Ghana protects legitimate investments, economy bounces back – Akufo-Addo to German investors
President Nana Addo Dankwa Akufo-Addo said that Ghana will continue to create and maintain an enabling investment environment that not only ensures investment safety but also good returns.
“We will continue to protect legitimate investments and preserve the atmosphere of peace, stability and security which has greatly contributed to the growing presence of German companies in Ghana,” Akufo-Addo said on Tuesday, August 24, 2021, during his speech. the Ghana-Germany Business Forum, in Düsseldorf, as part of its working visit to the Federal Republic of Germany.
Addressing the Forum, President Akufo-Addo said Ghana is a country where the principles of democratic accountability and respect for the rule of law, individual freedoms and human rights are now firmly rooted in our body politic, and where the separation of powers is real. in the promotion of responsible governance.
Since taking office in January 2017, he explained that his government had put in place the necessary measures to reduce the cost of doing business, improve the business environment and make the Ghanaian economy not only one of the most important economies. more conducive to business in Africa, but also one of the fastest growing economies in the world between 2017 and 2020, with an average annual GDP growth rate of 7% for those years, up from the rate of 3.4% GDP growth inherited from the Mahama government in 2016.
“Indeed, with the economies of many countries around the world in recession, experiencing negative growth in 2020, largely due to the COVID-19 pandemic, Ghana’s economy was one of the very few to have still managed to register positive GDP growth. , although a very modest 0.9%, ”he said.
The President continued, “Despite the ravages of the pandemic, we are striving to grow the economy at a much faster rate this year, with our target being a five percent (5%) GDP growth rate, this which will improve the prospects for a win-win environment for the private sector and the country; an environment where businesses not only survive, but actually thrive. In the first quarter of this year, the economy’s GDP grew by 3.1%; in the second, at 8.9%.
He was thus encouraged by the fact that more German companies than ever are looking to invest in Ghana, symbolized by the opening of representations of the German industrial giant, ThyssenKrupp, and of the global player in German logistics, Kühne & Nagel. , in the country, and the creation of the Volkswagen assembly plant in Ghana. “It continues to be an exciting time to be in Ghana and do business in the country. Already, other global car manufacturing giants, Toyota and Nissan of Japan, Sinotruk of China, have also established assembly plants in the country. Twitter establishes its African headquarters in Ghana, Google’s first African artificial intelligence center is located in Ghana and the famous Norwegian energy company, Aker, is well established in Ghana, ”said the president.
He added to the Forum that Ghana is further privileged to host the Secretariat of the African Continental Free Trade Area, which currently represents a market of some 1.2 billion people, spread across fifty-four (54) country, with a GDP of $ 3 trillion.
With records from the Ghana Investment Promotion Center indicating that there have been a total of one hundred and ninety-two (192) projects, with an FDI value of $ 83.92 million, registered from Germany in Over the past decade, he has urged the business community in Germany to take advantage of the favorable business climate in the country to invest in Ghana.
He recommended government flagship policies such as “One District, One Factory”, “One Village, One Dam” and the “Plant for Food and Employment” program, as well as in the areas of water, health, housing, roads and rail infrastructure, transportation, industry, manufacturing, agriculture, oil and gas, mining our mineral wealth of bauxite, iron ore and ‘gold, renewable energies and ICT growth sectors.
“We hope that with strong private sector participation, we can develop a modern rail network with strong links to production centers and with the potential to connect to our neighbors. Indeed, Ralf Blankenbach and Havellandische Eisenbahn of Germany are part of a European consortium engaged in the rehabilitation of 1.8 billion dollars of the existing eastern rail line from Accra to Kumasi ”, he said. added.