Good morning peeps,
I saw this article on pulse.com.gh and thought it was quite interesting so had to share it with you…
According to the Ghana Investment Promotion Council (GNPC), Ghana’s current economic challenges have not reduced investor-confidence in the country, as many experts would have us believe.The country for the past three years has been battling a protracted energy crisis, high interest rates and an unstable currency. Many economists, have concluded based on these indicators that Ghana’s business environment has become unattractive to international investors.
However, Chief Executive Officer of the the GIPC, Mawuena Trebah says the interest of investors in the Ghanaian economy has not decreased at all.“we targeted investors in 2015 and they responded favorable. That is confidence in the economy. Of course there are current challenges, but investor confidence is still there”
The GIPC boss revealed some major investors the council has been able to attract into the country this year.
“As I speak, Singapore and the United Arab Emirates have just opened their chamber of commerce in Ghana, set to intensify their business dealings with the country. They believe that the current challenges will be surmounted soon. Also the outlook looks bright and the investors believe this.”
The drivers of growth continue to be the service sectors, which constitute 50.2% of the economy, followed by industry and agriculture at 28.4% and 19.9% respectively.
In 2016 the economy is expected to recover, registering a growth of around 6%, bolstered by an increase in oil and gas production, private sector investment, improved public infrastructure and the country’s political stability. Nonetheless, the prevailing low international oil prices could slow the pace of economic growth in the future.
So despite the Dumsor and fluctuating currency, it looks like investors still have faith in Ghana. As an investor myself I must admit that the current problems Ghana is facing has not put me off investing in Ghana. This is the time when others are turned off which leaves room for more opportunities for those that stick it out.
What are your thoughts on this? Do you think it is worth investing in such a country that seemingly has many problems?