Industry players highlight business strategies to sustain growth in Ghana at GATAC dialogue in Dubai

Global-Africa Trade Advisory Chamber (GATAC) recently convened a global business dialogue in Dubai, bringing together industry leaders, academics, and researchers to discuss strategies for sustaining business growth in Ghana and across Africa to attract foreign investors.

The event underscored Ghana's emergence as a fertile ground for investment, with its wealth of natural resources, burgeoning consumer market, and growing political stability. Despite these advantages, the challenge of maintaining growth to lure international investors remains.

A key theme of the dialogue was regional integration, with Ghanaian companies urged to use the country's free zones as conduits to the broader African market, thereby enhancing trade investment. Ambassador Mike Oquaye Jr., CEO of the Ghana Free Zones Authority, emphasized the strategic benefits of operating within these zones.

Participants also spotlighted the African Continental Free Trade Area (AfCFTA) as a critical step towards a unified market, poised to diminish trade barriers and widen market access. Companies well-placed in these integrated regions are expected to reap the rewards of broader market reach and increased operational efficiency.

The dialogue also focused on the necessity of a favorable regulatory environment. Streamlining bureaucratic procedures, fostering transparency, and providing incentives like tax breaks or investment guarantees were highlighted as essential to boosting investor confidence.

Technological advancements were recognized as pivotal, with fintech solutions contributing to financial inclusion and agritech innovations boosting agricultural productivity. These advancements are key for companies to sustain operations and attract investors looking for high-growth opportunities.

Investment in human capital was another significant topic, with experts advocating for investment in education, vocational training, and skills development to prepare local talent for innovation and productivity. Such investments not only empower socio-economically but also draw investors interested in sustainable and responsible ventures.

Dr. Dominic Oduru Antwi, President of GATAC, remarked, "For Ghana and Africa to thrive and attract investors, building synergies and networks for local development and competitiveness is crucial."

The consensus among discussants was clear: As Africa positions itself as a business and investment hub, strategic initiatives focusing on infrastructure, policy reform, technological innovation, regional integration, human capital, and ESG practices are vital. These strategies will not only sustain growth but also attract the investment necessary to unlock Africa's economic potential, promoting inclusive and sustainable development.

The event saw attendance from notable business executives and professionals, including Mr. Ashok Puri, Chairman GMT; Ambassador Mike Oquaye Jr., CEO of Ghana Free Zones Authority; H.E. Yaqoob Al Ali, Executive Director and Advisor to the Office of HH Sheikh Juma Bin Maktoum Al Maktoum; Dr. Kendrick Carrol; Ambassador Sandeep Mehta, Secretary-General and Chair of the International Diplomatic Mission-UAE; Andrew Achampong-Kyei, Managing Director of GLICO Group, Ghana; Dr. Arshi Ayub Zaver, Senior Advisor in the Royal Family, Abu Dhabi; Dr. Senorita Isaac, Trade Commissioner of the Latin American Caribbean Council; HRM Queen Vickylextar Omanye of the Royal Kingdom; Dr. Noura M. Nasib, GATAC Ambassador to the UAE; and Florence Torson-Hart, President of the US-Ghana Chamber of Commerce.

This gathering marks a significant step towards enhancing Ghana's visibility on the global investment stage and sets the tone for future economic growth and prosperity in the region.