According to Information Minister Kojo Oppong Nkrumah, a corporate group from Denmark and Switzerland arrived in Ghana today, Wednesday, October 25, to explore investment prospects.
According to Mr Oppong Nkrumah, the administration aims to open up to form the necessary alliances to serve African and global markets.
“The people of Ghana are working hard towards a quick recovery of the Ghanaian economy, and we look to opening up to build the needed partnerships to serve African and global markets.
“Congratulations to the Ghana Mission in Denmark and to Ambassador Sylvia Annor for the economic diplomacy efforts. Congratulations to the GIPC for onboarding,” the Ofoase Ayirebi lawmaker tweeted.
Last week, Finance Minister Ken Ofori-Atta emphasised the importance of the country remaining enthusiastic about the economy, as it was on a steady route to recovery.
According to the Minister, macroeconomic indicators have begun to show positive signs, citing the drop in inflation figures and foreign currency stability as signs of the government turning the corner to instil confidence in the economy, providing us with true stability in an election year.
He made this known to a cross-section of Ghanaian media in Marrakesh, Morocco when he spoke on the beneficial effects of the country’s engagement with its foreign partners and projections for the future year.
In his brief, the Minister stated that the delegation had extensive deliberations, including roundtable policy discussions with the Fund and World Bank on IMF policy priorities, the Poverty Reduction Growth Trust, and Ghana’s invitation to the G7 and G20 meetings, alluding to Ghana’s international recognition as Africa’s beacon of hope.
Mr. Ofori-Atta stated that the country’s success under the IMF External Credit Facility was visible, and he cited the World Bank President’s promise of the Bank’s support for the economy since “we had stuck progressively to the programme.”
‘’So, we are in a good space and as we know the whole programme is predicated on the PC-PEG because the President has been very clear that the growth agenda is necessary which talks about the issues for jobs’’ the Finance Minister stated.
He noted that the meetings offered a forum for discussing topics such as financial architecture recalibration and the difficulties troubled nations faced as a result of the complexity of sovereign credit ratings, and how this hampered how funds were disbursed, particularly to emerging economies.
‘’With the increase of debt profile of a lot of developing countries, the question then becomes, how do we get access to more capital and how do we not demonise debt, and can debt be used to support growth? he quizzed.
At the high-level discussions, the Minister called for the necessary investment for Africa’s structural transformation, citing the fact that Africa will be home to a quarter of the world’s population, including close to one billion youngsters.
Regarding Ghana’s discussions with bilateral creditors, Mr. Ofori-Atta stated that the bilateral external debt restructuring was developing well and proceeding as anticipated on the official creditor side and that he expected good news in the coming months.
On the commercial side, negotiations would become more concrete now that the Domestic Debt Restructuring was complete, stating that ”these engagements take place on the back of constructive developments: the IMF first review was successful, and the Fund acknowledged that the recovery delivers above expectations”.
The Minister said that the execution of the US$3 billion three-year IMF-supported PC-PEG had been extremely good and that the IMF’s recent Mission in Ghana for the first review of the IMF-Supported programme attested to the strong performance.
He addressed issues such as the energy and cocoa sectors’ weaknesses, access to climate/carbon finance, GDP growth this year, aggrieved customers of the defunct Gold Coast Fund Management’s demand for payment of their investment, and the government’s plans for youth job creation, among others.
