Ghana is the best place to do business in West Africa – Akufo-Addo

He said the economic indicators all point to the fact that Ghana is the first place to call for investors in West Africa.

Addressing the UAE-Ghana Business Forum held on Tuesday, 17th January 2023, on the sidelines of the Abu Dhabi Sustainability Week, President Akufo-Addo stated that Government, since 2017, has put in place measures needed to reduce the cost of doing business, and improve the business environment.

According to the President, these measures “made the Ghanaian economy not only one of the most business-friendly economies in Africa, but also one of the fastest growing economies in the world between 2017 and 2020, averaging 7% GDP annual rates of growth, up from the 3.4% rate we inherited in 2016.”

With Government working to restore the nation onto the path of high growth rates experienced prior to the onset of COVID-19 and the Russian/Ukraine war, he told the gathering of Ghana’s decision to seek the collaboration of the IMF “to repair, in the short run, our public finances, and give credibility to our balance of payments, which have taken a severe hit in very recent times as a result of these developments.”

“I am confident that we will emerge from this with a stronger and more resilient economy, and advance towards our goal of reaching a Ghana Beyond Aid. Not only is Ghana the best place for doing business in West Africa, but she is also the preferred destination for a perfect blend of mineral resource potential, stable regulatory environment, favourable fiscal regime, and socially responsive mining in Africa,” he added.

President Akufo-Addo Pulse Ghana

Describing mining as a key pillar of Ghana’s economy, President Akufo-Addo told the gathering that gold, which still holds its own as both a commodity and a financial asset, is, by far, the most commercially exploited mineral in Ghana, accounting for more than ninety percent (90%) of the country’s mineral revenue.

The President continued, “more recently, Ghana has been placed globally on the map of some few countries that have made significant discoveries of lithium, just as she has found also graphite and iron ore in significant quantities. Ghana is also working towards the net zero emission target, and collaborating with other relevant stakeholders in employing climate-friendly technologies and practices, to achieve the maximum developmental impact for the country.”

He explained that what his government is seeking to do is not just to exploit these minerals in their raw form to enhance our export earnings, but, more importantly, generate value added benefits, along the full value chain of the minerals, and create linkages with other sectors of the economy.