Ghana Reveals Strategic Plans To Overcome Economic Woes

<h4>Ghana Reveals Strategic Plans To Overcome Economic Woes<&sol;h4>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Vice President Dr&period; Mahamudu Bawumia says Ghana&&num;8217&semi;s economic opportunities for private sector investors are back on track as the country is navigating its way out of the global economic meltdown&period;<br &sol;>&NewLine;Dr Bawumia noted that the government is relentlessly re-focusing on economic growth and working hard to regain the trajectory Ghana was on and get back to pre-Covid growth numbers&period;<br &sol;>&NewLine;Speaking at the 3rd Ghana Investments and Opportunities Summit in London on Tuesday&comma; June 6&comma; 2023&comma; he said&comma; &&num;8220&semi;we are living in extraordinary times&period; Over the past two years&comma; inflation has surged&period; Its rise has been large&comma; sudden&comma; and global&period; In many parts of the world&comma; it is now at levels unseen for generations&period; Meanwhile&comma; financial systems have come under strain&period; For the first time in recent decades&comma; we have seen high inflation and financial stress emerging in tandem&period; The world as we are all aware continues to face difficult moments caused by several factors&comma; including climate change&comma; disruptions in the supply chain of manufacturing goods as a result of the pandemic&comma; among others&period;&&num;8221&semi;<br &sol;>&NewLine;He further elaborated that &&num;8220&semi;these issues as projected by the World Bank are sinking some developed and developing countries into recession&period; Just when the world was recovering from the ravages of Covid-19 pandemic&comma; which came to shake the foundation of the world&&num;8217&semi;s economy&comma; causing it to a standstill through its devastating effects&comma; resulting in the fall of Global Gross Domestic Product by over 78&percnt;&comma; war also broke out between Russia and Ukraine&period; Its consequence has not only affected the two countries but also extended to other parts of the world&comma; including Ghana&period;<br &sol;>&NewLine;We have been hit by mainly three major external forces&period; <a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">The Covid-19 pandemic hit our capacity to access fundamental goods&comma; and the response put a burden on public finances<&sol;a>&period; The war between Russia and Ukraine hit fertilizer and grain prices&comma; among others&comma; and increased the prices of commodities back home&period; And the US Federal Reserve’s move to hike interest rate severely hit our capacity to borrow and repay debt in the international market&period;&&num;8221&semi;<br &sol;>&NewLine;The investment summit seeks to woo foreign investors to take advantage of opportunities created in the various sectors of the Ghanaian economy in a road up to a total economic recovery&period;<br &sol;>&NewLine;According to Dr&period; Bawumia&comma; the government is balancing sound fiscal management with strategic public investments that unlock growth&period;<br &sol;>&NewLine;&&num;8220&semi;The private sector is the engine of growth&comma; and we are only here to support you&period; Our government is acting as your facilitator&period; We will unlock bottlenecks and prioritize limited resources to strategic sectors and projects&period; We think this is an exciting time to be part of Ghana’s economic growth&comma;&&num;8221&semi; he said in his keynote address&period;<br &sol;>&NewLine;&&num;8220&semi;We are organizing this Investment and Opportunities Summit exactly in that context&period; First&comma; we want to show that Ghana is back on track and that strong opportunities exist for profitable private investments in key sectors&period; &&num;8221&semi;<br &sol;>&NewLine;&&num;8220&semi;Ghana is home to one of West Africa’s most prominent and efficient ports&comma; Tema&comma; on the eastern serves as a feedstock to the landlocked ECOWAS countries&period; There is also the Takoradi port on the western coast&comma; which serves the logistics&comma; oil and gas&comma; and allied industries&period; Takoradi is undergoing a significant transformation and requires significant investment to help decongest Tema and establish a commercial case for more vessels berthing there&comma;&&num;8221&semi; he added&period;<br &sol;>&NewLine;Dr Bawumia cited the Brownfield&comma; Greenfield&comma; and Public Private Partnerships as tangible and bankable projects championed by the private sector in Ghana and abroad&period;<br &sol;>&NewLine;<em><strong>Source&colon; The Presidency&comma; Republic of Ghana<&sol;strong><&sol;em><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;