Ghana is now the best investment destination in Africa, Vice President reveals

Ghana’s Vice President, Dr Mahamudu Bawumia has revealed that the country is currently the best investment destination in Africa.

Dr Bawumia in Canada

According to him, not only did the country’s political stability, security, as well as benign legal and regulatory environment, offer the best investment climate but also its large domestic market and macroeconomic stability made it the investment destination of choice on the African continent.

Dr Bawumia made the revelation while speaking at the Canada-Ghana Economic Summit organised by the Canada-Africa Strategic Investment Group Inc. in Vancouver, Canada on Monday, July 22, 2019.

He noted that the recent economic developments in Ghana also presented huge opportunities for diverse investment types and called on Canadian investors to direct their attention to Ghana.

Recently, the Rand Merchant Bank Limited (RMB), a corporate and investment banking arm of FirstRand Limited named Ghana as the 9th attractive investment destinations in Africa.

This was captured in its latest annual study known as ‘Where to Invest in Africa’.

The entity said, “Ghana has strong growth rates focused around the oil and gas sector, while the non-oil sector growth is supported by pro-business reforms.”

Touching on the supportive legal regulatory environment in Ghana, Dr Bawumia said, “Ghana, ranked 48th (out of 126 countries) on the World Justice Project’s 2019 Rule of Law Index, provides a haven where investments are protected under a fair and commercially aware judicial system.”

He added that other noteworthy global comparisons presented positive judgements on the investment potential of the country.

“For instance, Ghana has been ranked ahead of countries such as South Africa in the 2019 A.T. Kearney Global Services Location Index (GSLI), a measure of the attractiveness of a location for offshore services,” he said.

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