We want to become Africa’s manufacturing hub – Alan K. tells Danish investors

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Government has asked Danish investors to take advantage of the numerus opportunities that exist in various sectors of the economy, as the country prepares to move from aid to trade and become Africa’s manufacturing hub.

Speaking to Danish investors who are currently on a two-day visit with Queen Margarethe II of Denmark, Trade Minister Alan Kwadwo Kyerematen, said “our vision is to become the new manufacturing hub for Africa,” adding that Ghana has a very conducive legal and political environment for businesses to thrive.

“My friends from Denmark, these are exciting times for our country. There are a number of things that investors look for. First is political stability, and as a country, we are a beacon of hope in terms of our democratic credentials in the whole of Africa. As an investor you want to make money, but you want to stay alive and enjoy the fruit of your labour, and that’s why safety and security is very important.

We also have probably one of the most robust judicial systems in the whole of the continent. And as businessmen, we may run into problems but the key is to have a system that provides fairness and equity for both parties. So, we are ready for business and we want to develop a strategic partnership for the Danish private sector,” Mr. Keyerematen said.

He further said that government is creating opportunities for investors by embarking on an ambitious industrialisation agenda and creating an environment for businesses to thrive, the more reason why the Danish investors must invest in the country.

“The number one development priority of our country is to create jobs. We know from the development experience of some of the advanced economies of the world that it is through industrialisation that we can optimise our potential for job creation. In this regard, as a government, we are embarking on an ambitious and comprehensive programme for industrial transformation. Our vision is to become the new manufacturing hub for Africa.

All the plans, he admitted, will not make sense unless government creates an enabling environment for businesses to thrive.

“We are embarking on a very aggressive reform programme for the business environment by changing our regulations and making sure that we create the most business-friendly environment on the continent,” he said.

Vice President Dr. Mahamadou Bawumia, who also spoke on the theme: ‘Ghana beyond aid: moving forward together’, said the country wants to move from seeking aid from development partners to trading with them as, he argues, that is the only way to create jobs for the youth.

“The President, Nana Addo Dankwa Akufo-Addo, has spoken on this subject, signaling Ghana’s aspiration to change the status quo and our conversation around aid. He has been clear that while we acknowledge that overseas development assistant will continue to contribute to our development process, we, as Ghanaians, must be leading investors if we are to achieve a sustainable development path.”

A Ghana beyond aid, he said, means mobilising and leveraging the domestic savings and revenue transparently, expanding financial inclusion with credit services and savings systems for all, especially women; and financing through local capital markets in the local currency.

“It also means where domestic resource mobilisation is enhanced through higher private savings and higher government revenues raised in a more efficient and equitable manner, where there is resolute efficiency and accountability in the use of public resources,” he added.