On March 14, 2022, Ghana’s High Commissioner to South Africa, His Excellency Charles Asuako Owiredu, declared Ghana the most stable country for business in West Africa, positioning it as the entry point for business opportunities in the sub-region, per. Speaking to the Ghanaian community in South Africa, Owiredu emphasized, “Look at the surrounding countries, others are fighting, some people overthrow their government (coup d’état). Ghana is the most stable country,” highlighting its political stability and adherence to the rule of law as key attractions for investors, per.
Economic Opportunities and Investor Appeal
Owiredu underscored Ghana’s favorable business environment, noting that “the rule of law is working, and the economy is booming,” per. He encouraged Ghanaians in the diaspora not to lose confidence in investing in Ghana, presenting it as an ideal destination for business ventures. The High Commissioner pointed to the African Continental Free Trade Area (AfCFTA), which offers access to a market of over 1.2 billion consumers with a growing middle class, as a significant opportunity for investors, per. Ghana’s strategic role as the host of the AfCFTA Secretariat in Accra further enhances its appeal as a regional business hub.
Call for Diaspora Involvement
Addressing Ghanaians living in South Africa, Owiredu urged them to contribute their skills to national development, stating, “Ghana is an ideal place for investors… join hands with government,” per. He emphasized the importance of diaspora engagement in leveraging Ghana’s stability to drive economic growth. With a GDP growth rate of 5.4% in 2021, per the Ghana Statistical Service, Ghana’s economy showed resilience despite global challenges, making it an attractive destination for investment in sectors like agriculture, mining, and services.
Regional Context and Stability
Ghana’s stability stood out in a region marked by political volatility in 2022. Unlike neighboring countries facing conflicts or coups, Ghana maintained a record of peaceful democratic transitions since 1992, with its Fourth Republic being the longest and most stable, per. This stability, coupled with a robust legal framework, fostered a business-friendly environment, as evidenced by the country’s ranking among the top 10 African nations for ease of doing business, per the 2020 World Bank Doing Business Report. Owiredu’s remarks aimed to capitalize on this reputation to attract investment.
AfCFTA’s Role in Economic Growth
The AfCFTA, launched in January 2021, was a cornerstone of Owiredu’s pitch, offering tariff-free access to a continental market with a combined GDP of $3.4 trillion, per. Ghana’s hosting of the AfCFTA Secretariat positioned it to benefit from increased trade and investment opportunities. “Under the African Continental Free Trade Area (AfCF) there is an estimated market size of over 1.2 billion consumers,” Owiredu noted, encouraging businesses to tap into this vast market, per. The initiative aimed to boost intra-African trade, which stood at 15% in 2021, per the African Union, compared to higher rates in other regions.
Encouraging Investment and Collaboration
Owiredu’s address was a strategic call to action, urging the diaspora to invest in Ghana’s growing economy and collaborate with the government to drive development. The country’s focus on policies like the One District, One Factory (1D1F) initiative and tax incentives for investors, as outlined by the Ghana Investment Promotion Centre (GIPC), reinforced its appeal. By highlighting Ghana’s stability and AfCFTA opportunities, Owiredu aimed to position the country as a beacon for business in West Africa, fostering economic partnerships in 2022.
