At the China-Ghana Business Forum in Shenzhen, China, on September 7, 2024, President Nana Addo Dankwa Akufo-Addo made a compelling case for increased Chinese investment in Ghana.
Speaking to a gathering of Chinese business leaders, the President emphasized the longstanding relationship between Ghana and China, as well as the tremendous investment opportunities Ghana offers in sectors ranging from manufacturing to agriculture and green energy.
President Akufo-Addo opened his address with a Chinese proverb, "If you want to walk far, walk with someone," symbolizing Ghana's desire to walk hand-in-hand with China on the path to long-term economic progress. He highlighted Ghana's determination to learn from China's success story and its commitment to deepening ties with China’s business community to ensure mutual prosperity.
The President emphasized the strong trade relations between Ghana and China, noting that China has been Ghana’s largest trading partner since 2015. In 2023, trade between the two nations reached $9.23 billion. He commended Chinese companies for their continued investment in key sectors such as construction, energy, agriculture, and ICT, and he attributed China’s growing presence in Ghana to the West African country’s stability, security, and welcoming investment environment.
Reflecting on the global challenges posed by the COVID-19 pandemic and the ongoing Russia-Ukraine war, President Akufo-Addo pointed out that these events have exposed structural weaknesses across Africa. He urged the business community to partner with Ghana to create resilient, climate-conscious, and diversified economies that can withstand future global shocks. According to him, international cooperation will be essential in building economies that thrive despite global disruptions.
President Akufo-Addo highlighted Ghana's progress under his administration, citing his government’s efforts to foster a business-friendly environment since assuming office in 2017. He noted that Ghana’s economy grew rapidly between 2017 and 2020, with an average annual GDP growth rate of 7%. Despite the economic setbacks caused by the pandemic and geopolitical challenges, the President expressed optimism that Ghana is once again on a path of robust economic growth.
The President's remarks also highlighted his government’s ambitious Ghana CARES ‘Obaatampa’ Programme, a comprehensive economic revitalization plan aimed at addressing the challenges caused by the pandemic. The program seeks to inject significant investments into key sectors such as agriculture, agro-processing, housing, and healthcare. The initiative requires private sector participation, and President Akufo-Addo invited Chinese businesses to contribute to this effort, emphasizing the importance of partnerships in rebuilding the Ghanaian economy.
In his address, President Akufo-Addo showcased a range of government programs designed to boost industrialization and economic development. These included the "Planting for Food and Jobs" initiative, the development of Ghana's nascent automotive sector, and efforts to build integrated bauxite and iron industries. These initiatives, he explained, are part of Ghana’s broader strategy to transition from an exporter of raw materials to a value-added, industrialized economy.
The President also spoke about Ghana’s unique position as the host of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra. He pointed out that this continental trade agreement offers immense opportunities for businesses to access African markets, positioning Ghana as a strategic hub for regional trade and investment. "We are leveraging the AfCFTA to become a new commercial capital of Africa," the President declared, highlighting the potential for Ghana to serve as a gateway to the continent.
In closing, President Akufo-Addo reiterated that Ghana is an ideal destination for Chinese investment. With a stable regulatory environment, favorable fiscal policies, and abundant natural resources, the country offers unparalleled opportunities for businesses looking to expand into Africa. He urged Chinese investors to seize the moment, stressing that Ghana's doors are open and its markets are ready to support meaningful partnerships.
With a renewed commitment to fostering strong ties between Ghana and China, President Akufo-Addo expressed optimism about the future, noting that deeper collaboration between the two countries will create shared prosperity for their people.
“Let us seize this moment to forge stronger ties, build lasting partnerships, and create shared prosperity for the people of Ghana and China,” the President concluded, extending his gratitude to the Chinese business community for their continued interest in Ghana.