Home » Supplement » Ghana
The Golden Gateway to Africa
December 2, 2012, Sunday
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EXPORTS of cocoa, oil and gas are fueling Ghana's impressive economic growth
Rich in natural and human resources, Ghana is the undisputed jewel in West Africa's crown, thanks to a fast-growing, free market economy that has thrived for many years on the twin pillars of political and social stability.
Millions of dollars of foreign direct investment (FDI) is flowing into the ambitious country as the business-friendly government looks to diversify its traditional agriculture-dominated economy into other sectors such as energy, services and tourism.
China is playing a leading role in the development of Ghana's fledgling oil and gas industry with the China Development Bank spearheading the massive investment drive through loans worth US$3 billion that will fund ambitious new infrastructure projects. Such projects include a massive natural gas plant, vast oil and gas pipelines, railway lines, modern ports, harbors and cargo loading facilities, highways, housing and information and communications technology (ICT) networks.
The country of 25 million people boasts many attractions for foreign investors, including quota-free access to the lucrative US and EU markets as well as more than 300 million consumers in the major Economic Community of West African States (ECOWAS).
Other key economic and commercial advantages include competitive labor costs, a strategic location in the heart of West Africa, excellent air and sea links to other countries, a successful privatization drive and the right to own 100 percent of all local investments.
Following the tragic death of President John Atta Mills in July this year, President John Dramani Mahama was appointed leader and is among the candidates standing in the general election on December 7, 2012.
"The commitment to invest in people, build a strong economy, develop infrastructure and ensure transparency and accountability in governance were the building blocks of the 'Better Ghana Agenda,' and we remain steadfast in pursuing that commitment," President Mahama says. "We have managed to stabilize the currency and bring down inflation and interest rates. It is in two sectors -- oil and gas plus mining - where we are seeing strong investments coming but Ghana is not abandoning the traditional sectors and we are seeing strong participation in the agricultural sector, especially cocoa."
Ghana has consolidated some economic fundamentals and is at the threshold of middle-income country status.
"This phase has largely been led by government but the next phase of transformation must be led by the private sector," President Mahama explains. "We succeeded in obtaining the US$3 billion facility from China which is helping us rebuild railroad infrastructure in the western region and construct new infrastructure for oil and gas. By accelerating GDP growth and nurturing expansion of our small- and medium-sized enterprises, we expect the economy to throw up hundreds of thousands of sustainable jobs over the next few years."
The world's second largest producer and exporter of cocoa behind neighboring Ivory Coast, Ghana's annual cocoa bean production is expected to total 850,000 tons this year despite unfavorable growing conditions.
Cocoa tempts Chinese
Cocoa remains the backbone of the country's booming economy and the delicious commodity is shipped to many countries around the world, including to the US, China and nations in Europe and Latin America.
Established in 1947, the Ghana Cocoa Board (COCOBOD) facilitates the production, processing and marketing of quality cocoa, coffee and sheanut in the most efficient and cost effective manner, and maintain the best mutual industrial relation with its objectives.
During a special ceremony in the country's bustling capital, Accra, in September 2012, the state-run institution signed a US$1.5 billion pre-export trade finance agreement for the purchase of cocoa for the 2012/2013 season.
Ghana's delighted Finance Minister, Kwabena Duffuor, says: "I wish to express my profound gratitude to our financiers, both local and foreign, for the confidence shown in the Ghanaian economy in general and the cocoa industry in particular. I also want to assure the international community of government's commitment to ensure a stable and friendly environment for business."
COCOBOD's activities center on the production, research, extension, internal and external marketing and quality control of locally-produced cocoa, with the functions divided into two main sectors: Pre- and Post-harvest.
COCOBOD CEO, Tony Fofie, adds that with the full support of the government his institution is working hard to modernize and expand the cocoa industry as demand grows strongly.
"China is one of our first priorities mainly in terms of market penetration. The very large population of China could purchase around 10 percent of our production. We need partners who will explore and open the markets in China for us to export our beans. We also need to educate the Chinese population on their cocoa consumption for them to enjoy it as much as they enjoy tea."
At the forefront of government efforts to achieve export-led growth is Trade and Industry Minister Hannah Tetteh, an experienced individual committed to improving the competitiveness of local industries and the country as business destination.
"My vision is to establish Ghana as a major manufacturing, value-added, financial and commercial hub in West Africa by 2015 and ensure effective trade and industrial development for national evolvement that will lead to the diversification and structural transformation of the economy," Minister Tetteh says.
Rich in natural and human resources, Ghana is the undisputed jewel in West Africa's crown, thanks to a fast-growing, free market economy that has thrived for many years on the twin pillars of political and social stability.
Millions of dollars of foreign direct investment (FDI) is flowing into the ambitious country as the business-friendly government looks to diversify its traditional agriculture-dominated economy into other sectors such as energy, services and tourism.
China is playing a leading role in the development of Ghana's fledgling oil and gas industry with the China Development Bank spearheading the massive investment drive through loans worth US$3 billion that will fund ambitious new infrastructure projects. Such projects include a massive natural gas plant, vast oil and gas pipelines, railway lines, modern ports, harbors and cargo loading facilities, highways, housing and information and communications technology (ICT) networks.
The country of 25 million people boasts many attractions for foreign investors, including quota-free access to the lucrative US and EU markets as well as more than 300 million consumers in the major Economic Community of West African States (ECOWAS).
Other key economic and commercial advantages include competitive labor costs, a strategic location in the heart of West Africa, excellent air and sea links to other countries, a successful privatization drive and the right to own 100 percent of all local investments.
Following the tragic death of President John Atta Mills in July this year, President John Dramani Mahama was appointed leader and is among the candidates standing in the general election on December 7, 2012.
"The commitment to invest in people, build a strong economy, develop infrastructure and ensure transparency and accountability in governance were the building blocks of the 'Better Ghana Agenda,' and we remain steadfast in pursuing that commitment," President Mahama says. "We have managed to stabilize the currency and bring down inflation and interest rates. It is in two sectors -- oil and gas plus mining - where we are seeing strong investments coming but Ghana is not abandoning the traditional sectors and we are seeing strong participation in the agricultural sector, especially cocoa."
Ghana has consolidated some economic fundamentals and is at the threshold of middle-income country status.
"This phase has largely been led by government but the next phase of transformation must be led by the private sector," President Mahama explains. "We succeeded in obtaining the US$3 billion facility from China which is helping us rebuild railroad infrastructure in the western region and construct new infrastructure for oil and gas. By accelerating GDP growth and nurturing expansion of our small- and medium-sized enterprises, we expect the economy to throw up hundreds of thousands of sustainable jobs over the next few years."
The world's second largest producer and exporter of cocoa behind neighboring Ivory Coast, Ghana's annual cocoa bean production is expected to total 850,000 tons this year despite unfavorable growing conditions.
Cocoa tempts Chinese
Cocoa remains the backbone of the country's booming economy and the delicious commodity is shipped to many countries around the world, including to the US, China and nations in Europe and Latin America.
Established in 1947, the Ghana Cocoa Board (COCOBOD) facilitates the production, processing and marketing of quality cocoa, coffee and sheanut in the most efficient and cost effective manner, and maintain the best mutual industrial relation with its objectives.
During a special ceremony in the country's bustling capital, Accra, in September 2012, the state-run institution signed a US$1.5 billion pre-export trade finance agreement for the purchase of cocoa for the 2012/2013 season.
Ghana's delighted Finance Minister, Kwabena Duffuor, says: "I wish to express my profound gratitude to our financiers, both local and foreign, for the confidence shown in the Ghanaian economy in general and the cocoa industry in particular. I also want to assure the international community of government's commitment to ensure a stable and friendly environment for business."
COCOBOD's activities center on the production, research, extension, internal and external marketing and quality control of locally-produced cocoa, with the functions divided into two main sectors: Pre- and Post-harvest.
COCOBOD CEO, Tony Fofie, adds that with the full support of the government his institution is working hard to modernize and expand the cocoa industry as demand grows strongly.
"China is one of our first priorities mainly in terms of market penetration. The very large population of China could purchase around 10 percent of our production. We need partners who will explore and open the markets in China for us to export our beans. We also need to educate the Chinese population on their cocoa consumption for them to enjoy it as much as they enjoy tea."
At the forefront of government efforts to achieve export-led growth is Trade and Industry Minister Hannah Tetteh, an experienced individual committed to improving the competitiveness of local industries and the country as business destination.
"My vision is to establish Ghana as a major manufacturing, value-added, financial and commercial hub in West Africa by 2015 and ensure effective trade and industrial development for national evolvement that will lead to the diversification and structural transformation of the economy," Minister Tetteh says.
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