At the China-Ghana Business Forum, President Nana Addo Dankwa Akufo-Addo made a compelling case for increased Chinese investment in Ghana. Addressing a gathering of Chinese business leaders, the President emphasized the longstanding relationship between Ghana and China and highlighted the vast investment opportunities in sectors such as manufacturing, agriculture, and green energy.
President Akufo-Addo opened his address with a Chinese proverb, “If you want to walk far, walk with someone,” symbolizing Ghana’s desire to partner with China on the path to long-term economic progress. He underscored Ghana’s determination to learn from China’s success and deepen ties with its business community for mutual prosperity.
The President noted that China has been Ghana’s largest trading partner since 2015, with trade between the two nations reaching $9.23 billion in 2023. He commended Chinese companies for their continued investment in key sectors like construction, energy, agriculture, and ICT, attributing China’s growing presence in Ghana to the country’s stability, security, and welcoming investment environment.
Reflecting on global challenges such as the COVID-19 pandemic and the ongoing Russia-Ukraine war, President Akufo-Addo pointed out that these events have exposed structural weaknesses across Africa. He urged the business community to partner with Ghana to create resilient, climate-conscious, and diversified economies capable of withstanding future global shocks. He emphasized that international cooperation is essential for building thriving economies despite global disruptions.
Highlighting Ghana’s progress under his administration, President Akufo-Addo cited efforts to foster a business-friendly environment since 2017. He noted that Ghana’s economy grew rapidly between 2017 and 2020, with an average annual GDP growth rate of 7%. Despite setbacks caused by the pandemic and geopolitical challenges, the President expressed optimism about Ghana’s return to robust economic growth.
The President also discussed the ambitious Ghana CARES ‘Obaatampa’ Programme, a comprehensive economic revitalization plan aimed at addressing pandemic-related challenges. The program seeks significant investments in key sectors such as agriculture, agro-processing, housing, and healthcare. President Akufo-Addo invited Chinese businesses to contribute to this effort, emphasizing the importance of partnerships in rebuilding the Ghanaian economy.
In his address, President Akufo-Addo showcased various government programs designed to boost industrialization and economic development. These included the “Planting for Food and Jobs” initiative, the development of Ghana’s nascent automotive sector, and efforts to build integrated bauxite and iron industries. These initiatives are part of Ghana’s broader strategy to transition from an exporter of raw materials to a value-added, industrialized economy.
The President also highlighted Ghana’s unique position as the host of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra. He pointed out that this continental trade agreement offers immense opportunities for businesses to access African markets, positioning Ghana as a strategic hub for regional trade and investment. “We are leveraging the AfCFTA to become a new commercial capital of Africa,” the President declared, emphasizing Ghana’s potential as a gateway to the continent.
In closing, President Akufo-Addo reiterated his call for Chinese investors to join Ghana in its economic transformation journey, promising a collaborative and prosperous future for both nations.