President John Dramani Mahama had extended a hand of invitation to European investors to take advantage of Ghana’s improving economy to venture into the country for mutual benefit.
He said there were investment opportunities in agro industrial zones, renewable energy and green finance, pharmaceutical industry, digital infrastructure and innovation, transport and connectivity amongst others.
Ambassadors at the business forum Photo: Ebo Gorman
President Mahama who stated this in Accra yesterday during the Ghana-European Union (EU) Business Forum, said since taking the reins of power in January this year, the economic indices of the country had improved with better projections into the future.
The programme organised by the European Union (EU) and the Government of Ghana was under the theme “Fostering investment in high growth potential value chains under the EU Global Gateway Strategy.”
As part of the programme, the EU signed several support packages to the country and some private organisations totalling more than four billion euros.
President Mahama said “Under my leadership, Ghana is embarking on a new era of industrial diversification, youth employment, and green transformation and the role of investors and strategic partnerships will be indispensable.”
Ghana, the President noted, was emerging from a period of fiscal distress, high inflation, and declining investor confidence amongst other negative indicators.
According to him, the tide of economic turbulence was turning around with a steep adjustment in the primary balance from negative 3.9 of GDP by end of year 2024 to a projected positive 1.5 of Gross Domestic Product by end of this year.
“These bold and targeted interventions are beginning to witness early signs of economic recovery and renewed momentum,” he emphasized.
The updated real composite index of economic activity, he disclosed recorded an annual growth of 2.3 per cent for the first quarter of 2025 compared to 1.0 per cent for the same period last year.
With inflation easing to 21.2 from 23.8 at the end of 2024, a single digit inflation projected by middle of 2026, appreciating cedi, gross international reserve improving from $8.9 billion to $10.6 billion amongst other positive economic indicators, though early in the year, President Mahama said the future looks even brighter.
“My government’s vision is to build a resilient and dynamic economy that creates jobs, adds value to our natural resources and empowers small and medium enterprises to scale up globally.
“I assure all potential partners that under this administration, Ghana is committed to transparent governance, policy predictability, and a reformed business environment,” he stressed.
The Deputy Director-General of International Partnerships of the EU, Myriam Ferran, said the forum aimed to identify new business and trade opportunities, facilitating partnerships, and enhancing investment through risk guarantee schemes like the European Fund for Sustainable Development Goals.
She noted that EU investments in Ghana had doubled since 2016, reaching €4 billion in 2023 and said there was further opportunities to increase trade between Ghana and EU.
Ms Ferran said EU was supporting a lot of projects to accelerate the socio-economic development of Ghana and said the projects were in the areas of feeder roads, irrigation systems, agriculture, energy and health, adding that discussions were underway to support Ghana with 135 million euros to support energy infrastructure to improve electricity supply in Northern Ghana and rural communities.
The Minister of Trade, Industry and Agribusiness, Mrs Elizabeth Ofosu-Adjare, said the government was committed to creating a transparent and conducive business environment that fostered investment and economic transformation.
She said Ghana and EU had enjoyed long standing relationship, adding that Ghana and EU cooperation should move beyond raw commodities to value-added production and technology transfer.
Mrs Ofosu-Adjare said Ghana was also seeking EU collaboration to build a strong pharmaceutical industry, aiming to become a manufacturing hub for vaccines and essential medicines in West Africa.
The EU Ambassador to Ghana, Irchard Razaaly, said EU and Ghana shared a common development mission, saying that the EU was committed to the development of Ghana, and would support the government to address the growing unemployment challenge facing the country.
BY KINGSLEY ASARE AND JULIUS YAO PETETSI