President John Dramani Mahama stated that Ghana is a shining example of economic transformation for Africa. He spoke at the 12th Africa Debate in London on Wednesday. The event was organized by Invest Africa and the UK government. Its theme was “Redefining Partnership: Navigating a World in Transition”.
Mr. Mahama explained that transformation is possible with good leadership and national purpose. His administration implemented strict economic reforms over 18 months. These reforms have restored confidence in Ghana's finances. This action is stabilizing the nation's economy. He said Ghana is now seeing renewed growth. Investor confidence has also improved significantly. Inflation has fallen dramatically. The Ghana cedi currency has also shown stable weakening. The country's financial position is much better.
Ghana's international money reserves have grown stronger. Important credit rating agencies now see Ghana's financial future more positively. Investors are showing renewed interest in Ghana. This recovery is not just on paper according to the President. It is a structural change in the economy. Ghana is becoming a productive nation. It focuses on industrialization and processing farm products. The nation is also boosting exports, logistics, and technology. Value addition is a key goal for the economy.
The government's 24-Hour Economy Initiative is driving this change. The Accelerated Export Development Programme is also important. These programs aim to expand production. They also seek to increase exports and create more jobs. Improving competitiveness is another major goal. The 24-Hour Economy is not just about longer working hours. It is about restructuring the entire economy. The aim is to maximize output. This applies to manufacturing, transport, and agriculture. It also helps pharmaceuticals, digital services, tourism, and creative industries.
President Mahama told potential investors that Ghana is open for business. He stressed that Ghana is ready for partnerships. These partnerships should focus on long-term value creation. The government is making big changes to make doing business easier. Transparency is being strengthened. Infrastructure is being modernized. A more predictable environment for investment is being created. The government is investing heavily in transport, including roads and railways. It is also improving ports and energy reliability. Agro-industrial parks and logistics corridors are also being developed. Aviation and air cargo systems are receiving attention. Digital infrastructure and skills development are priorities. Innovation ecosystems are being fostered too.
The President also mentioned the Big Push infrastructure program. This program creates investment chances. These opportunities span roads, rail, energy, and housing. Water systems and logistics infrastructure are also included. The government prioritizes local investment partnerships. This is because sustainable growth must build local capacity. It must also share prosperity with everyone. Ghana offers political stability. It has democratic continuity. The nation has strategic access to West Africa. The government is committed to reforms and private sector growth. These are key advantages for investors. Baroness Chapman, UK Minister of State, announced a new UK-AU Partnership Programme. This program supports AU-led actions. It covers peace, security, climate, growth, and trade.