The Global Africa Summit (GAS) in Accra, Ghana, brought together African leaders and the diaspora to promote cross-continental trade. Hon. Patrick Yaw Boamah, Member of Parliament for Okaikwei Central, highlighted Africa’s demographic landscape, noting North Africa’s 1.4 billion people and West Africa’s 490 million, with a predominantly young population under 25.
This youthful demographic offers labor, innovation, and market potential, but attracting investment requires a fair and transparent judicial system. Investors need assurance of just treatment in disputes and reliable courts. Regulatory reforms and unpredictable changes are major concerns.
Hon. Boamah emphasized the need for strong legal and legislative reforms, citing Ghana’s opportunities, including the 24-hour economy initiative and digital coding systems. Ghana’s Public-Private Partnership (PPP) Act of 2020 enables government collaboration with private investors in areas like transport and water systems.
Challenges include transportation difficulties and complex travel across the continent. However, Ghana’s banking sector is strong, particularly in cybersecurity, and the African Continental Free Trade Area (AfCFTA) headquarters is working to create a unified digital platform for trade and access to capital.
Tax incentives and investment packages are crucial, with investors seeking stability and clear incentives. Harmonizing investment packages across African countries is key. Ongoing reforms to the GIPC Act aim to attract more investors, especially local businesses.
Hon. Boamah stressed that Africa’s ability to attract investment hinges on aligning governance with investor expectations through a fair legal system, predictable regulation.
The Global Africa Summit (GAS) in Accra, Ghana, brought together African leaders and the diaspora to promote cross-continental trade.
Hon. Patrick Yaw Boamah, Member of Parliament for Okaikwei Central, highlighted Africa’s demographic landscape, noting North Africa’s 1.4 billion people and West Africa’s 490 million, with a predominantly young population under 25. This youthful demographic offers labor, innovation, and market potential, but attracting investment requires a fair and transparent judicial system. Investors need assurance of just treatment in disputes and reliable courts. Regulatory reforms and unpredictable changes are major concerns.
Hon. Boamah emphasized the need for strong legal and legislative reforms, citing Ghana’s opportunities, including the 24-hour economy initiative and digital coding systems. Ghana’s Public-Private Partnership (PPP) Act of 2020 enables government collaboration with private investors in areas like transport and water systems. Challenges include transportation difficulties and complex travel across the continent.
However, Ghana’s banking sector is strong, particularly in cybersecurity, and the African Continental Free Trade Area (AfCFTA) headquarters is working to create a unified digital platform for trade and access to capital.Tax incentives and investment packages are crucial, with investors seeking stability and clear incentives. Harmonizing investment packages across African countries is key. Ongoing reforms to the GIPC Act aim to attract more investors, especially local businesses.
Hon. Boamah stressed that Africa’s ability to attract investment hinges on aligning governance with investor expectations through a fair legal system, predictable regulation, and coordinated investment frameworks. Collaboration among African leaders is essential for unlocking the continent’s full economic potential.
Story by: Ernest Frimpong (+233247220948)
