In Ghana, the investment landscape is constantly changing, bringing both challenges and opportunities to investors. At a forum organized by the World Bank and European Union, a Senior Private Sector Specialist of the World Bank, Hania Kronfol says investors must stay up-to-date on the latest developments, and be prepared to adapt to changing conditions in order to succeed in Ghana’s dynamic investment market. She however identified some global, regional and national challenges and opportunities that the country could take key notice of.
With regards to the global market, some major challenges she outlined are the Russia-Ukraine war and climate change, and challenges posed by global warming. She explains that the investor landscape has become increasingly uncertain due to both the COVID-19 pandemic and the spill-over effects of the Russia-Ukraine war, and the significance of sustainable green growth, emphasized by climate change and the challenges caused by global warming, should necessitate a move away from investments that harm natural resources.
Globally, she said new opportunities for both private sector and government are emerging due to digitalization and technology, and moreover, in the African region, the AFCFTA has the capacity to boost foreign direct investment in the area by 160%, and may lead to rise in income. She further reiterated that domestically, the fiscal crisis and macro-economic challenges in Ghana have heightened the need to prevent capital outflows and promote the growth of private investment.
She however concluded that despite all the challenges, many investors remain optimistic about the future of Ghana’s investment landscape . With the right strategies and a willingness to embrace innovation, they believe the country’s growing economy and vibrant business community offer ample opportunities for long term-term growth and success.