Vice President Dr Mahamudu Bawumia has urged the investor community in the UK to explore the many business opportunities available in Ghana and set up shops in the “strategically positioned” West African country.
Addressing participants at the Ghana Investment and Opportunities Summit 2018 in London, Dr. Bawumia indicated that Ghana is open for investments in a wide range of areas, and Government is determined to foster the necessary environment for such businesses to thrive.
“For us in Ghana, Public-Private Partnerships are emerging vehicles of investment in urban infrastructure such as power generation, transmission and distribution, urban water systems, housing and transportation (rail and vehicular). The conventional social expectations that these are the remit of governments alone are giving way to innovative public-private partnerships. I invite you to explore the opportunities in these areas,” he indicated.
“In the oil and gas sector, government has completed the mapping of nine additional oil blocks for allocation to local and international companies through competitive tender. Bids were open just this month and we are looking forward to receiving bids from both local and international partners.
“There is room for investments in the exploration, development and production of minerals in Ghana’s large scale mining sector. There are still opportunities for exploration not only for gold, but for diamond, bauxite, and other rare minerals needed in today’s technology world.
“In tourism, a major area of interest, I invite our business friends here to consider the Marine Drive Tourism Investment Project in Accra. The goal is to develop the entire stretch of coastal land, approximately 241 acres, into a world class tourism beach front tourism enclave to meet the needs of business and leisure tourists. When completed, it will feature, hotels, restaurants, amusement parks, cultural village, recreational center, conventional center and malls.”
Government is also embarking on a major industrialisation drive, targeted at manufacturing and value addition to Ghana’s primary products, especially in the agriculture and extractive sectors.
“Our industrialization drive is not just limited to the extractives sector. Government has also followed through in the implementation of our flagship initiatives which are equally open to investor participation. Two of these are especially dear to the President.
“We see great prospects in the Planting for Food and Jobs programme as a basic first step in stimulating agro-processing. With a growing population, urbanization and emerging middle class, we need to develop the entire value chain from farm to dinner tables through the emergence of supermarkets.
“We see opportunities in the agricultural sector through transfer of technology and innovation in the value chain from production to value addition. There are opportunities in Ghana for investments and collaboration in commercial and mechanized farming with Ghanaian farmers for cash crops in the arable fields of the central to the northern belts of Ghana for exports.
“Our ‘One-District-One-Factory’ programme also aims at establishing, at least, one factory in each district as a means of creating growth poles that will accelerate the development of those areas and create jobs for the teeming youth. It is a key to transform the structure of the economy from one dependent on production and export of raw materials to a value-added industrialized economy.”
Vice President Bawumia expressed confidence that the recently formed UK-Ghana Economic and Business Council would provide a platform “for the pursuit of our mutual interests in trade and investment. Government will continue to pursue several other programmes aimed at further improving the business climate for both local and foreign investors.”