President Akufo-Addo invites Chinese investors to join Ghana’s economic transformation

On September 8, 2024, 8:59 PM

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.

Addressing a gathering of Chinese business leaders, the President emphasized the longstanding relationship between Ghana and China, as well as the significant investment opportunities available in sectors ranging from manufacturing to agriculture and green energy.

Opening his speech with a Chinese proverb, “If you want to walk far, walk with someone,” President Akufo-Addo symbolized Ghana’s desire to walk hand-in-hand with China on the path to long-term economic progress.

He stressed Ghana’s determination to learn from China’s success and deepen ties with its business community for mutual prosperity.

He highlighted the robust trade relations between Ghana and China, noting that China has been Ghana’s largest trading partner since 2015, with bilateral trade reaching $9.23 billion in 2023. He commended Chinese companies for their investments in key sectors such as construction, energy, agriculture, and ICT, attributing China’s growing presence in Ghana to the nation’s stability, security, and favourable investment environment.

Reflecting on global challenges such as the COVID-19 pandemic and the ongoing Russia-Ukraine war, the President underscored how these events exposed structural weaknesses across Africa. He called on the business community to partner with Ghana to create resilient, climate-conscious, and diversified economies capable of withstanding future global shocks. According to him, international cooperation will be essential in building economies that thrive despite global disruptions.

President Akufo-Addo also highlighted Ghana’s progress under his administration, noting the government’s efforts to foster a business-friendly environment since 2017. He pointed out that Ghana’s economy grew rapidly between 2017 and 2020, with an average annual GDP growth rate of 7%. Despite setbacks from the pandemic and geopolitical challenges, the President expressed optimism about Ghana’s return to strong economic growth.

He further elaborated on the government’s Ghana CARES ‘Obaatampa’ Programme, a comprehensive economic revitalisation plan aimed at addressing the challenges caused by the pandemic. The programme seeks significant private sector investment in key areas such as agriculture, agro-processing, housing, and healthcare. He invited Chinese businesses to participate, emphasising the importance of partnerships in rebuilding the economy.

President Akufo-Addo also showcased various government initiatives aimed at boosting industrialisation and economic development, including the “Planting for Food and Jobs” initiative, the development of Ghana’s automotive sector, and efforts to build integrated bauxite and iron industries. These projects are part of Ghana’s broader strategy to transition from an exporter of raw materials to a value-added, industrialised economy.

He spoke about Ghana’s unique position as host of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra, which offers immense opportunities for businesses to access African markets. The President highlighted Ghana’s potential to become a strategic hub for regional trade and investment, describing the country as a gateway to the continent.

In conclusion, President Akufo-Addo reiterated that Ghana is an ideal destination for Chinese investment, offering a stable regulatory environment, favourable fiscal policies, and abundant natural resources. He urged Chinese investors to seize the moment, stressing that Ghana’s doors are open and its markets are ready for meaningful partnerships.

With a renewed commitment to fostering strong ties between Ghana and China, the President expressed optimism about the future, noting that deeper collaboration would create shared prosperity for both nations.

“Let us seize this moment to forge stronger ties, build lasting partnerships, and create shared prosperity for the people of Ghana and China,” President Akufo-Addo concluded, thanking the Chinese business community for their continued interest in Ghana.