President Akufo-Addo woos Chinese businesses to invest in Ghana

By Hagar Ofosua
Akufo

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has urged the business community in China to make Ghana their preferred destination for investment in Africa

Speaking at the Ghana-China Investment Forum, on Wednesday, 5th September 2018, in Shangdong Province, he assured Ghana “is a haven of peace, security and stability, and she protects legitimate investments.”

“Our flagship agricultural programme, “Planting for Food and Jobs”, our renewable energy sector and ICT growth are all areas of considerable opportunity. These are all sectors you can profitably partner with Ghanaian companies, some of whose representatives have come all the way from Ghana to be here with me,” he said.

President Akufo-Addo told the gathering that China has, since 2015, been Ghana’s largest trading partner, with total trade amounting to some $6.7 billion in 2017.

However, with the majority of exports from Ghana to Shangdong, for example, being crude oil, bauxite and its concentrates, sawn timber, i.e. raw materials, the President told the Chinese business community that “we want to stop being mere producers and exporters of raw materials, and, thereby, deal with China, and, indeed, Shangdong province, on the basis of things we make.”

He indicated that, additionally, the Ministry of Trade and Industry has attached two technical experts to provide free advisory services to these companies.    

“We are hopeful that, with solid private sector participation, we can develop a modern railway network with strong production centre linkages and with the potential to connect us to our neighbours to the north, i.e. Burkina Faso, to the west, i.e. Cote d’Ivoire, and to the east, i.e. Togo,” he said.

The President continued, “We believe that this is an area where Chinese technology and expertise would be very welcome, and we are happy to note that some important Chinese companies are, in fact, making efforts to enter the rail sector of our economy. We will know the result shortly, but I am confident that there will be Chinese participation in the development of the Ghanaian rail sector.”

He told the business community that there are several projects in roads, water, housing, transport, industry, manufacturing, agriculture, petroleum and gas, the exploitation of Ghana’s mineral wealth of bauxite, iron ore and gold, amongst others, which are being structured to attract private sector financing.   

President Akufo-Addo, thus, urged them to invest in Ghana either through the Ghana Investment Promotion Centre or set up as a Free Zones enterprise.

“Regardless of where the investment is, the government has instituted a number of incentives for the investor, depending on the nature of the activity, or the location of the investment,” the President added.

President Akufo-Addo, in conclusion, stressed to the Chinese business community “in future, when you are deciding to invest in any part of the world, certainly, in Africa, Ghana should be your preferred investment destination.

“As I have said, we are keen on establishing a business-friendly economy to attract foreign direct investments to exploit our country’s great potential on mutually satisfactory terms. I can assure you, once again, that your investments will be protected in fact and in law.”

credit:presidency.gov