President Akufo-Addo says the G20 COMPACT with Africa has helped Ghana to systematically tackle the structural challenges inhibiting the drive towards becoming “Africa’s Investment Hub”. He said since Ghana signed the compact, it has facilitated the implementation of targeted policies, such as establishing macroeconomic stability, enhancing domestic revenue mobilization, improving fiscal risk management, and strengthening business legal and regulatory frameworks to de-risk private investments.
President Akufo-Addo stated this at the G20 Compact with Africa Summit in Berlin, Germany. The President said COVID-19 has exposed deep structural fragilities in Africa that require urgent attention, particularly in relation to green growth, climate-conscious industrialisation, and the creation of resilient economies.
‘’Ghana, reputed as one of the few economies to record positive growth in 2020, has so far had a strong start to 2021, despite the ravages of the pandemic’’.
The President said Ghana is facing challenges in healthcare delivery, access to education, provision of decent housing, developing roads and railway networks, and funding the 100 billion cedis Ghana CARES Programme, aimed at revitalising the economy.
President Akufo Addo said with Ghana’s public debt level currently at 77.1% of GDP, the Government has limited the scope for growth through debt-funded large public investment programmes, bringing into sharp focus the importance of interventions such as the Compact with Africa Initiative.
President Akufo Addo urged fellow African Heads of State to help build an Africa, capable of safeguarding the environment, founded on the creativity, enterprise and industry of the citizens. He envisaged an Africa that welcomes investments, and trades in the global marketplace at the high end of the value chain.