Yofi Grant on what makes Ghana attractive to investors

Ghana has positioned itself as a spearhead of the African Renaissance on the economic and business fronts, according to Yofi Grant, the CEO of the Ghana Investment Promotion Centre. In a recent interview with CNBC Africa, Grant highlighted Ghana's role in hosting the headquarters of the African continental free trade area, underscoring the country's importance in driving trade and business across the continent. Grant emphasized the significance of this role, noting that Ghana has historically been a pioneer in African political relations and is now leading the way in economic and business spheres. This repositioning reflects Ghana's commitment to driving inclusive growth and shared prosperity both within the country and the wider African region. With a focus on democratizing the economy, Ghana has implemented policies like the 'one district, one factory' initiative, aimed at establishing manufacturing or value-addition enterprises in each of its 260 districts. This strategy not only fosters economic growth at the local level but also enhances regional economic integration as Ghana expands its manufacturing capacity to neighboring West African countries. Grant also addressed the issue of electricity supply in Ghana, acknowledging past challenges like 'Dumsor' (on-and-off power cuts) and the importance of a reliable power supply for industrialization. Ghana is addressing this issue by diversifying its energy sources into renewable and sustainable options like solar, wind, and hydro power. The country has also privatized its electricity corporation to improve efficiency and ensure a stable power supply for industrial development. Grant emphasized Ghana's shift away from a raw material-based economy towards value addition and industrialization. By adding value to its resources and focusing on industrial growth, Ghana aims to transform its economic structure and create a sustainable foundation for development. Additionally, Grant touched on the importance of self-financing for African countries, highlighting Africa's vast mineral resources and the potential for economic independence and growth through value addition and resource utilization. The 'Ghana Beyond Aid' initiative, championed by the country's president, aligns with this vision of self-reliance and economic empowerment for Africa, moving away from dependency on external aid and unlocking the continent's potential for self-sustained development. Ghana's commitment to inclusive growth, economic integration, and sustainable development underscores its role as a key player in Africa's economic renaissance, driving progress and prosperity for the continent.