Ghanaian President Akufo-Addo has
described his country as “ haven of peace, security and stability’’
that protects legitimate investments.
described his country as “ haven of peace, security and stability’’
that protects legitimate investments.
He assured the business community in China that their preferred investment destination in Africa should be Ghana.
He spoke at the Ghana-China Investment
Forum in Shangdong Province, where he urged the Chinese business
community to take advantage of the growing business-friendly climate in
the country to invest in Ghana.
Forum in Shangdong Province, where he urged the Chinese business
community to take advantage of the growing business-friendly climate in
the country to invest in Ghana.
“Our flagship agricultural programme,
`Planting for Food and Jobs’, our renewable energy sector and ICT growth
are all areas of considerable opportunity.
`Planting for Food and Jobs’, our renewable energy sector and ICT growth
are all areas of considerable opportunity.
“These are all sectors you can profitably
partner with Ghanaian companies, some of whose representatives have
come all the way from Ghana to be here with me,” he said.
partner with Ghanaian companies, some of whose representatives have
come all the way from Ghana to be here with me,” he said.
Ghana has taken the decision to “walk hand-in-hand with China and her business community, because of the desire to walk far/
President Akufo-Addo told the gathering
that China has, since 2015, been Ghana’s largest trading partner, with
total trade amounting to some $6.7 billion in 2017.
that China has, since 2015, been Ghana’s largest trading partner, with
total trade amounting to some $6.7 billion in 2017.
However, with the majority of exports
from Ghana to Shangdong, for example, being crude oil, bauxite and its
concentrates, sawn timber, i.e. raw materials, the President told the
Chinese business community that “we want to stop
being mere producers and exporters of raw materials, and, thereby, deal
with China, and, indeed, Shangdong province, on the basis of things we
make.”
from Ghana to Shangdong, for example, being crude oil, bauxite and its
concentrates, sawn timber, i.e. raw materials, the President told the
Chinese business community that “we want to stop
being mere producers and exporters of raw materials, and, thereby, deal
with China, and, indeed, Shangdong province, on the basis of things we
make.”
It is for this reason that he commended
to Chinese business community his government’s flagship policy of
“1-District-1-Factory”.
to Chinese business community his government’s flagship policy of
“1-District-1-Factory”.
“Thus far, companies that have
established factories in Ghana, under this policy, are importing
machinery and equipment duty-free, are not paying import duty on raw
materials imported for production, and are enjoying a corporate
income tax holiday for five years,” the President said.
established factories in Ghana, under this policy, are importing
machinery and equipment duty-free, are not paying import duty on raw
materials imported for production, and are enjoying a corporate
income tax holiday for five years,” the President said.
He indicated that, additionally, the
Trade Ministry has attached two technical experts to provide free
advisory services to these companies.
Trade Ministry has attached two technical experts to provide free
advisory services to these companies.
Touching on the country’s infrastructural
deficit, President Akufo-Addo said his government is embarking on an
aggressive public private partnership programme to attract investment in
the development of both the country’s road
and railway infrastructure.
deficit, President Akufo-Addo said his government is embarking on an
aggressive public private partnership programme to attract investment in
the development of both the country’s road
and railway infrastructure.
“We are hopeful that, with solid private
sector participation, we can develop a modern railway network with
strong production centre linkages and with the potential to connect us
to our neighbours to the north, i.e. Burkina Faso,
to the west, i.e. Cote d’Ivoire, and to the east, i.e. Togo,” he said.
sector participation, we can develop a modern railway network with
strong production centre linkages and with the potential to connect us
to our neighbours to the north, i.e. Burkina Faso,
to the west, i.e. Cote d’Ivoire, and to the east, i.e. Togo,” he said.
The President continued, “We believe that
this is an area where Chinese technology and expertise would be very
welcome, and we are happy to note that some important Chinese companies
are, in fact, making efforts to enter the rail
sector of our economy.
this is an area where Chinese technology and expertise would be very
welcome, and we are happy to note that some important Chinese companies
are, in fact, making efforts to enter the rail
sector of our economy.
“We will know the result shortly, but I
am confident that there will be Chinese participation in the development
of the Ghanaian rail sector.”
am confident that there will be Chinese participation in the development
of the Ghanaian rail sector.”
He told the business community that there
are several projects in roads, water, housing, transport, industry,
manufacturing, agriculture, petroleum and gas, the exploitation of
Ghana’s mineral wealth of bauxite, iron ore and gold,
amongst others, which are being structured to attract private sector
financing.
are several projects in roads, water, housing, transport, industry,
manufacturing, agriculture, petroleum and gas, the exploitation of
Ghana’s mineral wealth of bauxite, iron ore and gold,
amongst others, which are being structured to attract private sector
financing.
President Akufo-Addo, thus, urged them to
invest in Ghana either through the Ghana Investment Promotion Centre or
set up as a Free Zones enterprise.
invest in Ghana either through the Ghana Investment Promotion Centre or
set up as a Free Zones enterprise.
“Regardless of where the investment is,
government has instituted a number of incentives for the investor,
depending on the nature of the activity, or the location of the
investment,” the President added.
government has instituted a number of incentives for the investor,
depending on the nature of the activity, or the location of the
investment,” the President added.
These incentives, he said, include
exemption from payment of import duty for plant and machinery; 25 per
cent tax rebate for companies located in regional capitals; 50 per cent
tax rebate for companies investing outside regional
capitals in the regions; and 0% corporate tax for ten (10) years, and,
thereafter, 8% for companies in the Free Zones enclave.
exemption from payment of import duty for plant and machinery; 25 per
cent tax rebate for companies located in regional capitals; 50 per cent
tax rebate for companies investing outside regional
capitals in the regions; and 0% corporate tax for ten (10) years, and,
thereafter, 8% for companies in the Free Zones enclave.
President Akufo-Addo, in conclusion,
stressed to the Chinese business community “in future, when you are
deciding to invest in any part of the world, certainly in Africa, Ghana
should be your preferred investment destination.
stressed to the Chinese business community “in future, when you are
deciding to invest in any part of the world, certainly in Africa, Ghana
should be your preferred investment destination.
“As I have said, we are keen on
establishing a business-friendly economy to attract foreign direct
investments to exploit our country’s great potential on mutually
satisfactory terms. I can assure you, once again, that your investments
will be protected in fact and in law.”
establishing a business-friendly economy to attract foreign direct
investments to exploit our country’s great potential on mutually
satisfactory terms. I can assure you, once again, that your investments
will be protected in fact and in law.”
