ACCRA — Ghana is actively attracting investments into its agricultural and digital sectors, as evidenced by Fitch Solutions' recent upgrade of the country's credit rating.
According to Ghana News Agency, Mr. Kojo Oppong Nkrumah, the information minister, spoke on the sidelines of the maiden Ghana Mutual Prosperity Dialogues held on November 2 in Accra. He highlighted the profitable opportunities available in Ghana's agriculture and digital sectors and pointed to the government's role in fostering a conducive environment for both local and international investors.
The minister's remarks were made in the context of Fitch Solutions upgrading Ghana’s long-term local currency issuer default rating to 'CCC', indicating a real but improved possibility of default compared to the previous 'restricted default' status. This upgrade signals a noteworthy shift as the government has initiated the settlement of outstanding payments on local bonds following the Domestic Exchange Programme (DDEP).
Ghana has demonstrated an average economic growth of 3.2 percent in the first half of 2023 and has seen a decline in inflation and currency volatility. The information minister linked these economic markers to the nation's successful debt restructuring and burgeoning investment climate.
He elaborated those positive ratings by entities like Fitch showcase Ghana's economic resilience and reform, enhancing investor confidence. The government's introduction of the Planting for Food and Jobs (PFJ) initiative in 2017 stands as a testament to creating lucrative investment avenues in the agriculture sector. The PFJ aims to boost farmer productivity through subsidies on inputs, extension services, and marketing support.
Ghana's digital sector's impressive growth, averaging 19 percent from 2014 to 2020, positions the country as a leader in the World Bank's Digital Economy diagnostic report for Sub-Saharan Africa. Mr. Nkrumah underscored the government's future focus on enhancing agricultural and digital infrastructure, including initiatives in aquaculture and the development of data centers to support digital products and services.
Furthermore, Mr. Nkrumah stressed that Public-Private Partnerships (PPPs) would be pivotal for Ghana's economic transformation and job creation. The government aims for economic stability to underpin investor confidence rather than accumulating liabilities.
The Finance Minister, Mr. Ken Ofori-Atta, also emphasized the importance of hosting the African Continental Free Trade Area (AfCFTA) headquarters, noting the need for regular dialogue to foster national advancement and business transformation. The mutual Prosperity Dialogues serve as a platform for the public and private sectors to outline strategic plans, policies, and schedules to expedite economic revitalization.