Economic recovery has no one-size-fit-all route – Dr Bawumia

Dr Mahamudu Bawumia, Vice President of Ghana, says there is no one-size-fits-all-route to economic recovery hence government was committed to adopting measures that are distinct to the Ghanaian economy.

He said the Government would however ensure that the deployment of resilient and dynamic measures proffer benefit to investors and the people of Ghana.

“The world has realised that no one size fits all customised answer exists for the route to economic recovery thereby prompting countries to implement incipient systems and policies to resolve imminent difficulties,” he said at the third edition of the Ghana Investment and Opportunities Summit.

The theme for the event was, “Post COVID Economic Recovery: Opportunities for the Investor”.

The Summit was aimed at exploring new areas of cooperation between Ghana and United Kingdom (UK).
Dr Bawumia noted that the introduction of monetary and fiscal interventions such as the Gold for Oil programme which was novelty for Ghana, were designed to address the balance of payment crisis.

“This intervention has been one of the most important macro-economic policies to deal with the rising price of fuel and its implication,” he said.

He observed that for the first time in recent decades, countries are witnessing the emergence of high inflation and financial stress at almost the same time.

He said: “The world continues to face difficult moment caused by several factors, including climate change, disruption of supply chain in manufacturing goods as a result of pandemic among others.”

Mr Yofi Grant, Chief Executive Officer (CEO), Ghana Investment Promotion Centre (GIPC), observed that despite the existing trade agreements and partnerships, the relationship between Ghana and the United Kingdom (UK) was yet to be optimised.

He commended the Ghanaian community in the UK for being great ambassadors for the country and urged them to lead the way in forging mutually beneficial relationships in the diaspora.

He said the country had undertaken some structural reforms to improve its efficiencies and remain competitive as government worked “to reset Ghana to its resilience and the robustness.”

Mr Grant noted that the introduction of reforms in Public Financial Management, State Owned Enterprises, taxes and revenue were some measures geared towards enhancing revenue mobilisation, promoting the judicious use of public funds and creating conducive environment for businesses.

Mr Michael Oquaye Jnr., CEO, Ghana Freezones Authority, said the country was well positioned to host data processing centres and call centres due to geographical advantage and high number of tertiary graduates with high proficiency in English as an international language.

Papa Owusu-Ankomah, Ghana High Commissioner to UK and the Republic of Ireland, urged participants to consider Ghana as a good place of doing business.

He called on investors to deploy the requisite technology and modern digital approaches with the help of Ghanaian partners for a win-win outcome.

“To our compatriots in the diaspora, I urge you to use your varied networks to garner and hone the appropriate skill set for our national development,” he said.