Mutual Prosperity Dialogues to foster economic recovery, attract investments – Finance Minister
Finance Minister, Ken Ofori-Atta, has revealed a pivotal framework for the nation’s economic revival – the Ghana Mutual Prosperity Dialogues (GMPD). This public-private partnership is strategically designed to attract foreign and local investments while fostering shared growth anchored on job creation, exports, and import substitution.
During the mid-year budget presentation in 2023, Mr. Ofori-Atta underscored the government’s unwavering commitment to creating an enabling environment that promotes business innovation and enhances productivity. Emphasizing the importance of robust financial intermediation and institutional support for the private sector, the Finance Minister envisions their pivotal role in driving the country’s economic transformation.
“The Mutual Prosperity Dialogue represents a relationship wherein the private and public sectors coexist, thriving together, as neither can flourish without the well-being of the other,” elucidated Mr. Ofori-Atta.
At its core, the GMPD seeks to comprehend the needs of the private sector better and pragmatically dismantle constraints that hinder ease of doing business in the country. By engaging with industry-level private sector stakeholders, the government aims to formulate forward-looking policies that align with the aspirations of different sectors.
Growth projections for the next four fiscal years stand at 1.5 percent for 2023, 2.8 percent for 2024, 4.7 percent for 2025, and 4.9 percent for 2026. Recognizing that these figures alone may fall short in generating the necessary jobs and investments for substantial economic transformation, the Finance Minister revealed a growth agenda that prioritizes private investment and foreign direct investment (FDI).
The proactive partnership between the government and the private sector is envisioned as a potent driver of economic growth and job creation. Crucial to this initiative is Ghana’s pursuit of macroeconomic recovery. A broad-based dialogue on FDIs is deemed indispensable in unifying private sector and government voices to tackle private sector development challenges, which, in turn, enhances Ghana’s appeal to both domestic and foreign investors.
Notably, FDI is seen as a critical catalyst for revitalizing economic growth and alleviating the country’s debt burden. The government recognizes the potential of FDIs in infusing capital, technology, and knowledge into strategic sectors of the economy, fostering sustainable growth.
Mr. Ofori-Atta underlined, “Creating an attractive investment environment necessitates collaborative efforts from various stakeholders within the country to boost Ghana’s competitiveness on the global stage.”
Historically, Ghana has emerged as the preferred destination for FDIs in the region. Last year, the Organisation for Economic Cooperation and Development (OECD) valued FDIs at US$1.3 trillion. The World Investment Report ranked Ghana as the second-leading recipient of foreign direct investment in 2021, with an impressive 39 percent surge in FDI flows, reaching US$2.6 billion, surpassing the 2020 record of US$1.8 billion.
The Ghana Mutual Prosperity Dialogues present a transformative vision, uniting public and private forces in the pursuit of economic recovery and prosperity. With Ghana’s appeal as an FDI magnet on the rise, the government’s focus on creating an investor-friendly climate positions the nation on a promising trajectory for growth.
