Vice President Dr. Mahamudu Bawumia has stated that Ghana is still the most suitable investment destination in the West African sub-region, despite the country’s current economic difficulties.
After receiving $3 billion in aid from the International Monetary Fund (IMF), which he expects to help stabilise Ghana’s economy, he has expressed his satisfaction with the organisation’s efforts.
Dr. Bawumia promised that everyone who decides to invest in Ghana would be happy with their choice. He spoke at the Ghana Investment Summit in the United Kingdom and highlighted the country’s advantages as an investment destination.
He mentioned that Ghana is a good place to invest because of its stable government, respect for the rule of law, highly educated and literate populace, and young, growing population.
“We have a stable political environment, rule of law, an educated population, and a dynamic youthful population which is very literate. In the area of investments, it is one of West Africa’s investments bright spots and the number one destination for doing business over the last decade,” he said.
On the other hand, John Mahama, candidate for president of the National Democratic Congress (NDC) in the upcoming 2024 elections, has stated that Ghana is not the only ideal destination for conducting business in West Africa.
He thinks that the present administration has caused financial instability in Ghana, so international investors in West Africa are hesitant to set up business here. He claims that President Nana Addo Dankwa Akufo-Addo and his New Patriotic Party (NPP) are responsible for the collapse of the banking system in Ghana because of their own personal vendettas.
Some of the factors he cited as preventing business expansion were rising electricity and water prices, high inflation, and a falling currency. He also noted that many multinational corporations were leaving the country, while others that remained had relocated their headquarters to nearby countries.
At the 7th Ghana CEOs Summit, where he served as the conference’s Special Guest of Honour, President Mahama claimed that the country’s agreement with the Fund to raise energy and water rates quarterly is a burden and that Ghana is no longer proud of its reputation as the most ideal place to do business in West Africa.
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