Dr. Alex Ampaabeng, Deputy Minister for Finance in charge of revenue, has reiterated the government’s steadfast commitment to creating a collaborative economic environment to attract both local and foreign investors.
Speaking at the 21st edition of the Ghana Club 100 awards breakfast meeting held in Accra on Tuesday, July 30, 2024 Dr. Ampaabeng highlighted the country’s recent economic achievements and outlined future strategies for bolstering the business environment.
The Deputy Minister addressed the gathering under the theme: “Partnership for Prosperity: Building a Thriving Ghanaian Economy,” reflecting the ongoing focus on collaborative efforts to drive economic growth.
He detailed government plans for targeted investments in agribusiness, technology, and infrastructure as key areas for enhancing the investment climate.
Dr. Ampaabeng also discussed plans to review and simplify Ghana’s tax system to address investor concerns about the current complex tax structure.
The government, in collaboration with the Ghana Revenue Authority, aims to revise the tax system to improve business and investment conditions.
Furthermore, the deputy minister emphasised the government’s commitment to supporting Small and Medium-sized Enterprises (SMEs) through growth and opportunities programs.
He noted, “This programme clearly demonstrates our attempt as government to provide the necessary support for SMEs to scale up and contribute significantly to our economic development.”
In addition to these measures, Dr. Ampaabeng assured that several initiatives are in place to further improve Ghana’s investment climate.
He expressed confidence that the partnership between the public and private sectors will accelerate economic growth and foster sustainable development.
Yofi Grant, Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) praised the Ghana Club 100 awards as a testament to the importance of partnerships in driving economic prosperity.
He highlighted the GIPC’s role in facilitating investments that spur development and create jobs.
Despite global economic challenges such as recession fears, inflationary pressures and geopolitical tensions.
Mr Grant noted that Ghana has demonstrated significant resilience.
The country attracted an average of US$1.5 billion in foreign direct investment (FDI) from 2020 to 2023, with $123 million recorded in the first quarter of this year alone.
The Chief Executive Officer of the GIPC attributed Ghana’s sustained investor interest to government’s initiatives and supportive policies, including the Post-COVID-19 Programme for Economic Growth (PC-PEG), “One District, One Factory,” “Planting for Food and Jobs” and the Ghana Cares Obatanpan Project.
These programmes, supported by the IMF Extended Credit Facility (ECF), have played a crucial role in stabilizing the economy and driving sector reforms.Recent data indicates a 4.7% GDP growth in the first quarter of this year, surpassing growth projections and underscoring the positive impact of these initiatives.
The resilience of the business environment and the dedication of private sector operators have been key to this progress.
To further strengthen government-business collaboration, the GIPC has been hosting quarterly CEO breakfast meetings.
These forums provide a platform for advocating policies and reforms that enhance the business environment and attract both local and foreign enterprises.
Reforms aimed at simplifying business registration, increasing transparency, and reducing bureaucratic obstacles are being implemented, aligning with Ghana’s goal of becoming a more attractive investment destination.
According to the Deloitte 2022 Africa Investment Attractiveness Index, Ghana is ranked as the most appealing investment destination in West Africa and the second in Africa overall.
