Ghana has emerged as a promising frontier for business investment, boasting abundant natural resources, a growing consumer market, and increasing political stability across many regions.
However, sustaining business growth to attract foreign investors remains challenging.
During the 2024 Global-Africa Trade Advisory Chamber (GATAC) global business dialogue held in Dubai, industry players, academia, and researchers shared insights on how Ghana and Africa can build synergies to woo foreign investors.
The discussions focused on several key areas crucial for sustainable growth and investor attraction. Regional integration was a central theme, with experts emphasizing the importance of Ghanaian companies capitalizing on the country’s free zones as gateways to Africa to boost trade investment. Ambassador Mike Oquaye Junior, CEO of Ghana Free Zones Authority, highlighted the benefits and importance of doing business in Ghana through avenues like the Ghana Free Zones Authority.
The African Continental Free Trade Area (AfCFTA) was identified as a significant initiative to create a single market for goods and services, reducing trade barriers and enhancing market access. Experts noted that businesses strategically positioning themselves within integrated regions stand to benefit from expanded market reach and operational efficiencies.
Creating a conducive regulatory environment was another focal point of the dialogue. Participants stressed the importance of simplifying bureaucratic processes, ensuring transparency, and offering incentives such as tax breaks or investment guarantees to bolster investor confidence significantly.
The importance of harnessing technological advancements was also emphasized. Fintech solutions driving financial inclusion and agritech advancements enhancing agricultural productivity were cited as key examples. Companies leveraging these innovations can sustain their operations and appeal to tech-savvy investors seeking high-growth opportunities.
Investment in human capital emerged as a critical factor for sustainable growth. Experts underscored the importance of investing in education, vocational training, and skills development programs to equip local talent with the capabilities needed to drive innovation and productivity. It was noted that businesses prioritizing human capital development not only contribute to socio-economic empowerment but also attract investors seeking sustainable and socially responsible investments.
Dr. Dominic Oduru Antwi, President of the Global Africa Trade Advisory Chambers (GATAC), summarized the sentiment of the dialogue, stating, “For Ghana and Africa as a whole to thrive and woo investors, there is a need to build synergies and networks to develop locally and be competitive to catch the eyes of investors.”
All discussants agreed that as Africa continues to position itself as a hub for business and investment, strategic initiatives focusing on infrastructure development, policy reforms, technological innovation, regional integration, human capital investment, and ESG practices are pivotal. By embracing these strategies, businesses can not only sustain growth but also attract the investment needed to unlock Africa’s vast economic potential, fostering inclusive and sustainable development across the continent.
The event was well attended by a diverse group of business executives and professionals. Notable attendees included Mr. Ashok Puri, Chairman GMT; Ambassador Mike Oquaye Jnr., CEO Ghana Free Zones Authority; H.E. Yaqoob Al Ali, Executive Director and Advisor to the Office of HH Sheikh Juma bin Maktoum Al Maktoum; and Dr. Kendrick Carrol. Other distinguished guests included Ambassador Sandeep Mehta, Secretary General and Chairman of the International Diplomatic Mission-UAE;
Others include; Andrew Achampong-Kyei, Managing Director of GLICO Group, Ghana; Dr. Arshi Ayub Zaver, Senior Advisor in the Royal Family, Abu Dhabi; Dr. Senorita Isaac, Trade Commissioner Latin American Caribbean Council; HRM. Queen Vickylextar of Omanye Royal Kingdom; Dr. Noura M. Nasib, GATAC Ambassador to the UAE; and Florence Torson-Hart, President of the US Ghana Chamber of Commerce.
