Ghana’s Minister for Finance and Economic Planning, Dr Mohammed Amin Adam, is seeking support from the Arab Coordination Group to boost the government’s ambitious $12 billion growth strategy.
The initiative aims to attract investments across key sectors of the economy over the next three years.
During a strategic “Unleashing Opportunities through Strategic Investments” business meeting with representatives from the Arab Bank for Economic Development in Africa (BADEA), Arab Monetary Fund, and Saudi Fund for Development, Dr. Amin Adam outlined pivotal sectors such as agriculture, tourism, and SMEs for targeted investments. He highlighted the expansion of social intervention programs like the Livelihoods Empowerment Against Poverty (LEAP) and School Feeding Programme as crucial elements of Ghana’s economic revitalization efforts.
Dr Amin Adam emphasized the crucial role of agriculture in Ghana’s economic landscape, stressing its potential to drive growth with appropriate investments. He also emphasized the government’s commitment to enhancing tourism infrastructure to capitalize on its status as the third-largest contributor to Ghana’s GDP.
Dr. Amin Adam, acknowledging the significance of SMEs, which account for 92% of all registered companies and 85% of manufacturing jobs in Ghana, outlined efforts to mobilize $600 million in financing and technical support for SMEs nationwide. He made a compelling call for international partners to contribute to the $12 billion fund, underscoring the potential for mutual benefit in supporting Ghana’s economic expansion.
Highlighting Ghana’s economic progress, Dr Amin Adam noted a robust recovery trajectory. The economy exceeded growth targets, expanding by 4.7% in the first quarter of 2024 against an annual target of 3.1%. This promising growth trajectory sets a positive tone for potential investments.
Dr Drad Karrar, Chief Operations Officer of BADEA, affirmed the strong alignment between Ghana’s strategic priorities and BADEA’s objectives, particularly in agriculture, to address unemployment and bolster GDP growth. This alignment provides a solid foundation for the proposed investments.
Established in 1975 under the resolution of the 6th Arab Summit Conference, BADEA aims to strengthen economic, financial, and technical cooperation between Arab and African countries.
