Vice President Bawumia attends Ghana Investment & Opportunity Summit 2018 in Londonadmin
The Vice President of the Republic of Ghana, H.E. Dr. Mahamudu Bawumia, was, on Tuesday, 23rd October 2018, the keynote speaker at a Ghana Investment & Opportunities Summit (GHIOS), held in London. The two-day event was organised by the Ghana High Commission in the UK, in collaboration with the Ghana Investment Promotion Centre (GIPC).
In his address, the Vice President informed participants that in the last few years, Ghana has been pursuing aggressive private sector-led investment drive both within the continental and global corridors. Dr. Bawumia indicated that as Government lays a solid macro-economic foundation for businesses and the private sector to grow, one had not lost sight of key strategic elements that hold the greatest potential to anchor the investments being sought. The Vice President disclosed that while government is striving to deliver on some of those anchors, substantial investments are also required in them. He therefore extended an invitation to investors present at the Summit to focus on Ghana as they focus on Ghana’s four immediate strategic anchors of digitization and electronic platforms; good working infrastructure; real sector growth; and addressing corruption.
Regarding “A Ghana beyond Aid”, the Vice President informed the gathering that Government has no doubt that this requires the mobilization and leveraging of domestic savings and revenues, as well as the country’s vast resources in a more effective and efficient manner to ensure development and create wealth for the people.
He added that judging from Ghana’s history and its vision for the future, there is a need to rethink how the country is developed by being more efficient and effective in managing our resources to ensure rapid economic growth and transformation to shift from over reliance on foreign aid.
Dr. Bawumia stated that to avoid backtracking on its progress, Government is putting in place measures to ensure irreversibility of the gains achieved so far. Therefore, the following structural measures, among others, are being implemented to tackle some of the long-term structural issues:
• A passage, by the end of this year, of a fiscal responsibility law to cap the budget deficit not to exceed 5% for a fiscal year.
• Ensure complementary monetary management and establishment of institutional safeguards such as the Financial Stability Council (FinSC), Fiscal Council (FisC), and an International Economic Advisory Council.
The overarching objective is to safeguard the financial system, deepen financial intermediation, widen financial inclusion, and position Ghana as a West Africa Financial hub and economy with greater policy credibility.