19 mar 2019
Investment opportunities in Ghana

GHANA’S BUSINESS DEVELOPMENT MINISTER ANALYSES INVESTMENT OPPORTUNITIES IN KEY SECTORS FOR THE COUNTRY

The meeting was organized by CEOE, the Secretary of State for Trade and the Spanish Chamber of Commerce, in collaboration with the Embassy of Ghana to Spain.

Today, Ghana’s Business Development Minister, Ibrahim Mohammed Awal, analysed the business and investment opportunities for Spanish companies in some of his country’s key sectors, during the business meeting held at CEOE’s headquarters.

The meeting was attended by the President of CEOE International, Marta Blanco; the deputy director-general for Countries in the Mediterranean, Africa and the Middle East of the Secretariat of State for Trade, Myriam Pérez; the executive director of ICEX Spain Exports and Investments, María Peña; the director of Corporate Development of the Spanish Chamber of Commerce, Andrés Pereda; and Ghana’s Ambassador to Spain, Elizabeth Adjei; among others.

Investment opportunities in Ghana
Ghana’s Business Development Minister, Ibrahim Mohammed Awal and the president of CEOE International, Marta Blanco.

The President of CEOE International, Marta Blanco, praised the accession of the African country to international initiatives such as ‘Compact with Africa’, since it is a sign of the commitment of the current government aimed at facing the main macroeconomic imbalances and implementing further structural reforms. In addition, she said that Spanish businessmen value the vision conveyed by Ghana’s government, which emphasizes the need to strengthen the private business sector and boost private investment in order to promote the economic and social development of the country.

Blanco also highlighted the European Investment Plan Abroad, as it seeks to reactivate private investment in sub-Saharan Africa and she praised the reform of Ghana’s current foreign investment law, which aims to eliminate certain restrictions on foreign investment, eliminate obligations of local content and maintain economic sectors in the private sector.

 

Private sector

The executive director of ICEX Spain Export and Investment, María Peña, said that "Africa is the continent of opportunities," and, within it, Ghana is one of the most solid countries in terms of public institutions. Moreover, she praised the fact that Spanish companies are able to effectively contribute to economic transformation by means of industrialization through the "Ghana Beyond Aid" program, and that they are able to participate in public-private partnerships, which the current Ghanaian government is fostering to encourage the participation of the private sector in the economic development of the country. She also encouraged Spanish companies to collaborate in "Win-Win projects" in some of the country’s key sectors, such as renewable energy, infrastructure or telecommunications, among others.

In his speech, the Director of Corporate Development of Spain’s Chamber of Commerce, Andrés Pereda, highlighted the challenge of achieving a more stable, prosperous and deeper alliance between Ghana and Spain and he praised the reforms of the Ghanaian government aimed at the consolidation of public accounts, inflation containment and the stabilization of the exchange rate.

"Ghana holds valuable assets that allow us to be optimistic about its future economic performance. From the business world we want to consolidate this stability and dynamism that will have positive effects on the competitiveness of the productive fabric and the welfare of its citizens ". Pereda expressed his hope that the meeting would expand bilateral relations and said that Spanish companies were willing to take on this challenge.

 

Business opportunities

Ghana’s Minister of Business Development, Ibrahim Mohammed Awal, highlighted the sectors of interest for Spanish companies in which they could contribute effectively. In first place, he mentioned agriculture, and everything related to the production of crops, livestock, forestry and fishing. He said they want to turn this sector into the economy’s driver and, to this end, there is a need for tractors, harvesters and agricultural machinery in general.

In addition, the minister highlighted trade and industry and emphasized that there are already 5,200 production centres in the country; however, the government wants to create more industrial centres and parks and manufacture the product domestically instead of having to import it.

Awal also spoke about aviation, since he wants to turn the African country into an important air transport hub. To make this possible, he insisted on the need to re-float air connections, create a maintenance centre for airlines and modernize the current commercial airport. Regarding education, the Ghanaian minister said that it is one of the priorities for national development, which is why primary education is offered free of charge.

Even so, he said there is still a need to build more nurseries, refurbish schools and improve the twenty existing vocational training centres. Awal also highlighted the tourism sector, as they have national parks and botanical gardens, but they need more efficient management in the sector. In this regard, he mentioned the Government’s wish to build hotels and offices on the coast, create more conference centres and improve the transport network. Finally, he mentioned the need to develop renewable energies in Ghana, mainly wind and solar, and thus cover 100% of the country's energy needs.