Govt Wants Private Sector Growth - Finance Minister Assures Chinese Businesses

The government is implementing measures aimed at providing an enabling environment for accelerated private sector growth, the Minister of Finance, Ken Ofori-Atta has said.

Mr Ofori-Atta said there was a need to deliberately make the country more accommodative for private investors to attract more foreign investment that would help expand the economy and create jobs and prosperity.

Mr Ofori-Atta was speaking to a gathering of the Chinese business community in Ghana as part of the Ghana Mutual Prosperity Partnership Dialogues in Accra on Monday [January 22, 2024].

Present at the meeting was the Minister of Trade and Industry, K.T. Hammond, Ambassador of China in Ghana, Lu Kun, former Ghana Ambasador to China, Edward Boateng, and Board Chairman of the Ghana Revenue Authority (GRA), Tony Oteng-Gyasi.

Also present were the Chief Executive Officer of the Ghana Investment Promotion Centre and Chairman of the China Enterprises Chamber of Commerce in Ghana, Yang Qun.

Chinese businesses

Mr Ofori-Atta explained that, the event was part of the government’s efforts at engaging with businesses that will be at the forefront of championing Ghana’s economic recovery.

He said with bilateral trade volume between Ghana and China reaching an unprecedented high of $10.2 billion, and Ghana’s exports to China surging by 60 per cent, the government wants Chinese businesses to operate in a more conducive environment.

To ensure that, he said the discussions, part of which would be held behind closed doors, would help both sides to understand each other and enable the government to address the concerns of Chinese led businesses and investments in the country.

“I want Ghana and Chinese companies to be working together to advance our mutual interests. Because that is the true sign of a successful partnership.

“Our pragmatic cooperation must be at the centre of our collective advancement,” he said.

The Finance Minister expressed the government’s appreciation to the Chinese government for the role it played in getting Ghana’s IMF programme approved by the board of the Fund.

However, Mr Ofori-Atta called on the business community to heed to their tax obligations to ensure mutual prosperity between the two countries.

Support

Mr Lu Kun said Ghana was a piece of land that is attractive to Chinese entrepreneurs and investors.

He said China would support the government to build a strong regulatory framework that would be beneficial for both businesses and the government.

He called on the the government to protect Chinese legitimate businesses and investments in the country to help attract more.