Vice President, Dr. Mahamudu Bawumia, has re-echoed the NPP government’s plan to make Ghana an investment destination for investors as it commits to maintaining economic stability.
At a gathering of investors and other stakeholders in the Diaspora, the Vice President outlined efforts by the government to restructure the economy and reduce the challenges that have hampered investments into the country.
“Our mission is clear, to make Ghana the most successful and business friendly economy in Africa,” he said.
“This government will control the debt and get Ghana working again,” Dr. Bawumia added.
The NPP government explains that the concerns expressed by investors and the international community over Ghana’s debt profile, which ballooned from $9.5 billion in 2008 to $122 billion in 2016, also make it prudent to redefine the economic fundamentals.
As a result, the NPP government believes its efforts to restructure the country’s existing debt away from the current short term, high interest loans to longer term, lower interest loans, will save Ghanaian tax payers money.
“International investors demonstrated their confidence in this government’s strategy two weeks ago when they flocked to purchase $2.25B in cedi denominated bonds which would be used as part of the re-profiling to replace the more expensive debt with less expensive debt,” government said in a statement.
Other attempts by the government to increase revenue include fighting corruption, erasing ghost workers from the payroll, lowering taxes, addressing the energy crisis and creating an environment that is conducive to investment.
Dr. Bawumia was part of a delegation that includes the Senior Minister, the Minister of Finance, the Governor of the Central Bank, the Chairman of the Finance Committee, the CEO of GIPC, and the President’s Advisor for Media and Special Projects.
The team visited London, New York and Washington DC.