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President Akufo-Addo Invites Chinese Investors To Join Ghana’s Economic Transformation
At the China-Ghana Business Forum in Shenzhen, China, on September 7, 2024, President Nana Addo Dankwa Akufo-Addo made a compelling case for increased Chinese investment in Ghana.
Speaking to a gathering of Chinese business leaders, the President emphasized the longstanding relationship between Ghana and China, as well as the tremendous investment opportunities Ghana offers in sectors ranging from manufacturing to agriculture and green energy.
President Akufo-Addo opened his address with a Chinese proverb, “If you want to walk far, walk with someone,” symbolizing Ghana’s desire to walk hand-in-hand with China on the path to long-term economic progress. He highlighted Ghana’s determination to learn from China’s success story and its commitment to deepening ties with China’s business community to ensure mutual prosperity.
The President emphasized the strong trade relations between Ghana and China, noting that China has been Ghana’s largest trading partner since 2015. In 2023, trade between the two nations reached $9.23 billion. He commended Chinese companies for their continued investment in key sectors such as construction, energy, agriculture, and ICT, and he attributed China’s growing presence in Ghana to the West African country’s stability, security, and welcoming investment environment.
Reflecting on the global challenges posed by the COVID-19 pandemic and the ongoing Russia-Ukraine war, President Akufo-Addo pointed out that these events have exposed structural weaknesses across Africa.
He urged the business community to partner with Ghana to create resilient, climate-conscious, and diversified economies that can withstand future global shocks.
According to him, international cooperation will be essential in building economies that thrive despite global disruptions.
President Akufo-Addo highlighted Ghana’s progress under his administration, citing his government’s efforts to foster a business-friendly environment since assuming office in 2017. He noted that Ghana’s economy grew rapidly between 2017 and 2020, with an average annual GDP growth rate of 7%.
Despite the economic setbacks caused by the pandemic and geopolitical challenges, the President expressed optimism that Ghana is once again on a path of robust economic growth.
The President’s remarks also highlighted his government’s ambitious Ghana CARES ‘Obaatampa’ Programme, a comprehensive economic revitalization plan aimed at addressing the challenges caused by the pandemic.
The programme seeks to inject significant investments into key sectors such as agriculture, agro-processing, housing, and healthcare. The initiative requires private sector participation, and President Akufo-Addo invited Chinese businesses to contribute to this effort, emphasizing the importance of partnerships in rebuilding the Ghanaian economy.
In his address, President Akufo-Addo showcased a range of government programs designed to boost industrialization and economic development. These included the “Planting for Food and Jobs” initiative, the development of Ghana’s nascent automotive sector, and efforts to build integrated bauxite and iron industries. These initiatives, he explained, are part of Ghana’s broader strategy to transition from an exporter of raw materials to a value-added, industrialized economy.
The President also spoke about Ghana’s unique position as the host of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra. He pointed out that this continental trade agreement offers immense opportunities for businesses to access African markets, positioning Ghana as a strategic hub for regional trade and investment.
“We are leveraging the AfCFTA to become a new commercial capital of Africa,” the President declared, highlighting the potential for Ghana to serve as a gateway to the continent.
In closing, President Akufo-Addo reiterated that Ghana is an ideal destination for Chinese investment. With a stable regulatory environment, favorable fiscal policies, and abundant natural resources, the country offers unparalleled opportunities for businesses looking to expand into Africa.
He urged Chinese investors to seize the moment, stressing that Ghana’s doors are open and its markets are ready to support meaningful partnerships.
With a renewed commitment to fostering strong ties between Ghana and China, President Akufo-Addo expressed optimism about the future, noting that deeper collaboration between the two countries will create shared prosperity for their people.
“Let us seize this moment to forge stronger ties, build lasting partnerships, and create shared prosperity for the people of Ghana and China,” the President concluded, extending his gratitude to the Chinese business community for their continued interest in Ghana.
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Over GH₵80m was collected in betting tax, Amin Adam got it wrong – Finance Minister
Ghana’s Minister for Finance Ato Forson says the claim by former Finance Minister Mohammed Amin Adam that the erstwhile administration never implemented the betting tax is not factual.
Speaking at a new conference on Tuesday, March 11, shortly after the Finance Minister presented the new government’s first budget statement and abolished the e-levy, betting tax among others, the former Finance Minister said the NPP government never enforced the controversial tax on lottery and sports betting winnings.
Dr Amin Adam said it was deceptive for the NDC government to claim to abolish a tax that was never collected although the law was passed in 2023.
“Betting tax that they said they have abolished, we never collected Betting Tax. So to come and tell Ghanaians that you have abolished something that you have not implemented, is to deceive the people of Ghana.”
Responding to the claims in an interview with Evans Mensah on JoyNews’ PM Express on Tuesday night, the Finance Minister said his colleague on the other side appears not to be on top of that issue.
“I don’t think he’s on top of that matter because my checks revealed that it was implemented in the second half of 2024. And my checks also reveal that year-to-date, the government of Ghana has collected over GH₵80 million from betting tax, so I don’t know what he’s talking about. It is not the fact. The fact on the ground does not support his assertion. Clearly, the betting tax was implemented,” he insisted.
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Whoever created BoG’s GH₵53bn negative equity mess should be held responsible – Dr. Atuahene
Banking consultant Richmond Atuahene has called for accountability over the Bank of Ghana’s (BoG) GH₵53 billion negative equity, insisting that those responsible for the mess must be held accountable.
In an interview on Joy FM’s Midday News on Wednesday, March 12, he called for those responsible for breaching financial regulations to be summoned before Parliament to explain their actions.
“There was a law that stated they should not exceed a 5% fiscal financing threshold, yet they went as high as 60%. This is a clear violation, and they cannot claim ignorance. The Governor, the Minister, and those involved must be held accountable for their actions,” he asserted
His comment comes after the Finance Minister, Dr. Cassiel Ato Forson, advised BoG to explore internal cost-cutting measures instead of relying on taxpayer funds for a GH₵53 billion bailout to address its negative equity position.
Dr. Atuahene supported the Finance Minister’s stance that the government cannot afford to recapitalise the central bank at this time, given the nation’s fiscal constraints.
“Like the Minister said, you don’t create a mess and leave it for others to clean up. Whoever created this mess must take personal responsibility. When they engaged in the monetisation of fiscal deficits in 2021 and 2022, some of us warned them about the consequences, but they didn’t listen,” he stated.
Dr. Atuahene stressed that rather than relying on external funding, the Bank of Ghana should explore internal restructuring, cost-cutting, and asset sales, including a sale-leaseback arrangement on some of its properties, to raise the necessary capital.
He also highlighted the potential damage to Ghana’s international credibility if the Bank of Ghana remains in a financially distressed position.
“This affects Ghana’s credibility. BoG has correspondent relationships with the Bank of England, the Federal Reserve, and the African Development Bank. If it continues to operate in a capital-deficient state, international institutions may lose confidence in our financial system,” he warned.
Dr. Atuahene also criticised the central bank for insisting that it is “policy solvent,” arguing that capital solvency is more critical in this situation.
“You can claim policy solvency all you want, but if you are capital insolvent, it means you cannot function properly. BoG has been making losses year after year. They made losses in 2023, and they are making losses in 2024. How long will this continue?” he questioned.
Source: Myjoyonline.com
