Browsing: Investing in Ghana

A sample of organic fertilizer.
  • Finance Minister, Ken Ofori-Atta said the government was also facilitating the establishment and the expansion of local organic fertilizer production plants with support from the EXIM Bank.
  • It is also interested in increasing the manufacture of local products within the country and as such has pledged to support local producers via an allocated budget. Asides this, the finance minister assured that 50 per cent of all imports would be halted.
  • The National Insurance Commission, is spearheading the development of agricultural insurance for farmers through the Ghana Agricultural Insurance Pool (GAIP).

Ghana’s Finance Minister, Ken Ofori-Atta, has presented the 2023 Budget Statement and Economic Policy of Government to Parliament.

This is in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921).

The Ministry of Finance said the budget focuses “on Government’s strategies to restore and stabilise the macro economy, …
  • Ghana has several opportunities for investors including abundant raw materials including gold, cocoa, and oil/gas
  • It however faces several challenges that hinder foreign direct investment, among them costly and difficult financial services and lack of government transparency
  • Low-cost labour, a national airline with well over 100 passenger connections and growing consumer markets are key elements attracting foreign investment into Ethiopia
  • Companies often face long lead-times importing goods and dispatching exports due to logistical bottlenecks, corruption, high land-transportation costs, and bureaucratic delays

Ghana remains a favourable investment destination in Africa in 2022, despite the impact of the challenges the economy faces including the COVID-19 pandemic. 

Data by the US Department of State indicates that the economy has continued to rebound from the negative impact of the virus, and has made attracting foreign direct investment a priority. 

The economy has expanded at an average of 7 per cent since 2017 to 2020,

Committee to promote trade between Ghana, Japan initiated

A special committee has been started to promote trade and investment and enhance the business relationship between Ghana and Japan.

The committee is made up of high-level Ghanaian government representatives selected from the ministries of Finance, Foreign Affairs and Regional Integration, Trade and Industry and Business Development and from the Ghana Investment Promotion Centre (GIPC).

Japan is being represented by officials from the Japanese Embassy in Ghana, Japan International Cooperation Agency (JICA), the Japan External Trade Organisation (JATRO) and Japanese private sector participants.

The committee is known as the Ghana-Japan Business Promotion Committee (GJBPC) and will serve as a high-level partnership mechanism to facilitate mutual investment, trade and business interest between the Ghana and Japan.

It will also serve as a vehicle to drive a strategic economic partnership by promoting and supporting Ghanaian businesses in Japan and Japanese businesses in Ghana. It will also promote Ghana as an entry point …