Business confidence and investor interest in Ghana ultimately depend on the credibility of the country’s leadership, Chief Executive Officer of the Ghana Investment Promotion Authority (GIPA), Simon Madji, has said.
He said the credibility of President John Dramani Mahama’s administration, coupled with ongoing economic reforms and Ghana’s natural advantages, was helping to position the country as an attractive destination for investors.
Mr Madji made the remarks while highlighting factors influencing investment decisions, including economic predictability, the protection of investments, respect for contractual agreements and the effectiveness of the judicial system.
He cited comments by Ghanaian businessman Aliko Dangote during a question-and-answer session at the United Nations, where he attributed developments in Ghana over the previous year and a half to the credibility of President Mahama’s leadership.
According to Mr Madji, businesses assess the credibility of a country’s leadership when deciding whether to invest, as it provides confidence in the government’s commitment to creating a stable and predictable business environment.
“Businesses would ultimately look at the credibility of the leader. So whether you’re talking about predictability of your economy, sanctity of contract, protection of investments, whether you’re well-positioned, you’re in a democratic environment, or how your courts work, it comes down to one thing: the credibility of the person leading the government,” he said.
He added that the reforms being implemented by the government were providing investors with greater confidence in Ghana’s economic direction.
Mr Madji identified changes to the Value Added Tax (VAT) laws, efforts to strengthen the Bank of Ghana through amendments to its governing legislation, and the introduction of a regulatory framework for virtual asset service providers as important measures aimed at improving the business environment.
He said the measures, which cover taxation, financial sector governance and emerging areas such as cryptocurrency and digital assets, were intended to strengthen the country’s position as a competitive investment destination.
Beyond the reforms, Mr Madji said Ghana had several natural advantages that made it attractive to international businesses.
He described Ghanaians as welcoming and noted that the use of English as the country’s official language helped facilitate communication with international investors and business partners.
He also pointed to Ghana’s judicial system and its participation in international conventions on dispute resolution as important safeguards for investors.
Mr Madji cited the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards as one of the international agreements that could support the enforcement of arbitral awards involving Ghana.
He said such arrangements helped provide assurance that investors could seek legal remedies and enforce their rights when disputes arose.
On connectivity, the GIPA CEO noted that Ghana’s geographical position offered convenient access to major international markets, including Europe and the United States.
He said the country’s international connections, democratic environment and legal protections, together with its economic reforms, presented opportunities for businesses seeking a base from which to operate and expand.
Mr Madji maintained that combining credible leadership with a predictable regulatory environment and strong investment protections would be essential to sustaining investor confidence and attracting more investment into Ghana.
Source: Newspyramid.com
