Ghana offers significant incentives to encourage investments – Akufo-Addo says at China-Africa forum

In a powerful address delivered at the China-Africa Private Sector Cooperation Forum on September 7, 2024, in Shenzhen, China, President Nana Addo Dankwa Akufo-Addo of Ghana made a compelling case for stronger China-Africa economic collaboration, highlighting Ghana’s efforts toward industrialization, agricultural modernization, and green development. His speech, delivered as part of the Forum on China-Africa Cooperation (FOCAC), outlined the transformative opportunities for investment in Ghana while emphasizing the country’s strategic role as a hub for economic growth in Africa.

In his address, President Akufo-Addo praised the remarkable achievements of Shenzhen, a city that epitomizes China’s economic transformation through innovation and investment. “Shenzhen symbolizes the extraordinary achievements that are possible through innovation, investment, and partnership,” he remarked.

Drawing parallels, he pointed out how similar efforts in Ghana are beginning to bear fruit and invited Chinese and global investors to join Ghana in replicating these successes across the African continent.

Central to President Akufo-Addo’s address was Ghana’s ambitious industrialization agenda. He emphasized that the key to Ghana’s economic transformation lies in adding value to its abundant natural resources. One of the flagship sectors highlighted by the President was the burgeoning vehicle assembly industry, which has already attracted major global brands like Toyota, Nissan, Volkswagen, and Sinotruk to set up plants in the country.

The President assured potential investors of Ghana’s conducive investment environment, supported by the country’s Automotive Development Policy, which offers tax breaks and incentives for vehicle assembly operations.
With the African Continental Free Trade Area (AfCFTA) Secretariat based in Accra, the President further stressed that Ghana offers investors a strategic gateway to the entire African market, positioning itself as a vital hub for regional trade and manufacturing.

Beyond the automotive sector, President Akufo-Addo outlined the success of the “One District, One Factory” (1D1F) initiative, a cornerstone of his government’s industrialization strategy. Through this program, the government has facilitated the establishment of at least one manufacturing facility in each of the country’s 261 districts. As a result, 321 new factories have been developed, with 211 of them being brand-new enterprises. The initiative has also led to the creation of 170,000 jobs, and the President projected even more growth as the program continues to expand.

He urged Chinese investors to consider the vast potential within this program, emphasizing its role in decentralizing industry, creating jobs, and driving rural development.

President Akufo-Addo also acknowledged agriculture as the backbone of Ghana’s economy, contributing significantly to the nation’s GDP. However, he stressed that the sector remains ripe for modernization. The President highlighted Ghana’s “Planting for Food and Jobs” (PFJ) initiative, which has already supported over 1.9 million farmers, significantly boosting the production of key staples such as maize and rice.

Yet, the President was keen to underscore the immense opportunity for investment in agro-processing, a sector he believes will move Ghana up the agricultural value chain. With Ghana being the world’s second-largest producer of cocoa, he urged investors to seize the chance to partner in agro-processing, storage, mechanization, and sustainable agricultural practices, including organic farming.

President Akufo-Addo further emphasized his government’s commitment to green development, seeing it as both a moral imperative and an economic opportunity. He highlighted Ghana’s ambitious goals to increase the share of renewable energy in its energy mix to 10% by 2030, presenting a wealth of opportunities for investment in solar and wind energy.

“Ghana’s doors are wide open to investors who share our vision of a prosperous, industrialized, agriculturally modern, and green Africa,” President Akufo-Addo declared, adding that Ghana offers significant incentives, such as tax breaks and guaranteed feed-in tariffs, to encourage investments in renewable energy.
The President also emphasized the need for improved waste management and recycling, viewing it as an area of immense potential for economic value creation.

In closing, President Akufo-Addo called for China and Africa to deepen their economic cooperation through the Belt and Road Initiative, stressing that partnerships must be built on mutual respect and sustainable development. “The time is ripe for investment in Ghana,” he urged, calling on investors to seize the opportunities in industrialization, agriculture, and green development.

As Ghana continues to pave the way for economic transformation, President Akufo-Addo’s message at the China-Africa Private Sector Cooperation Forum was clear: Ghana is open for business, ready to partner with investors to build a future of shared prosperity and sustainable growth.

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