In a bid to attract more Chinese investment, President Nana Addo Dankwa Akufo-Addo has invited Chinese business leaders to join Ghana’s economic transformation journey.
Speaking at the China-Ghana Business Forum in Shenzhen, China, on September 7, 2024, the President highlighted the longstanding relationship between Ghana and China and the tremendous investment opportunities available in Ghana.
The President’s invitation comes at a time when Ghana is seeking to diversify its economy and reduce its dependence on traditional exports such as gold and cocoa.
With China being one of Ghana’s largest trading partners, the President sees Chinese investment as crucial to achieving this goal.
Ghana’s relationship with China dates back to the 1960s, and over the years, China has become one of Ghana’s largest trading partners.
In 2023, trade between the two nations reached $9.23 billion, with China being Ghana’s largest trading partner since 2015.
However, the President’s invitation to Chinese investors is not without its challenges.
Ghana’s economy has faced significant challenges in recent years, including a decline in the GDP growth rate and a rise in inflation.
The COVID-19 pandemic and the ongoing Russia-Ukraine war have also exposed structural weaknesses in Ghana’s economy.
Despite these challenges, the President remains optimistic about Ghana’s economic prospects.
He highlighted his government’s efforts to foster a business-friendly environment, citing the Ghana CARES ‘Obaatampa’ Programme, a comprehensive economic revitalization plan aimed at addressing the challenges caused by the pandemic.
The President also showcased a range of government programs designed to boost industrialization and economic development, including 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, highlighting the potential for Ghana to serve as a gateway to the continent.
While the President’s invitation to Chinese investors is a positive step, it remains to be seen whether Ghana can deliver on its promises.
The country’s economic challenges are significant, and it will require a concerted effort from both the government and the private sector to achieve the desired economic transformation.
However, with China’s growing presence in Africa and Ghana’s strategic location, the potential for Ghana to become a major player in regional trade and investment is significant.
-BY Daniel Bampoe