Interview: Yofi Grant
How does the African Continental Free Trade Area (AfCFTA) enhance Ghana’s investment appeal?
YOFI GRANT: As the largest trading bloc in the world, with a membership of 54 countries covering a population of 1.3bn people and an estimated GDP of $3.4trn, the AfCFTA presents significant opportunities for Ghana, especially as host of the trading bloc’s secretariat. Through its role in coordinating the implementation of the trade pact, Ghana is positioned to become the commercial capital of Africa. This enhances its visibility as an investment destination on the continent and positively contributes to national economic development.
To accelerate investment in Ghana through the trading bloc, the National AfCFTA Coordination Office (NCO) was established in March 2020 as part of Ghana’s response to the implementation of the AfCFTA. The government aims to promote Ghana as a model for free trade and an investment destination, maximising the benefits of the single market to expand the economy.
In what ways has digitalisation been leveraged to stimulate investment in Ghana?
GRANT: Through the Ministry of Communications and Digitalisation, Ghana is developing a robust digital framework to boost economic growth. Accordingly, several e-government services have been deployed to help investors register their businesses online, reducing the time and cost required to register.
A key initiative for improving the ease of doing business in the country is Ghana.Gov, a digital payments platform that allows businesses to easily access government services; simplifies payments for public services and ensures prompt payment; and promotes transparency and visibility in government revenue.
The automation of business operating permits has been integrated with the e-services platform of the Registrar General’s Department, reducing cost and turnaround times for issuing permits in 29 municipal and district assemblies in Greater Accra. A paperless port system is in place to automate processes for clearing goods and vehicles, as well as reforming and benchmarking port-clearing systems to improve efficiency.
In addition, Ghana has digitalised the platform utilised by the Public Procurement Authority, including the Common User Items Pricelist. This has improved transparency in the pricing of goods and services, and provided a secure, convenient and low-cost QR codebased payment platform for Ghanaians, especially in the informal and micro-, small and medium-sized enterprise markets. This system ensures that retailers can receive payments on their mobile phones without the need for a traditional point-of-sale device.
What role is infrastructure development playing in enhancing Ghana’s investment climate?
GRANT: The goal of the government’s continued investment in infrastructure development is to create a more conducive and attractive business environment. Improved transport networks, such as new motorways and the expansion of existing road networks to improve connectivity will make it easier and more cost-effective for businesses to transport goods and services. Similarly, ports and airport facilities have been improved to serve the same purpose.
The development of special economic zones to attract foreign investment and promote industrial development has provided investors with a range of incentives, including tax breaks, streamlined regulatory processes and access to shared infrastructure. Ghana has also invested significantly in digital infrastructure, including the development of a national fibre-optic backbone network. This has improved connectivity and reduced communication costs, making it easier for businesses to communicate with their customers and partners. Moreover, the government continues to encourage the use of public-private partnerships as part of efforts to attract financing, expertise and resources from the private sector to develop projects.
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