Legitimate investments are protected in Ghana – Akufo-Addo | Economic news

"Ghana is a haven of peace, security and stability, and even the safest country in West Africa. Legitimate investments are protected. We are a country where the principles of democratic accountability and respect for the rule of law, individual freedoms and human rights are now firmly anchored in our body politic and where the separation of powers is real in promoting responsible governance in compliance with the law. "

This is what the President of the Republic, Nana Addo Dankwa Akufo-Addo, said on Tuesday, July 9, 2019, at the France-Ghana Business Forum, organized at the Ministry of Economy and Finance, in Paris, in the framework of of his official visit to France.

President Akufo-Addo told the meeting that his administration was committed to building a progressive and prosperous country and was inspired by the success story of countries around the world.

"We have also decided to walk hand-in-hand with the private sector and the business community in this adventure. Indeed, the new patriotic party, from which my government comes, is firmly convinced that the role of the private sector in the development of our national economy is crucial, "he added.

President Akufo-Addo told the badembly that since he took office about two and a half years ago, his government had put in place the necessary measures to reduce the cost of doing business and improve the business environment.

President Akufo-Addo at a round table with a selection of members of the French business community
"Our goal is to make our economy the most business-friendly economy in Africa," added the president.

Reiterating that it "is an exciting time to be in Ghana and to do business in the country," he listed a plethora of multinational companies looking to build bases in the country.

Already, the global giants of automotive manufacturing, Volkswagen in Germany, Sinotruk in China, Nissan and Toyota in Japan and Renault in France are using it to establish badembly plants in the country. The energy giant, ExxonMobil, of the United States of America, is in the process of creating an office and a base in Ghana. Google has created Africa's first artificial intelligence center in Ghana, and Norwegian energy giant Aker Energy has discovered oil and gas at sea since President Akufo-Addo.

President Akufo-Addo urged the business community in France to take advantage of the country's increasingly business-friendly climate to invest in Ghana.

"I'm sure you may have heard about some of my government's flagship policies," A District, A Factory "," A Village, a Dam ", as well as the" Plant to Feed and Create Jobs "program. , which I recommend, as I do in the areas of water, health, housing, road and rail infrastructure, transportation, industry, manufacturing, agriculture, petroleum and gas, mining our mineral wealth in bauxite, iron ore and gold, renewables and ICT growth, The President said.

He was particularly excited about the dramatic recovery in Ghana's agriculture as a result of the successful implementation of our Planter for Food and Employment program, which brought one million smallholder farmers closer to him.

In addressing the infrastructure deficit in Ghana, the President revealed that his government is embarking on an aggressive public-private partnership program aimed at attracting investment in the development of the country's road and rail infrastructure.

"We hope that with strong private sector participation, we will be able to develop a modern rail network with strong links between production centers and the potential to connect with our neighbors," he added.

President Akufo-Addo told the French business community that she could choose to invest in Ghana via the Ghana Investment Promotion Center or to become a free trade company.

"Whatever the place of investment, the government has put in place a number of incentives for investors, depending on the nature of the activity or the place of investment, he added.

The President said some of these incentives include exemption from payment of import duties for facilities and machinery; 25% tax reduction for companies located in regional capitals; 50% tax reduction for companies investing outside regional capitals; zero per cent of corporate tax for ten (10) years, then 8 per cent for enterprises located in the enclave of the free zones; full repatriation of dividends and profits; transfer of funds for the service of loans contracted abroad; and laws against the arbitrary confiscation of a business or investment.