By the next decade if you are not in Ghana, you are not in Africa – Dr. Bawumia

Vice President Mahamudu Bawumia told a group of Canadian investors that Ghana is the best destination for investment in Africa for both local investors 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.

Boosting a favorable regulatory environment in Ghana, Bawumia said, "Ghana ranks 48th out of 126 countries in the World Justice Project's 2019 Rule of Law Index. Ghana is a refuge in which investments are protected in a fair and commercial manner. " judicial system "conscious".

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 some 350 million people in the ECOWAS region. The multiplier effects of AfCFTA hosting offer businesses an even greater opportunity to quickly embark on 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 institutions, staff and resources based in Ghana. "

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. This system, which has been strongly driven by the government but fully implemented by the private sector, offers many opportunities for FinTech companies.

The Director General of the Investment Promotion Center of Ghana, Mr. Yoofi Grant, as well as the Minister of Enterprise Development, Mr. Mohammed Awal, took turns to market Ghana to investors.

According to Mr. Yoofi's grant, Ghana has achieved important economic progress and has badumed a sustainable trajectory of macroeconomic stability that should be of interest to all investors.

He indicated the various tax cuts such as taxes of more than 17 years suppressed or abolished by the government, a cumulative reduction of electricity prices of 11% and the suspension of the tax to the value Added to the 15% import of 64 commodity groups, each consisting of several hundred individual products are all direct government policy interventions aimed at stimulating investment growth.

Dr. Edward Akuffo, President and CEO of the Canada-Africa Strategic Investment Group Inc., Councilor Sara Kirby-Yung, Acting Mayor of the City of Vancouver, and Ghana High Commissioner to Canada, Ayikoi Otoo.

Source: ISD (Rex Mainoo Yeboah)