Ghana is poised for an infrastructure-led economic transformation and invites global investors to partner in this journey. President John Dramani Mahama, during his state visit to Singapore, highlighted Ghana’s strategic position and outlined ten priority projects ripe for investment, emphasizing the country’s commitment to macroeconomic stability, fiscal discipline, and investment facilitation. He drew parallels with Singapore’s success in leveraging infrastructure for national competitiveness, urging Singaporean businesses to replicate this success story in Ghana, particularly given Ghana’s role as the host of the African Continental Free Trade Area (AfCFTA) Secretariat. This positioning offers access to a vast market of 1.4 billion people with a combined GDP of over USD 3.4 trillion, making Ghana an ideal regional hub for trade and investment.
The President underscored the government’s commitment to creating a conducive investment climate by introducing new reforms and directing the Attorney General and Minister of Finance to present two key bills to Parliament: the revised Ghana Investment Promotion Centre (GIPC) Bill and legislation establishing the 24-hour Economy Authority. These legislative efforts are designed to streamline investment processes, provide greater clarity and protection for investors, and foster a more dynamic and competitive business environment. This proactive approach to legal and regulatory frameworks aims to instill confidence in potential investors and facilitate their seamless entry into the Ghanaian market.
The ten investment-ready projects presented by President Mahama span various sectors crucial for Ghana’s development. These include: expanding manufacturing and industrial platforms, particularly in Tema and the Dawa Industrial Area, to attract export-focused industries; establishing a utility services concession to build warehousing and support manufacturing, pharma, packaging, and consumer goods; promoting a Ghana Pharma and Medical Supplies Initiative to develop a sterile, fill-finish, and generic manufacturing cluster in Tema; fostering automotive and e-mobility assembly with a focus on green mobility; creating a Northern Ghana Irrigated Agro-Industrial Zone to enhance agricultural output and value addition; expanding cashew, shea, and cocoa processing clusters in the Bono and Ashanti regions; developing perishable cold chains and cargo hubs in strategic locations; implementing Accra Urban Mobility BRT and eBus PPPs; enhancing power distribution efficiency through smart metering; and investing in renewable energy with storage capacity. These projects are designed to not only modernize Ghana’s infrastructure but also stimulate economic growth, generate employment opportunities, and improve the quality of life for Ghanaians.
Beyond these ten flagship projects, President Mahama further highlighted opportunities in port expansion, shipbuilding, data centres, waste treatment plants, a new international convention centre, and value addition in critical minerals such as gold, lithium, manganese, and bauxite. This diversification of investment opportunities caters to a wide range of investor interests and showcases Ghana’s commitment to fostering a multi-sectoral growth strategy. By showcasing a diverse portfolio of projects, the government aims to attract a broad spectrum of investors and channel capital into sectors with the potential for significant economic impact.
To reassure potential investors, the President emphasized Ghana’s strong legal protections, including guarantees against expropriation and the freedom to repatriate capital and profits. This commitment to legal certainty and transparency is intended to build trust and confidence among investors, demonstrating Ghana’s dedication to upholding international best practices in investment protection. He also stressed the importance of local content and inclusivity in all projects, emphasizing that each initiative is designed to create jobs and provide technical training, particularly for young people and women. This focus on local participation aims to ensure that Ghana’s economic growth is inclusive and benefits all segments of society.
Finally, President Mahama issued a call to action, urging investors to make concrete commitments and partner with Ghana in realizing its transformative vision. He invited investors to co-create this new chapter in Ghana’s development story, emphasizing the urgency and bankability of the proposed projects. He proposed a follow-up meeting in Accra within one year to review progress and celebrate the partnerships forged through this dialogue. This call to action underscores the President’s belief in the potential of these projects to significantly impact Ghana’s economic trajectory and his commitment to fostering a strong and enduring partnership with global investors.
