than 17 taxes suppressed or suppressed by the government, a cumulative reduction in electricity prices of 11% and the suspension of the value added tax at the end of the year. 15% import on 64 product groups, each. including hundreds of individual products, as some of the government's direct policy interventions to stimulate investment growth.
Dr. Edward Akuffo, CEO of the Canada-Africa Strategic Investment Group Inc., also spoke. Councilor Sara Kirby-Yung, Acting Mayor of the City of Vancouver, and Ghana's High Commissioner to Canada, Nii Ayikoi Otoo.
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