Business

Ghana Grabs Funds For Infrastructure Dev’t From Japan

The Government of Ghana has signed various Memoranda of Understanding with the Japanese Government to seek funds to embark on infrastructural projects across the country.

The Japanese government has announced a whopping $30 billion African Support as part of TICAD8 deal for investment in various sectors of the African economy.

Deputy Minister of Finance, John Ampontuah Kumah who represented his boss, Ken Ofori-Atta signed the MoU with the Japanese Government at the 8th Meeting of the Tokyo International Conference on African Development (TICAD) held in Tunisia between 27th and 28th August, 2022.

He said the MoU signed between the two countries is aimed at improving the road infrastructure, manufacturing and export sectors of the Ghanaian economy.

According to Dr. Kumah “Leveraging on the TICAD platform, we presented to a number of Japanese investors the viable sectors and investment opportunities ready for development in Ghana”.

Dr. Kumah explained that “these underdeveloped sectors included petrochemicals, integrated bauxite/aluminum, iron and steel, garments and textiles, pharmaceuticals, machinery and equipment, basic chemicals (paint), agribusiness, among others when properly invested in and developed, has a huge potential of transforming the Ghanaian economy and profitability of investors”.

He added that “Likewise, they also presented to us various expertise and areas of investment interest and support they can offer”.

The Deputy Finance further stated that these discussions focused on attracting foreign direct investments to boost the development of a strong Ghanaian manufacturing and export hub to take advantage of the market size the African Continental Free Trade Area (AfCFTA) provides, reduce our reliance on imports and its pressure on our local currency, create jobs, and improve the welfare of the Ghanaian populace.

Dr. Kumah was accompanied by the Minister for Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey; Minister for Trade and Industry, John Alan Kwadwo Kyerematen; Chief Director of the Ministry of Roads and Highways representing the Minister Kwasi Amoako Atta; and a technical team from various Ministries.

The delegation on behalf of the state signed various MoUs with Japan during the meeting.

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