Ghana is a Destination of Choice for Investment in Africa – Bawumia

News from Wednesday, July 24, 2019

Source: ghananewsagency.org

2019-07-24

Vice President Mahamudu Bawumia told Canadian investors that Ghana offers the best environment in Africa for local and foreign investors.

He said Ghana not only had a stable political and security environment, but also a favorable legal and regulatory environment offering the best investment climate on the African continent.

The Vice President also praised the stability of the country's internal market and macroeconomic stability, making it a prime destination for investment in Africa.

Vice President Bawumia extolled Ghana's economic credentials when he spoke to a group of investors at the Canada-Ghana Economic Summit in Vancouver on Monday.

The summit was organized by the Canada-Africa Strategic Investment Group Inc.

Bawumia was optimistic that Ghana's recent economic development offered huge opportunities for diversified investment and urged Canadian investors to double their footsteps in Ghana.

The Vice President said that Ghana provided a safe haven for investment, which was protected by a fair and "commercially conscious" justice system, ranked 48th among the 126 countries listed in the World Justice "State of Law Index". Project published in 2019 by the World Justice Project.

For example, Ghana ranks higher than countries like South Africa in the Kearney Global AT Service Locator Index of 2019, a measure of the attractiveness of a country. site for offshore services.

Ghana also maintained a consistent position as the second highest ranking country out of 20 in the Absa / Barclays Africa Group's financial markets index for two consecutive years.

In addition, Ghana ranks fourth among 25 African countries in Ernst & Young's Africa Attractiveness Study (2017), ahead of Côte d'Ivoire, Mauritius, Rwanda and Nigeria.

According to Mr. 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 was no longer limited to Africa. Where is.

This, he said, has made Ghana the potential capital of Africa's future trade, trade and investment.

Ghana currently hosts the headquarters of several multinational corporations, serving more than 350 million people in the ECOWAS region.

The multiplier effects of AfCFTA hosting offer Ghanaian businesses an even greater opportunity to quickly embark on the rest of Africa, said Dr. Bawumia.

Vice President Bawumia further noted that "a successful implementation of the AfCTFA would result in combined spending by consumers and businesses of $ 6.7 trillion by 2030.

In addition, it would boost the development of Africa's manufacturing and manufacturing sector and increase intra-African trade by 15 to 25 per cent, or $ 50 to $ 70 billion by 2040.

Mr. Bawumia was convinced that economic transformation complemented by digital platforms would accelerate the country's development efforts.

He referred to some "soft infrastructure" put in place by the government since it took office, including the national identification system, the digital address numbering system, the online justice system and the system of identification. interoperability of mobile telephony services, which have been set up in partnership with the private sector.

Mr. Yoofi Grant, General Manager of the Ghana Investment Promotion Center and Mr. Mohammed Awal, Minister of Enterprise Development, took turns marketing Ghana to potential investors.

Yoofi Grant said that Ghana has made important economic progress and a sustainable path towards macroeconomic stability.

He mentioned the 17 tax cuts in 2017, the cumulative reduction of 11% in the price of electricity and the suspension of the value added tax at 15% import on 64 groups in order to stimulate investment growth.