The government is recalibrating Ghana’s investment strategy to prioritise capital that creates jobs, transfers technology, builds local supply chains and expands domestic production, rather than focusing simply on the volume of investment entering the country.
The Minister for Trade, Agribusiness and Industry made the declaration at the launch of the maiden Invest Ghana Summit and the 22nd Ghana Club 100 Awards, outlining government’s vision for a more productive and globally competitive economy.
Under the new approach, government wants investment to play a direct role in Ghana’s industrial transformation by adding value to the country’s natural resources, increasing productivity and strengthening the ability of local businesses to compete in regional and international markets.
“Our approach to investment promotion goes beyond attracting capital to Ghana. We are targeting the right investment: investment that creates jobs, transfers technology, develops local supply chains, raises productivity, adds value to our natural resources and positions Ghanaian businesses to compete successfully in regional and global markets,” the Minister said.
The policy direction represents a push to move Ghana away from an economic structure heavily centred on the production and export of raw materials towards value addition, industrialisation, innovation and competitive domestic enterprises.
According to the Minister, that transition is central to President John Dramani Mahama’s economic transformation agenda and will require sustained cooperation between government, the private sector, domestic and foreign investors, financial institutions and development partners.
Manufacturing and agribusiness targeted
The Minister identified manufacturing, agribusiness, agro-processing and export-oriented industries among the productive sectors government wants to attract investment into.
These sectors, the Minister said, are particularly important to government’s industrialisation and enterprise development programme and the objectives of the 24-Hour Economy.
Government is consequently working with the Ghana Investment Promotion Authority (GIPA) to ensure that investment opportunities promoted to investors ultimately translate into actual projects capable of increasing Ghana’s productive capacity and international competitiveness.
The newly introduced Invest Ghana Summit is expected to become a platform for presenting bankable investment opportunities across sectors and regions while directly connecting investors with government institutions, Ghanaian businesses, financial institutions and development partners.
The Minister said the initiative should strengthen Ghana’s position as an investment destination but stressed that the ultimate objective must be to convert investor interest into productive economic activity.
Ghanaian businesses urged to scale up
The Minister also challenged domestic businesses to position themselves at the centre of the transformation, stressing that building the proposed new economy cannot be left to government or foreign investors alone.
Ahead of the 22nd Ghana Club 100 Awards, eligible companies were encouraged to participate and showcase their achievements, innovation, resilience and contribution to the economy.
The Minister said both established and emerging Ghanaian enterprises have an important role in creating employment, expanding production, attracting investment, developing local value chains and improving the competitiveness of Ghanaian goods and services.
The government’s broader objective, according to the Minister, is therefore to ensure that investment into Ghana is measured not merely by the amount of capital attracted, but by how effectively that capital builds industries, creates jobs, strengthens Ghanaian businesses and produces greater value within the domestic economy.
