Vice President Dr. Mahamudu Bawumia has praised Ghana’s economic resilience and potential, saying that it is the best place for investors and entrepreneurs in the West African region.
He made this remark after Ghana secured a $3 billion support package from the International Monetary Fund (IMF) to help stabilize its economy amid the challenges posed by the COVID-19 pandemic.
Dr. Bawumia assured investors that Ghana offers a conducive environment for doing business, with its stable democracy, respect for human rights, educated and literate workforce, and vibrant youth population.
He spoke at the Ghana Investment Summit in the UK, where he highlighted Ghana’s achievements and opportunities in various sectors, such as mining, oil, cocoa, agriculture, manufacturing, and digital technology.
He said “Ghana has a stable political environment, rule of law, an educated population, and a dynamic youthful population which is very literate. In terms of investments, it is one of West Africa’s bright spots and has been the number one destination for doing business over the last decade.”
However, former President John Mahama, who is also the presidential candidate of the opposition National Democratic Congress (NDC) for the 2024 elections, has disputed Dr. Bawumia’s claims.
He argued that Ghana’s economy has deteriorated under the current government led by President Nana Addo Dankwa Akufo-Addo, who he accused of collapsing banks out of personal vendetta.
He also cited the high cost of living, rising inflation, depreciation of the cedi, and loss of investor confidence as some of the factors that have affected business growth in Ghana.
He said that many foreign companies have relocated from Ghana or moved their regional headquarters to other countries due to the unfavorable economic conditions.
He spoke at the 7th Ghana CEOs summit as the Special Guest of Honour, where he criticized the government’s agreement with the IMF to increase electricity and water tariffs quarterly as an additional burden on consumers and businesses.
He said that Ghana has lost its pride as the best place to do business in West Africa.