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Fri, Dec

TRADE AND INVESTMENT, OUR FOCUS - Bawumia

Business & Economy

Vice President Mahamudu Bawumia has indicated that the determination of the Nana Akufo-Addo led government to move the country beyond aid is hinged on trade and investment.

Vice President Mahamudu Bawumia has indicated that the determination of the Nana Akufo-Addo led government to move the country beyond aid is hinged on trade and investment.

 

According to the Vice President, having inherited a challenging economy from the previous National Democratic Congress government, the government made it a point to improve the business environment.

“If you're moving beyond aid, then it is to trade and investment and that is essentially what we are trying to do. In moving to trade and investment you want to set the business environment that will allow you to do exactly that.

Without a conducive business environment you are not going to make it and this is why we set about very quickly trying to make sure that the macro economy is stable,” the Vice President stated yesterday when he gave the keynote address at the grand opening of Danish Business Conference at the Kempinski Hotel.

The conference which was on the theme, “Ghana Beyond Aid: Moving Forward Together” was organized as part of the Danish Queen’s visit to Ghana.

With deficit reduced to 6.3% this year as against 9.4% last year, Dr Bawumia mentioned that the government was hoping to bring it further down to 4.5%.

“We’ve reduced taxes; about 15 taxes were either abolished or reduced. We’ve moved to try to encourage private sector participation in the production of infrastructure in this country. It is very very important to note for example that the single largest private sector investment in Ghana in 2017, GIPC was just telling me, was from Denmark. This is an investment in MPS of 1.8 billion dollars for port expansion. This is very very significant and this is much more than government is spending on domestic capital this year,” he said.

The Vice President noted that with the right business environment and structure, “the private sector can actually lead the whole investment drive to what we're trying to do.”

He added creating a conducive business environment goes beyond just stabilizing the economy.

“You also have to formalize the economy. A chaotic economy, an informal economy is not one where the private sector can really thrive. Unless you're only looking at the digging of gold and drilling oil; that is very easy.

That can even survive in war but if you're looking for systematic private sector investment you need a more formalized economic system and this is why we have embarked on a digitalization of the Ghanaian economy,” he stressed.

He noted that Denmark’s implementation of free education had boosted the country’s economy and so Ghana was seeking to do same.

 “We know about the free education in Denmark, and we have also implemented, this year, free secondary school education for Ghanaians going forward and that is very important in building the type of knowledge economy that we want to build,” he said.

He added, “We are very very optimistic going forward about about Ghana. The possibilities for me are endless, if we all put our minds to it. The private-public partnership frameworks are being put together and we believe that the sky really is the limit if we put our acts together.”

Queen Margethe II arrived in Ghana Wednesday evening for a three-day visit. She was accompanied by a business delegation to explore bilateral economic engagements with Ghanaian businesses in the food and agriculture, sustainability, maritime, infrastructure and railway sectors.

 




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