Josiah
At the China-Ghana Business Forum in Shenzhen, China, on September 7, 2024, President Nana Addo Dankwa Akufo-Addo made a strong appeal for increased Chinese investment in Ghana. Addressing a group of Chinese business leaders, the President highlighted the enduring relationship between the two countries and outlined the vast investment opportunities available in Ghana across sectors such as manufacturing, agriculture, and green energy.
Opening his remarks with a Chinese proverb, “If you want to walk far, walk with someone,” President Akufo-Addo symbolized Ghana’s desire for a long-term partnership with China in advancing economic progress. He expressed Ghana’s commitment to learning from China’s success and deepening ties with its business community to ensure mutual prosperity.
The President emphasized the solid trade relations between the two nations, noting that China has been Ghana’s largest trading partner since 2015, with trade volumes reaching $9.23 billion in 2023. He praised Chinese companies for their investments in key sectors like construction, energy, agriculture, and ICT, attributing China’s growing presence in Ghana to the country’s stability, security, and investor-friendly environment.
Reflecting on the global challenges posed by the COVID-19 pandemic and the ongoing Russia-Ukraine conflict, President Akufo-Addo pointed out that these events have exposed structural weaknesses across Africa. He called on the business community to partner with Ghana in creating resilient, climate-conscious, and diversified economies that can withstand future global shocks, stressing the importance of international cooperation in building robust, sustainable economies.
Highlighting his administration’s achievements, President Akufo-Addo noted Ghana’s economic growth between 2017 and 2020, with an average annual GDP growth of 7%. Despite setbacks caused by the pandemic and geopolitical crises, he expressed optimism about Ghana’s return to a path of strong economic growth. He also promoted the Ghana CARES ‘Obaatampa’ Programme, a post-pandemic economic recovery plan, which focuses on sectors like agriculture, housing, and healthcare, and called for Chinese private sector participation in this revitalization effort.
The President underscored several government initiatives aimed at boosting industrialization and economic development, such as the “Planting for Food and Jobs” program, the development of Ghana’s automotive sector, and plans to build integrated bauxite and iron industries. These initiatives, he explained, are key to transforming Ghana from an exporter of raw materials into a value-added, industrialized economy.
Akufo-Addo also highlighted Ghana’s strategic role as the host of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra, which positions the country as a hub for regional trade. He urged Chinese businesses to take advantage of the AfCFTA, which offers vast opportunities to access markets across Africa, emphasizing Ghana’s ambition to become the new commercial capital of the continent.
Concluding his address, President Akufo-Addo reaffirmed Ghana’s position as an attractive destination for Chinese investment, with its stable regulatory environment, favorable fiscal policies, and rich natural resources. He encouraged Chinese investors to seize the opportunities Ghana offers, stressing that the country is open for business and ready to support meaningful partnerships.
“Let us seize this moment to strengthen our ties, forge lasting partnerships, and create shared prosperity for the people of Ghana and China,” the President concluded, thanking the Chinese business community for their continued interest in Ghana.
