At the China-Ghana Business Forum in Shenzhen, China, on September 7, 2024, President Nana Addo Dankwa Akufo-Addo made a strong appeal for increased Chinese investment in Ghana.
Speaking to a group of Chinese business leaders, President Akufo-Addo emphasized the long-standing ties between the two nations and highlighted the significant investment opportunities in Ghana’s key sectors, including manufacturing, agriculture, and green energy.
Opening his speech with the Chinese proverb, “If you want to walk far, walk with someone,” the President symbolized Ghana’s commitment to partnering with China for long-term economic growth. He emphasized Ghana’s willingness to learn from China’s success and build deeper business relationships for mutual prosperity.
President Akufo-Addo underscored the robust trade relations between Ghana and China, pointing out that China has been Ghana’s largest trading partner since 2015, with bilateral trade reaching $9.23 billion in 2023. He praised Chinese companies for their investments in construction, energy, agriculture, and ICT, attributing China’s growing presence in Ghana to the country’s stability, security, and favorable investment environment.
Reflecting on global challenges, including the COVID-19 pandemic and the Russia-Ukraine war, the President noted how these crises have exposed structural weaknesses in Africa. He urged Chinese businesses to partner with Ghana in building resilient, climate-conscious, and diversified economies that can withstand future global shocks, emphasizing the need for international cooperation.
President Akufo-Addo highlighted Ghana’s progress under his leadership, noting that the country’s economy grew at an average annual GDP growth rate of 7% between 2017 and 2020. Despite setbacks from the pandemic and geopolitical issues, he expressed optimism about Ghana’s economic recovery. He elaborated on the government’s Ghana CARES ‘Obaatampa’ Programme, a comprehensive economic revitalization plan aimed at addressing pandemic-related challenges and seeking private sector investment in agriculture, housing, healthcare, and more.
The President also showcased various initiatives to drive industrialization and economic development, including the “Planting for Food and Jobs” program, efforts to build integrated bauxite and iron industries, and the development of the automotive sector. These initiatives are part of Ghana’s broader strategy to shift from exporting raw materials to becoming a value-added, industrialized economy.
He emphasized Ghana’s strategic role as the host of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra, offering businesses the opportunity to access African markets. He described Ghana as a gateway to the continent, providing a strategic hub for regional trade and investment.
In closing, President Akufo-Addo reiterated that Ghana is an attractive destination for Chinese investment, with a stable regulatory environment, favorable fiscal policies, and abundant natural resources. He encouraged Chinese investors to seize the moment, emphasizing that Ghana’s markets are open and ready for meaningful partnerships.
The President expressed optimism about the future of Ghana-China relations, calling for stronger ties and lasting partnerships that would create shared prosperity for 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,” he concluded, thanking the Chinese business community for their ongoing interest in Ghana.