Ghana is abundantly endowed with natural and human resources. The natural resources include mineral wealth, a good supply of arable land suitable for both crop and livestock production, forest resources, marine and freshwater fish stocks and a good potential for hydro-electricity generation.
Ghana is strategically located within West Africa, with easy access to one of Africa’s biggest markets [over 250 million people]. Ghana’s location as well as its relative stability make her a natural gateway for regional trade and investment.
The economy of Ghana has in recent years made positive progress, as a result of policy reforms which have improved macro-economic performance and created a business environment conducive to the reduction of costs. These reforms have also brought about a stabilised national currency, consistent reduction of the rate of inflation, steady decline in bank and lending rates, an improved Gross Domestic Product of 5.2 per cent and a reduction in the time for establishing new business.
The trust of government’s economic policy is to energise the private sector, making it truly the engine of growth. The Ministry of Private Sector Development has, therefore, been established within the Presidency and is designed to be the advocate of business, working with all other Ministries to remove bottle necks and frustration that business entrepreneurs face.
It is Government’s policy to promote private sector business activity in the following broad ways:
- A liberalised trade regime within the spirit and principles of the World Trade Organisation [WTO];
- Liberalized investment regime sustained by a targeted investment drive;
- An export oriented, value-addition industrial development strategy;
- Free zone development encompassing:-
- Factory specific and export processing zone
- Liberalised skies
- Free ports