President John Mahama has highlighted Ghana’s economic recovery and renewed investment appeal, touting the cedi’s stability, a sovereign ratings upgrade, and new reforms to ease entry for foreign investors.
He said Ghana had restored macroeconomic stability and was now among the most attractive destinations for investors in Africa.
The President was speaking at the Ghana Presidential Investment Forum on the sidelines of the 9th Tokyo International Conference on African Development (TICAD IX) in Japan on Wednesday.
“Inflation rose to a high of almost 23% in 2024, and it’s currently down to 13.7%, and we expect that by the end of the year to hit single digits. And it’s also our cedi has stabilised.
“For those of you who know the history of the Ghanaian cedi, it’s been one of the most volatile currencies in Africa, and a few years back, we were said to be the worst-performing currency.
“I’m happy to announce that this year, the Ghana cedi has been the best-performing currency in the world,” he said.
Mr Mahama further pointed to renewed international confidence in Ghana’s economy, referencing an improved sovereign credit rating.
“We’ve been upgraded from junk status to B minus with a stable outlook, and I’m certain that in the next review, we’re going to be upgraded again,” he added.
The President also announced major reforms to attract foreign investment, particularly through changes to the Ghana Investment Promotion Centre (GIPC) Act.
“In the reviewed GIPC Act, we are removing those minimal capital investments. This will enable any investor, however little money you have — $100,000, $50,000 — to be able to come in and set up a business in Ghana,” he explained.
Underscoring Ghana’s credentials as a stable and business-friendly country, Mr Mahama said the nation was strategically positioned to serve as a hub for West Africa and beyond.
“Ghana is a stable, democratic, business-friendly gateway to West Africa and the continent. We have a growing consumer market with improving macroeconomic fundamentals, clear reforms to lower the cost of doing business, and abundant opportunities for technology transfer,” he stressed.
He pointed to the African Continental Free Trade Area (AfCFTA), headquartered in Accra, as a significant opportunity for investors.
“With the vehicle of the African Continental Free Trade Area, you potentially can export into 1.4 billion markets,” he said.
Mr Mahama also showcased Ghana’s comparative advantages in agribusiness, automotive assembly, energy, and industrialisation, noting that Japanese firms already present in Ghana had strong prospects for expansion.
He referenced the “Volta Economic Corridor” as a blueprint for agro-processing, textile manufacturing, and industrial parks linked to irrigation and logistics.
“Ghana is a land of opportunity, and many nationals from all over the world are investing in Ghana. Africa is the next frontier for investment. Most parts of the world are saturated when it comes to investment.
“Africa is opening up, is growing, and is a place that Japan should be looking at. And so let us marry Japanese position with Ghanaian potential and create a win-win situation for ourselves,” he urged.
Mr Mahama concluded by declaring Ghana “open for business 24 hours a day,” stressing the country’s vision for economic transformation was anchored in innovation, industrialisation, regional integration, and a bold infrastructure programme.
Source: Abubakar Ibrahim
