President John Mahama has known as on Japanese companies to grab funding alternatives in Ghana as a part of the nation’s daring financial transformation agenda anchored on his proposed $10 billion “Large Push” initiative.
Talking on the Ghana Presidential Funding Discussion board on the sidelines of the ninth Tokyo Worldwide Convention on African Improvement (TICAD IX) on Wednesday, Mahama mentioned Ghana was a secure, democratic and business-friendly gateway to West Africa and the African continent.
“Ghana is a secure, democratic, business-friendly gateway to West Africa and the continent. Now we have a rising client market with enhancing macroeconomic fundamentals, clear reforms to decrease the price of doing enterprise, and considerable alternatives for expertise switch,” he mentioned.
He defined that Ghana’s strategic geographical place, coupled with its function as host of the African Continental Free Commerce Space (AfCFTA), made it an excellent base for Japanese traders looking for to entry regional and continental markets.
“Strategic geographical location. Ghana is a rustic by which the meridian and the UK intersect. The 2 intersect in Ghana’s territory only a few kilometres from our shore, and it’s additionally the host nation for the African continental free commerce space,” Mahama mentioned.
Highlighting current macroeconomic features, the President pointed to falling inflation and a stabilised cedi, which he described because the world’s best-performing foreign money this 12 months.
“Inflation rose to a excessive of virtually 23% in 2024 and it’s at present all the way down to 13.7% and we anticipate that by the tip of the 12 months to hit single digit. And it’s additionally our metropolis has additionally stabilised.
“For these of you who know the historical past of the Ghanaian metropolis, it’s been one of the crucial unstable currencies in Africa, and some years again, we have been mentioned to be the worst-performing foreign money. I’m glad to announce that this 12 months, the Ghana cedi has been the best-performing foreign money on the earth,” he declared.
Mahama additionally introduced reforms to the Ghana Funding Promotion Centre Act to take away boundaries for smaller traders.
“Within the reviewed Ghana Funding Promotion Centre Act. We’re eradicating these minimal capital investments. It will allow any investor, nonetheless little cash you have got – $100,000, $50,000 – to have the ability to are available and arrange a enterprise in Ghana,” he mentioned.
Turning to precedence sectors, Mahama urged Japanese firms to broaden their footprint in agribusiness, car manufacturing, and power, the place Ghana holds a comparative benefit.
“Japan has a comparative benefit relating to car manufacturing. And like I mentioned, utilizing the chance to have the ability to export into not solely our sub-region, however into Africa. Then Ghana turns into a superb place for native meeting of automotive merchandise,” he famous.
On agribusiness, Mahama referenced Ghana’s considerable sources, together with arable land, sunshine, and the Volta Lake, to spotlight funding prospects in agro-processing and textiles.
“Now we have hundreds of thousands of hectares of land that border that massive lake, and the water can be utilized to result in 2 million hectares of land below irrigation.
“But in addition, we intend to determine industrial parks, you recognize, in order that we will course of agri merchandise. We are able to put money into textile manufacture for export into the EU markets, into the American market and different locations,” he mentioned.
Mahama additional pressured Ghana’s sturdy basis in power era, underpinned by hydropower and gas-to-power manufacturing, which permits the nation to promote surplus power to neighbours at aggressive prices.
“Our thermal crops are being run on gasoline. We’re bringing new gasoline fields into operation. And since we’re members of the West African Energy Pool, power transmission programs are interconnected with our neighbouring international locations.
“And so any extra of energy we’re capable of produce we will evacuate and promote to our neighbouring international locations as a result of we’ve got a comparative benefit relating to energy,” he defined.
He mentioned the $10 billion “Large Push” programme would drive industrial progress, improve meals safety, increase provide chains, and place Ghana as Africa’s manufacturing and export hub.
“Our imaginative and prescient is anchored in our 10 billion massive push. And the $10 billion massive push is a program to enhance the infrastructure of our nation, particularly within the street sector, within the industrial sector, agro agro-processing area and all that. So we’re investing $2 billion a 12 months in infrastructure improvement,” Mahama said.
Calling for nearer ties between Accra and Tokyo, Mahama urged Japanese traders to contemplate joint ventures, public-private partnerships, and collaborations with native companies.
“As I mentioned, we want to due to the self-discipline, high quality requirements and industrial knowledge that Japanese businessmen have, we want to encourage Japanese businessmen to look in the direction of Ghana. Africa is the subsequent frontier for funding.
“Most components of the world are saturated relating to funding. Africa is opening up, rising, and is a spot that Japan must be . And so allow us to marry Japanese precision with Ghanaian potential and create a win-win state of affairs for ourselves,” he mentioned.
Mahama concluded by reaffirming his dedication to constructing a robust Ghana–Japan partnership: “Ghana is open for enterprise 24 hours a day, and at this decisive second in our historical past. We’re working in the direction of the financial transformation of Ghana.
“Our nation is embracing a daring imaginative and prescient, one which harnesses innovation, industrialisation and regional integration to unlock the complete potential of our individuals and our sources.”
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially characterize the views or coverage of Multimedia Group Restricted.
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