President Akufo-Addo And Key Ministers Set To Address International Investors At The Africa Debate 2021
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The President of Ghana, H.E. Nana Akufo-Addo, will address international investors and businesses at Invest Africa’s (www.InvestAfrica.com) annual Africa Debate from 14th-16th September (https://bit.ly/3yfL05a) as part of his government’s drive to diversify the Ghanaian economy and boost foreign direct investment (FDI). The President will be accompanied by the Ministers of Finance, Energy and Food and Agriculture at the dedicated Ghana Investment Forum on 14th September (https://bit.ly/2WkvqrJ).
Despite the challenges of Covid-19, the Ghanaian economy avoided contraction in 2020 with modest growth of 0.3%. The country is now predicted to see its GDP grow by 4% in 2021, according to the African Development Bank, placing it in a strong position to attract FDI. In speaking directly with over 1000 global businesses and investors, the President and his Ministers aim to ensure that inbound investment aligns with their goals to create jobs and diversify the economy, highlighting opportunities across three key sectors: Agriculture, Energy and Financial Services.
Agriculture is an essential pillar of Ghana’s recovery and better tapping into returns across the agriculture value chain is a clear priority for the government as it looks to mobilise the private sector to invest in agro-processing through the One-District-One-Factory initiative and a recently enacted Public-Private-Partnership law. It is hoped that private financial backing for these initiatives will redress the imbalance which currently sees the country touch $2 billion annual revenues from the $130 billion a year global chocolate industry despite supplying nearly one-fifth of the world’s cocoa.
Similar initiatives are underway in the energy sector where the expansion of renewables presents an untapped opportunity for investors. Already a net-exporter of energy to neighbouring Togo, Benin and Burkina Faso, the Minister of Energy, H.E. Matthew Opoku Prempeh, hopes to secure buy-in to the Renewable Energy Master Plan which will see energy exports increase. The Ministry of Energy is looking to raise $5.6 billion for renewable energy projects by 2030 with 80% of financing coming from the private sector.
Developing local financial services underpins efforts to create a healthy business environment. Ghana has had successes on the international bond market, raising $3 billion this year. The Ministry of Finance now aims to develop local financial services, reducing dependency on foreign debt markets. A EUR 170 million loan from the European Investment Bank has led to the creation of the Development Bank of Ghana while the Capital Market Master Plan outlines a blueprint to grow the domestic capital market. H.E. Ken Ofori-Atta, Minister of Finance, will take the opportunity of the Ghana Investment Forum to present how these reforms have improved financial options for businesses in Ghana and seek further international financial partnerships.
The President of Ghana will be joined at The Africa Debate by Dr. John Nkengasong, Director of Africa CDC, Abebe Aemro Selassie, Director, African Department, IMF and Dr. Tedros Adhanom Gebreysesus, Director General of the WHO amongst others. If you would like to join the discussions, there’s still time to secure your place. Review the full agenda and get your ticket on The Africa Debate website (https://bit.ly/3sP6vbV).
