GHANA-UK INVESTMENTS & OPPORTUNITIES SUMMIT 2020
Last month, I had the pleasure of being in the presence of esteemed and distinguished guests at the Ghana-UK Investment and Opportunities Summit held at the Hilton, Park Lane. The theme of this year's summit was 'Accessing the African Common Market through Ghana: Technology, Digitisation & Industrialisation'. Against the backdrop of the UK-Africa Summit just the day before where Prime Minister Boris Johnson shared how the UK, post-Brexit, amongst other articles of focus, aims to strengthen its partnerships with African countries. The Prime Minister’s Trade Envoy for Ghana and Guinea at the Ghana-UK Summit, Andy Afriyie stressed that the UK/Ghana partnership is “very real” and can be reflected in the clear fact that Ghana's exports to the UK had risen by 37% over the last year.
Image: President Akufo-Addo and Boris Johnson post UK-Africa Summit 2020
Hosted by Michael Lutterodt Quarcoo Amaning, this two-day Summit was both insightful and timely and focussed on how we as Diasporans in our various capacities, could invest in a thriving Ghana and also how access to Africa as a common market could be facilitated through Ghana.
The keynote address came from His Excellency President Nana Addo Dankwah Akufo-Addo who shared his general optimism for the development of the nation, stemming from his progress in office during his presidential term, as well as the incoming Continental Free Trade Agreement, with the hopes of Africa seriously benefiting from it. His Excellency described Ghana as an optimistic, self-confident nation committed to mutual trust and fostering economic opportunities. President Akufo-Addo shared how the pragmatic approach that his office has implemented in managing the economy is necessary when creating a business friendly environment, particularly one that stimulates growth and jobs. The Cabinet's commitment to streamlining agencies to cut down bureaucracy to formalise the economy can only really be done through digitisation - the roll out of several electronic government services including e-procurement, e-immigration and e-registrar are prime examples of this.
Image: $100M deal between Ghana EXIM Bank and Credit Suisse
I personally enjoyed hearing Minister of Communications, Hon. Ursula Owusu-Ekuffo discuss digitisation and what it means for Ghana and Africa. First and foremost, she is the definition of an eloquent and elegant woman - just wow! I think at times when discussing development, we focus a lot on the visible and somewhat tangible forms of infrastructure, however, the world of technology is indeed a vast one and Ghana needs to intentionally tap into the digital revolution. "Data is the new oil and Africa must also benefit from it. We must be part of the global conversation in this area. ICT will allow us to unearth human capital to promote innovation, confidence, peace and security" - Hon. Ursula Owusu-Ekuffo.
What needs to be done?
Quite simply put, a lot. In order to be part of the transformational agenda, "we need to plug in at various levels" (Hon. Kojo Oppong-Nkrumah, Minister for Information). We need to leverage our natural resources, invest in infrastructure and most importantly invest in the youth of Ghana and women (just as a gentle reminder, according to the 2019 Mastercard Index of Women Entrepreneurs (MIWE), Ghana is producing the second largest number of female entrepreneurs- globally! Women, we do all ooo!)- including the public and private sector.
It was encouraging for me as a young professional and businesswoman, to be in the presence of like-minded stakeholders that were actively involved and present in their respective industries and even those in the process of moving back to Ghana. So many worthwhile connections were indeed made. I would personally encourage young people - professionals and entrepreneurs alike that have a vested interest in Africa to get into spaces in which you can learn from. Be a sponge, become well-versed on topical issues, strive to learning and understanding the vernacular of the day. Of course, I cannot share everything that was mentioned on the day, but I would seriously encourage as many of you as are interested to take time out to watch videos from the Summit. The videos of the two-day Summit can be found here. (Please note that jenniferfrimpong.com does not own the rights to the linked videos)
Image: R. Yofi Grant, CEO of Ghana Investment Promotion Centre (GIPC)
Image Source: A-Klass Officials
R. Yofi Grant shared, rather extensively, how Ghana is currently spearheading the African Renaissance and in all honesty, I agree. I think Ghana has proved itself over the last few years as a country that is indeed full of opportunities, open to investment (mentioned also by Ken Ofori-Atta, Minister of Finance), open for business, open to change and finally optimistic (The 3 O's, Yofi Grant)
I believe that whilst there were a variety of talks that catered to the various demographics represented within the delegation, the major take away point is that the next decade will indeed be an interesting one for not just Ghana but Africa as a whole. There are an array of opportunities across the majority of sectors and industries. There is a call for increased investment, greater collaboration and never-ending commitment to the development of Ghana and Africa.
His Excellency Papa Owusu-Ankomah stressed the importance of involving the Diaspora in the development agenda and as many readers are indeed Diasporans, the call to action has been sounded. Let us rid ourselves from the 'saviour mentality', take time to learn about the country and its socio-economic climate and work on collaborating with each other, and indigenous Ghanaians to foster an environment that is responsive to foreign direct investment, the movement of people, goods and services - a Ghana that our forefathers would indeed be proud of.
In closing, what I will say is that events like this can, at times, paint an almost utopian picture of Ghana. On the ground, people are still living mouth to mouth, financial products are not always accessible and small to medium sized business owners still struggle. A delegate encompassed the above quite well in saying that the moment a minister sneezes, businesses catch cold. It is not easy to say, move back to Ghana straightaway, it is not easy setting up a business in Ghana, it is even harder to do the aforementioned if you do not know somebody that knows somebody. It is hard work. I do hope that measure that have been put in place, as well as that which is incoming, will ease the transition and make things a little smoother for indigenous Ghanaians and Diasporans alike.
Many thanks to the GHIOS Committee in collaboration with the Ghana High Commission (UK) and Ghana Investment Promotion Centre for organising this year’s Summit. It is my hope that feedback is well received and we get to experience an even better summit next year!
Here is to a new year, beyond the return, a new decade, one in which we can actively make strides to create an Africa that is worthy of being at the table of big global players.