Economic recovery has no one-size-fit-all route – Veep

Vice President Dr Mahamudu Bawumia has reiterated the Government’s commitment to adopting distinct measures to fix the country’s economic challenges in the absence of a one-size-fits-all-route to economic recovery.

He said in that pursuit, the Government would ensure that the deployment of resilient and dynamic measures offered benefits to investors and the citizenry.

“The world has realised that no one size fits all customised answer exists for the route to economic recovery thereby prompting countries to implement incipient systems and policies to resolve imminent difficulties,” the Vice President said at the third edition of the Ghana Investment and Opportunities Summit in the United Kingdom (UK).

The theme for the event is: “Post COVID Economic Recovery: Opportunities for the Investor”.

The Summit is aimed at exploring new areas of cooperation between Ghana AND the United Kingdom.

Dr Bawumia noted that the introduction of monetary and fiscal interventions such as the “Gold for Oil” programme-a novelty for Ghana – were designed to address the balance of payment crisis.

“This intervention has been one of the most important macro-economic policies to deal with the rising price of fuel and its implication,” he said.

Dr Bawumia observed that for the first time in recent decades, countries were witnessing the emergence of high inflation and financial stress at almost the same time, noting that: “The world continues to face difficult moments caused by several factors, including climate change, disruption of the supply chain in manufacturing goods as a result of the pandemic among others.”

Mr Yofi Grant, Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), observed that despite the existing trade agreements and partnerships, the relationship between Ghana and the UK was yet to be optimised in a sustainable way.

He commended the Ghanaian community in the UK for being great ambassadors for the country and urged them to lead the way in forging mutually beneficial relationships in the diaspora.

He said the country had undertaken some structural reforms to remain competitive with efforts “to reset Ghana back to its resilience and robustness”.

Mr Grant noted that the introduction of reforms in Public Financial Management, State Owned Enterprises, taxes and revenue were some measures towards enhancing revenue mobilisation, promotion of judicious use of public funds and creation of a conducive environment for businesses.

Michael Oquaye Jnr., CEO of Ghana Freezones Authority, said the country was well positioned to host data processing centres and call centres due to its geographical advantage and high number of tertiary graduates with high proficiency in English as an international language.

Papa Owusu-Ankomah, Ghana’s High Commissioner to the UK and the Republic of Ireland, urged the participants to consider Ghana as a good place for investment.

He urged potential investors to deploy the requisite technology and modern digital approaches with the help of Ghanaian partners for a win-win outcome.

“To our compatriot in the diaspora, I urge you to use your varied networks to garner and horn the appropriate skill set for our national development,” he said.