Ghana is taking its investment pitch to US business leaders and international capital markets as President John Dramani Mahama begins a week of high-level engagements in New York aimed at attracting private investment and expanding commercial partnerships.
The President’s programme at the 81st United Nations General Assembly includes a US-Ghana Presidential Roundtable with business leaders, meetings with executives of multinational companies and the NASDAQ Closing Bell ceremony.
The business engagements come at a time when government is looking to the private sector to provide a larger share of the capital needed to expand the economy.
President Mahama said earlier this month that government could not undertake every investment required for national development and that its role was to create conditions for businesses to invest and expand.
That message is likely to shape Ghana’s pitch to US investors, with the government seeking to turn improved macroeconomic conditions and its investment priorities into new private-sector projects.
The US-Ghana Presidential Roundtable, organised by the US-Africa Chamber of Commerce, will provide an opportunity for the government to engage directly with businesses on investment opportunities and commercial cooperation.
The President is also scheduled to meet executives of multinational companies as part of efforts to strengthen partnerships and encourage investment in Ghana.
The government has also announced plans to channel GH¢2.5 billion annually into five sectors under a proposed new economy initiative, with the money expected to support private-sector businesses rather than create new state-owned enterprises. The sectors include pharmaceuticals, agriculture and agro-processing, tourism and power generation.
Against that backdrop, the New York engagements give Ghana an opportunity to put specific investment opportunities before international companies and investors.
The NASDAQ Closing Bell will provide a more visible platform for the country’s investment message, placing Ghana before an international financial and corporate audience. The Presidency says the engagement is intended to promote Ghana as a destination for business and investment.
The commercial value of the trip, however, will ultimately depend on what follows the meetings.
Investor interest has to translate into capital commitments, new businesses, expansion of existing operations, technology transfers and jobs for the engagement to have a measurable impact on the economy.
For Ghana, the challenge is therefore moving from investment promotion to investment execution, particularly in sectors where the country wants private capital to drive growth.
Beyond the business programme, President Mahama will deliver Ghana’s statement at the UN General Debate on September 24 and participate in other high-level meetings before engaging the Ghanaian community in New York on September 25.
