The Greater Accra Regional Chairman of the Association of Ghana Industries (AGI), Mr. Tsonam Akpeloo, has assured the investor community of Ghana’s ongoing macroeconomic recovery and brighter prospects for doing business.
Mr Akpeloo was speaking on the topic ‘Navigating Business Challenges for Sustainable Industrial Growth,’ during a ‘Doing Business in Ghana’ webinar organized by South Africa’s Department of Trade, Industry and Competition.
His remarks were in response to concerns raised by the President of the Ghana-South Africa Business Chamber (GSABC), Mr. Grant Webber, who had earlier on the same platform described Ghana as a “very high-risk” investment destination due to economic instability and high inflation among other unimpressive indicators.
Macroeconomic Stability and Policy Reforms
Mr. Akpeloo acknowledged the economic challenges but noted significant improvements that according to him indicated a positive shift in Ghana’s business climate. He pointed to the government’s recent budget as a key stabilizing factor, designed to create a predictable business environment. “Inflation, which peaked at 53%, is now on a downward trend, and policy rates have been reduced to encourage investment,” he noted.
Furthermore, he emphasized ongoing fiscal discipline and policy consistency aimed at enhancing investor confidence. The AGI has been actively engaging policymakers to advocate for the removal of multiple levies and excessive taxation that increase the cost of doing business. Recent measures, such as the scrapping of the emissions levy and the absence of new taxes in the latest budget, reflect a commitment to creating a more business-friendly climate.
Investment Opportunities in Key Sectors
Despite past economic turbulence, Mr. Akpeloo stressed that Ghana remains a prime destination for investment. He highlighted opportunities in the extractive sector, citing recent discoveries of copper and diamonds as promising areas for foreign direct investment. Additionally, the manufacturing sector presents vast potential, as Ghana continues to import about 70% of its industrial needs.
He also underscored the government’s 24-hour economy initiative as a transformative policy shift aimed at boosting industrial productivity and employment. “The government is determined to make the private sector thrive, and this is the best time for investors to explore Ghana’s potential,” he remarked.
A Call for Continued Engagement
While acknowledging concerns raised by GSABC, Mr. Akpeloo urged the investor community to take a long-term view of Ghana’s economic trajectory. He encouraged stakeholders to engage with AGI and other industry associations to gain a balanced perspective on the business climate. “Challenges exist, but Ghana remains one of the most resilient economies in the region, with strong policy support for industrial growth,” he concluded.
