President John Dramani Mahama has declared that the Ghanaian
cedi is the best-performing currency in the world this year, as he urged
Japanese businesses to seize new investment opportunities in Ghana.
Speaking at the Ghana Presidential Investment Forum on the sidelines
of the 9th Tokyo International Conference on African Development (TICAD IX) on
Wednesday, he said Ghana has restored macroeconomic stability and improved
investor confidence.
“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 stated.
He pointed to falling inflation, recent sovereign credit
upgrades, and wide-ranging reforms aimed at lowering the cost of doing business
as clear signs of Ghana’s turnaround.
“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
digit.
"And as Simon said, 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 said.
Mahama positioned Ghana as a stable, democratic, and
business-friendly hub in West Africa, stressing its role as host of the African
Continental Free Trade Area (AfCFTA).
“So far, almost 50 African countries have signed agreements
that allow us to export duty-free, tariff-free into each other’s markets. And
once you register your product and it meets all the standards, you can export
duty-free and tariff-free into each other’s markets,” he explained.
He added that Japanese investors could access a potential
continental market of 1.4 billion people.
The former president highlighted recent reforms to attract
more foreign investment, including changes to the Ghana Investment Promotion
Centre Act.
“Some barriers were put to foreign investment. You had to
prove that you had brought in a certain amount of money to be classified as a
foreign investor. In the reviewed Ghana Investment Promotion Center Act, we are
removing those minimal capital investments.
"This will enable any investor, however little money
you have, $100,000 or $50,000, to be able to come in and set up a business in
Ghana,” he announced.
Mahama also underscored opportunities in priority sectors
such as automobile assembly, agribusiness, energy, and manufacturing.
“Japan has a comparative advantage when it comes to
automobile manufacturing. Using the opportunity to be able to export into not
only our sub-region, but also into Africa, Ghana becomes a good place for the
local assembly of automotive products.
"Already, we have Japanese companies that are based in
Ghana and assembling for the local market and also for exporting to the
sub-region,” he noted.
On agriculture, he outlined plans for the Volta Economic
Corridor, which would use the Volta Lake to irrigate vast lands and host
industrial parks for agro-processing.
“We have millions of hectares of land that border that huge
lake, and the water can be used to bring about 2 million hectares of land under
irrigation.
"But also, we intend to establish industrial parks, so
that we can process agri products. We can invest in textile manufacture for
export into the EU markets, into the American market and other places,” he
said.
Mahama further pointed to Ghana’s energy potential, port
infrastructure, and growing digital economy as additional incentives for
Japanese businesses.
“We also have an important area, which is the digital
economy and skills. Ghana has a very young population, English-speaking, and
they’re very smart, and quick to upskill in any areas, robotics, AI, fintechs.
The FinTech sector is one of the fastest growing in Ghana than in any other
African country,” he told investors.
He concluded with a direct call for stronger Ghana-Japan
partnerships.
“Africa is the next frontier for investment. Most parts of
the world are saturated when it comes to investment. Africa is opening up,
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 situation for ourselves.” Mahana said.
Source: myjoyonline.com