Interview:Ken Ofori-Atta What are the key effects of the IMF’s extended credit facility on the economy over the medium term? KEN OFORI-ATTA: The extended credit facility aims to facilitate large and front-loaded fiscal consolidation to re-establish public finances on a sustainable path. Fiscal consolidation will be executed by mobilising more domestic revenue and improving the efficiency…
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…
Interview:Gabby Asare Otchere-Darko Where do you identify key trade enablers that can boost continental industrialisation? GABBY ASARE OTCHERE-DARKO: The implementation of the African Continental Free Trade Area (AfCFTA) by 2040 is expected to boost intra-African exports by 15-25%, lift 30-50m Africans out of extreme poverty and promote industrialisation. Improving Customs and border procedures…
Interview:Benjamin Asante In what ways can Ghana enhance the processing capacity of its gas companies? BENJAMIN ASANTE: The country’s quest to bolster its gas processing capacity is a policy priority, with significant expansion plans revolving around fortifying the critical infrastructure that underpins the industry. This encompasses the enhancement and scaling of both processing and transport…
Interview:Gan Kim Yong What factors have made Ghana an enticing investment destination for Singapore-based businesses? GAN KIM YONG: Ghana is often seen as a home base for companies from Singapore that are looking to expand into West Africa. For one, the use of English as an official language has made doing business in Ghana much more convenient. Ghana is politically stable and has established…
With a housing deficit estimated to be 1.8m units, Ghana is looking to boost the number of residential premises by providing tax incentives to local and foreign investors to develop affordable housing. The country provides such breaksto attract foreign direct investment, and these offers include corporate income tax exemptions, tax holidays, the use of free zones, capital allowances and a guarantee…
The government of Ghana has been steadily developing the country’s tourism sector in an effort to make it the main foreign exchange earner for the country and improve the livelihoods of rural populations. The introduction of the 15-year National Tourism Development Plan 2013-27 and the expansion of responsibilities for the Ghana Tourism Authority (GTA) in 2011 have supported diversification in the…
Following a surge in uptake during the Covid-19 pandemic, the telehealth industry is courting investment to further innovation and increase access to care in emerging markets. Digital health companies raised a record $57.2bn in global venture capital funding in 2021, a 79% jump from the $32bn raised in 2020, with 30% of the total directed towards telehealth. However, this figure dropped to $25.9bn…
Tax administrations around the world are engaged in building innovative digital solutions to meet 21st century challenges, and Ghana is no exception. The Ghana Revenue Authority (GRA) is making strides in technological infrastructure innovation with its gradual introduction of digital services. Accordingly, the GRA has deployed three new systems: a taxpayer portal, a portal for electronic invoicing…
Recognising the benefit of financial inclusion to economic growth, Ghana is digitalising its economy to enhance security for business transactions. In recent years legislation has been passed that aims to improve the investment climate, align the country with international norms and attract increased foreign investment. As of September 2023 mobile money transactions in Ghana reached GHS1.9trn ($172.5bn). New…
