Ghana fell short on almost all AFCTA competitive indicators – Business mogul

Businessman, Sam Jonah has averred that Ghana fell short on almost all the competitive indicators used in the Africa Continental Free Trade Area (AfCFTA) despite its successful implementation in Ghana.

The competitive indicators he listed were the cost of credit and power, productive capacity, customs efficiency, trade logistics, and dependency on foreign input.

He said this in reference to research conducted by an advisory firm, Konfidant.

According to him, “a research and advisory firm Konfidant reported that Ghana fell short on almost all AFCFTA competitive indicators. These are; cost of credit, cost of power, productive capacity, customs efficiency, trade logistics and dependency on foreign input.”

Sam Jonah also called for the reevaluation of the structure of the Ghanaian economy for it to witness developmental growth.

He said the narrative of most investors being foreigners must change and the drivers of the economy should be largely owned by Ghanaians.

“Investment promotion is like a beauty pageant. The reward goes to the country which is adjudged to be the most attractive as an investment destination. What conditions create a conducive environment for investment in any country?” he quizzed.

For there to be a turn around in the 'weak' economy, Sam Jonah was of the view that, “We must re-evaluate the structure of our economy. No country has attained the height of development unless the major drivers of the economy are owned and controlled largely by the citizenry. Take a look at the major drivers of the Ghanaian economy in the financial sector, the mining sector, construction of major projects, telecommunications, oil and gas, insurance etc. These are often predominantly foreign-owned, and Ghanaians own little in these sectors.”