THE Chief Executive Officer of the Ghana Freezones Authority, Dr. Mary Awusi, has begun an aggressive campaign to woo foreign investors to leverage the government’s 24-hour economy strategy.
Addressing an audience of potential investors at a business expo in Lancaster, Pennsylvania, in the United States of America last Tuesday, she said: “To attain round-the-clock operations across key sectors of the economy, the Ghana government is commencing a 24-hour Economy Strategy.
This is a policy intervention to encourage and support certain businesses and companies to operate 24/7, preferably in a three-shift system of eight hours each, “by creating an enabling environment that promotes productivity, competitiveness and well-paying jobs.”
She was speaking at the 3rd US-Ghana Business Expo Round-table and B2B matching which has begun in Lancaster, Pennsylvania, USA, with about 20 private businesses from Ghana participating.
An initiative of the US-Ghana Chamber of Commerce, Philadelphia, in collaboration with the US Commercial Service, Association of Ghana Industries (AGI); the Ghana National Chamber of Commerce and Industry (GNCCI); and MillersVille University, Lancaster, among others, the programme is meant to, among other things, serve as a major platform for scores of Ghanaian businesses to discuss business opportunities with their US counterparts from various sectors.
Key sectors of focus during the event are: Agriculture, Energy, Health Care, Transportation, and Trade and Investment. The rest are: Fintech, Real Estate and Technology.
Supporting programme
Dr Awusi further explained to the investors from across the US that the 24-hour economy strategy will be achieved through an agenda to modernise and mechanise agriculture, provide incentives for the private sector to thrive, promote agroprocessing and manufacturing, transform Ghana into an import substitution and export-led economy, among others.
This initiative will be complemented by the Accelerated Export Development Programme (AEDP), meant to support Ghana’s export drive by implementing measures to improve the business environment for exporters and ensure their competitiveness in the global market.
AfCFTA
Additionally, Dr Awusi said the implementation of the African Continental Free Trade Area (AfCFTA) further cements Ghana’s role as a gateway to a market of over 1.3 billion people, with a combined Gross Domestic Product (GDP) of US$3.4 trillion.
She said coupled with the country’s National Export Development Strategy (NEDS), which aims to expand Ghana’s export base and diversify its markets, businesses can leverage these frameworks to maximise profitability while contributing to the nation's economic growth.
The NEDS seeks to develop the potential of the non-traditional export (NTE) sector to enable it to make maximum contribution to GDP growth and national development to consolidate Ghana’s middle-income status, create formal decent job opportunities and ensure high standards of living for the people, she explained.
Dr. Awusi urged the American investors to use the Expo and Round-table discussions to explore the immense opportunities available in key sectors such as health care, global business services, trade and investment, and agriculture.
She said for instance that Ghana’s healthcare industry was ripe for investment, with a growing demand for medical infrastructure, pharmaceuticals and telemedicine.
Partnerships in this sector, she added, could significantly improve healthcare delivery and accessibility across the region.
Narrowing down to her Authority, Dr Awusi said agriculture remained the backbone of Ghana’s economy, adding that “With vast arable land and a commitment to agro-processing, Ghana’s Free Zones and the National Export Development Strategy support investments that enhance value addition and export competitiveness, positioning Ghana as a major supplier of high-quality agricultural products.”
She said Ghana Free Zones Authority was ready to facilitate and support investors looking to tap into the vast opportunities in the Authority’s Free Zones and beyond.
Connections
The President of Millersville University, Professor Daniel Wubah, expressed the hope that the connections between the Ghanaian and American business owners would lead to fruitful partnerships and contribute to the continued growth and prosperity of both Ghana and the United States.
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