President Nana Addo Dankwa Akufo-Addo has said government is relentless in its efforts to restore high economic growth after the pandemic, which last year led to the lowest economic growth rate in Ghana for almost four decades.
“Despite the ravages of the pandemic, we are working to grow the economy at a much faster rate this year, our target being a 5 percent GDP growth rate, which will enhance some prospects and [create] a win-win environment for both the private sector and the country,” said the President at the 2021 Spark Up investment summit in Accra on Tuesday.
“We have identified the relevant sectors of our economy which require the needed investments and will help accelerate and rebound the growth of the Ghanaian economy—as it had been witnessed in the immediate years before the pandemic struck.”
As Ghana and other countries recover from the devastating effects of COVID-19, there is a renewed drive by many nations to promote investments. The goal of Spark Up 2021, organised by the Ghana Investment Promotion Centre (GIPC) and the Ministry of Information, is to revive interest for investing in Ghana and to help restore economic growth.
The GH₵100bn Ghana Cares Obaatanpa programme is the government’s signature initiative to restore the economy to a high growth path, the President said. It focuses on injecting substantial investments in agriculture, agro-processing, manufacturing, healthcare, housing and infrastructural development. The private sector is expected to provide 70 percent of the funding for the programme.
“In seeking to mobilise the GH₵70bn from the private sector, it has become even more important to examine how FDIs are onboarded into the economy of Ghana,” the President said. “At this edition of Spark Up, we are dedicated to exploring ways of improving the turnaround time and the efficiency with which potential investors are integrated into the Ghanaian economy.”
FDI inflows recorded in Ghana in 2020 amounted to US$2.7bn.
The President urged the GIPC to use the platform to open up frank discussions and orientated engagements with investors, regulators and investment facilitators.
CEO of GIPC Yofi Grant stated that the centre is currently creating awareness for businesses on areas to maximise and focus on to benefit from the African Continental Free Trade Area (AfCFTA) project.
He said key sectors have been identified for promotion to support the AfCFTA drive, comprising agriculture and agro-processing, energy, vehicle assembly and automotive components manufacturing, tourism and hospitality, innovative financial products and services, and transport infrastructure.
The Minister of Trade and Industry, Alan Kyerematen, said since 2017, the Ministry has embarked on a ten-point industrial transformation agenda aimed at maximising the investment potential of Ghana.
The agenda includes the national industrial revitalisation programme, the one district one factory programme, strategic anchor industries, industrial parks and special economic zones, development of micro, small and medium-scale enterprises, domestic retail infrastructure enhancement, industrial sub-contracting exchange, improving public-private sector dialogue, and business regulatory reforms.