President Akufo-Addo Advocates for Increased Chinese Investment at China-Ghana Business Forum

The President praised the robust trade relationship between Ghana and China, noting that China has been Ghana’s largest trading partner since 2015.

At the China-Ghana Business Forum held in Shenzhen, China, on September 7, 2024, President Nana Addo Dankwa Akufo-Addo made a strong case for expanding Chinese investment in Ghana. Addressing a gathering of prominent Chinese business leaders, the President underscored the long-standing and mutually beneficial relationship between Ghana and China, and highlighted the significant investment opportunities available in Ghana across various sectors, including manufacturing, agriculture, and green energy.

Opening his address with a Chinese proverb, "If you want to walk far, walk with someone," President Akufo-Addo symbolized Ghana’s aspiration to collaborate closely with China for long-term economic advancement. He emphasized Ghana’s commitment to learning from China’s success and deepening economic ties to achieve shared prosperity.

The President praised the robust trade relationship between Ghana and China, noting that China has been Ghana’s largest trading partner since 2015. In 2023, trade between the two nations reached $9.23 billion. He acknowledged the significant investments by Chinese companies in sectors such as construction, energy, agriculture, and ICT, attributing the growing presence of Chinese businesses in Ghana to the country’s stability, security, and investment-friendly environment.

Addressing the global challenges posed by the COVID-19 pandemic and the ongoing Russia-Ukraine war, President Akufo-Addo highlighted how these events have revealed structural vulnerabilities across Africa. He called on the business community to collaborate with Ghana in building resilient, climate-conscious, and diversified economies that can endure future global disruptions. International cooperation, he stressed, is crucial for developing economies that thrive despite global challenges.

The President highlighted the progress Ghana has made under his administration, citing the government’s efforts to foster a business-friendly climate since he took office in 2017. He pointed out that Ghana experienced rapid economic growth with an average annual GDP growth rate of 7% between 2017 and 2020. Despite recent economic setbacks, President Akufo-Addo expressed confidence in Ghana’s potential for renewed robust growth.

He also discussed the Ghana CARES ‘Obaatampa’ Programme, an ambitious economic revitalization plan aimed at addressing the pandemic’s impact. The program seeks substantial investments in key sectors such as agriculture, agro-processing, housing, and healthcare. The President invited Chinese businesses to contribute to this initiative, emphasizing the importance of partnerships in economic recovery.

President Akufo-Addo showcased several government programs designed to boost industrialization and economic development, including the "Planting for Food and Jobs" initiative, the development of Ghana’s automotive sector, and efforts to build integrated bauxite and iron industries. These initiatives are part of Ghana’s strategy to transition from exporting raw materials to becoming a value-added, industrialized economy.

The President also highlighted Ghana’s role as the host of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra. He emphasized that the AfCFTA offers significant opportunities for businesses to access African markets, positioning Ghana as a strategic hub for regional trade and investment. "We are leveraging the AfCFTA to become a new commercial capital of Africa," President Akufo-Addo declared, underscoring Ghana’s potential as a gateway to the continent.

In closing, President Akufo-Addo reiterated that Ghana is an ideal destination for Chinese investment, offering a stable regulatory environment, favorable fiscal policies, and abundant natural resources. He urged Chinese investors to seize the opportunity, emphasizing that Ghana’s markets are ready to support meaningful partnerships.

With a renewed commitment to strengthening Ghana-China ties, President Akufo-Addo expressed optimism about the future, confident that deeper collaboration will bring shared prosperity to both nations.

“Let us seize this moment to forge stronger ties, build lasting partnerships, and create shared prosperity for the people of Ghana and China,” the President concluded, extending his gratitude to the Chinese business community for their continued interest in Ghana.