Vice President, Dr. Mahamudu Bawumia, has guaranteed investors in the diaspora of Ghana’s commitment to building a resilient and viable economy that will offer maximum returns on their investments.
In his keynote address at the Ghana Investment Opportunities Summit in London, United Kingdom, Dr. Bawumia asserted that though Ghana’s economic problems is not different from that of the global economy which has suffered from external economic shocks, the country is on a path of solid economic growth through the implementation of rigorous fiscal and monetary policies which will reinstitute macroeconomic stability.
Our World today is battling issues of climate change, disruption in the supply chain of manufactured goods, high food inflation, increase in the cost of borrowing etc, which has taken the world aback due to the global shocks, he stated.
Ghana’s problems arose mainly from the impact of covid 19 which has increased government expenditures, Russia- Ukraine War which resulted in high food inflation and increase prices of petroleum products and the hike in US Federal Reserves which threatened our capacity to borrow and repay debt in the International market.
The Vice President affirmed that government is working assiduously with the utmost focus on economic growth to regain and better Ghana’s post economic growth and that a policy such as the “Gold for Oil” is a major intervention to better and reduce our negative trade balance.
Dr Bawumia added that the successful International Monetary Fund bailout will solidify the country’s gains in ensuring sound economic growth as well as enhance the investment environment .“The government is unwaveringly committed in employing resilient and dynamic measures that are distinctive to economic recovery to proffer investments to the people of Ghana”.
“Major fiscal and monetary interventions have been rolled out. This include the introduction of the ‘Gold for Oil’ programme to address the balance of payment crisis”, he explained.
Dr. Bawumia also pointed out measures implemented by the government to quicken the country’s macroeconomic status attainment with reference to digitalisation and how its positive strides has reduce corruption and inefficiency.
This edition of Ghana Investment Opportunities Summit is a platform created by the Government of Ghana through the Ghana Investment Promotion Centre (GIPC) in selected advanced countries to showcase investment opportunities in the country. The two day event is scheduled to end today June 7 2023.
