SHINING BRIGHT by PENRESA

PENRESA FOCUS ON GHANA DECEMBER 2017 / JANUARY 2018 EDITION

Produced in association with

Shining Bright

The rebirth of Africaâ&#x20AC;&#x2122;s star

Inside this issue, exclusive interviews with:

H.E. DR. Mahamudu Bawumia Vice President of Ghana

H.M. Boakye Agyarko H.M. Ken Ofori-Atta DR. Ernest Yedu Addison

PENRESA

INDEX PAGE 06 Interview Mahamudu Bawumia Vice President of Ghana PAGE 08 Interview John Kufuor Former President of Ghana PAGE 10 Interview Boakye Agyarko Minister of Energy PAGE 12 Interview Seth Terkper Former Minister of Finance PAGE 13 Interview Ernest Addison Governor of Bank of Ghana PAGE 14 Interview Patience Akyianu MD of Barclays Bank PAGE 18 Ghana’s Renewable Revenue Stream

A New Vision for Africa www.penresa.com I info@penresa.com This report is sponsored and produced by PENRESA and did not involve the reporting and editing staff of any third party. THIS REPORT WAS POSSIBLE THANKS TO:

A New Frontier

President Akufo-Addo’s administration brings an exciting roadmap for the future

n January 7th 2017 the leader of the New Patriotic Party (NPP) Nana Akufo-Addo was inaugurated as President of Ghana following a peaceful election. His message to the Ghanaian people was one of change; prioritising economic stability and projecting it securely forward towards a future of growth, self-sufficiency and wellbeing. Two months later, Ghana celebrated 60 years of independence from colonial rule and the country exploded in red, gold and green while parades filled the streets. The optimism sparked from the new administration’s policies and management became entangled with the festivities and celebrations. The Ghanaian people were united on a wave of hope and positivity that reverberated across the country and has made people around the world sit up and pay attention. “GHANA IS OPEN FOR BUSINESS AGAIN”

President Nana Akufo-Addo

Akufo-Addo’s vision for Ghana’s economy is ambitious but grounded in practicality, sensitivity and action. The programmes implemented are aimed at setting up a

macroeconomic system that will restore fiscal consolidation, sustainability and growth and provide the country with a reliable and stable economy, as well as providing investors with good returns. Minister of Finance, Ken Ofori-Atta states, “We are building the most businessfriendly environment on the continent.” Akufo-Addo’s clear-cut message of cooperation between the industrialisation of Ghana with the local or international private sector has meant that during the first months of his power a number of taxes have been abolished and aligned with productivity in order to lift the burden on businesses. “WE ARE A MARKET ORIENTED POLITICAL PARTY”

Boakye Agyarko, Minister of Energy President Akufo-Addo’s administration is intent on fortifying Ghana’s energy sector. They have issued a 15-year local-currency bond for US$2.5 billion to counteract the legacy debts of this sector which will in turn create the capacity for investment. The government encourages private sector participation as they restructure VRA, DECEMBER 2017 / JANUARY 2018

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PENRESA

A NEW FRONTIER of the private sector.” This programme alone is expected to create between 7,000 to 15,000 jobs per district by 2020. It will reduce importation and increase food availability while using local resources in order to manufacture or process products that are in demand both locally and around the world. This will allow the whole of Ghana to profit from economic growth, encourage development across Ghana and stabilise the Cedi but it will also, undoubtedly, provide investors with intriguing and profitable opportunities. “THE HOPE FOR THE YOUTH IS VERY SIGNIFICANT”

Vice President Mahamudu Bawumia

rationalise power space, improve and introduce new transparency in tariff setting and policy and move Ghana towards renewable energy. Vice President Mahamudu Bawumia explains the need to provide competitive prices: “I think it’s very important that if you can keep your macro, inflation and exchange rate stable with falling interest rates, then your fiscal is under control and that is how you open up the space for the private sector.” “WE ARE GOING COMPLETELY ELECTRONIC IN PORT CLEARANCE”

Vice President Mahamudu Bawumia The NPP government is dedicated to providing efficient business ports that allow for an expedient flow of imports and exports. In a stake to allow for competitive prices and smooth transactions “nonsense taxes” have been abolished and custom barriers will be eliminated. Bawumia states, “Philosophically, we believe that we have to move from a focus on taxation to a focus on production.” Another important factor is the pledge that the clearance of goods will be completely electronic. Successfully launched on September 1 of this year, this will enhance and facilitate transactions further. 4 | FORBES AFRICA

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‘ONE DISTRICT, ONE FACTORY’ POLICY

This industrialisation policy was the strength of his campaign. It is the flagship of Akufo-Addo’s administration and one whose fruition depends upon the private sector. Within only 100 days of office the administration had provided a strategy to this policy and there have already been meetings with primary stakeholders from South Africa, India, China, Britain and Turkey. In Beijing on June 21 this year, a Memorandum of Understanding (MoU) was signed for a funding facility worth US$2 billion from Chinese government’s private sector development corporation. The idea behind this scheme is to build (at least) one factory in each of Ghana’s 216 districts establishing, as President Akufo-Addo states, “at least one major industrial project, based on the natural endowment of economic potential of each district.” According to Vice President Bawumia it is about injecting value to Ghana’s very rich and vast raw materials (cacao, cashew nuts, tomatoes, coffee, cassava, maize, cotton, fruits, groundnuts and rice, to name a few) by processing them on the very land where they grow. He affirms that “the potential for value addition is one which emphasizes the participation

The median age of Ghanaians is 20.7, which makes Ghana a young nation full of young people. The government recognises the need to educate and train the population and in September this year, Akufo-Addo implemented the policy of free senior secondary school education for all. He believes it is necessary to focus on the youth as they will uphold the government’s new policies and the sustainable economy he is projecting towards. He also understands the importance of providing people with skills; enhancing a sense of pride based on real factors of success. “GHANA IS A LAND OF OPPORTUNITY FOR PRIVATE CAPITAL”

President Nana Akufo-Addo

The NPP symbol of the elephant has never been so apt. Ghana, under its NPP leader is emerging strong and united from its past, alert to mistakes made within the country and elsewhere and always resilient, reliable and solid. Bawumia points out, “If you look at Ghana in the region or the sub-region, we are a very stable and peaceful country with a working democracy.” These are exciting times indeed for Ghana as the country takes their destiny into their own hands, flinging open the door to the local and foreign private sector, and opening themselves up to possibility and potential in a stable, reliable and optimistic environment; embracing their bright future and fixing their rising star firmly in the heavens where only the sky is the limit.

VICE PRESIDENT OF GHANA

MAHAMUDU BAWUMIA

Building Bridges Between The Public And Private Sector INTERVIEW

opularly known as “Agbada,” Bawumia is the sixth Ghanaian to occupy the high office since 1992. The former professor and economist, now the second-in-command in Ghana, sat down with Penresa to detail his background and his plans to make the Black Star shine bright again.

Could you give a summary of your background?

I began in academia where I was an assistant professor, teaching economics in the US and then came down to work at the Central Bank as an economist in the research department. I left the Central Bank to enter politics but it didn’t work out so I returned to academia in 2008. I took a position at Oxford University, wrote a book and was a scholar at the Centre for the Study of African Economies. I returned to politics again to run in the 2012 election and again for the 2016 election, which finally worked out. As vice president, I chair the economic management team for Ghana and work very closely with my other colleagues.

Do you personally feel any similarities to Kwame Nkrumah?

Kwame Nkrumah, Ghana’s first president, occupies a very special place in our hearts and in the history of Ghana. His vision was clear on what he wanted for Ghana and Africa, in terms of the industrialisation policies plus he had an immaculate sense for state intervention. Today, we are trying to win independence again – not political but economic independence. I think AkufoAddo’s vision for Ghana is to have industrialisation cooperating more with the private sector. Ghana has been blessed by President Kufuor’s leadership. It came at a very important time for Ghana, in 2001, when he took office. The country was literally bankrupt and he led an economic transformation. I was actually very lucky to be part of that team that he put together. At the time, I was at the Central Bank and I worked with an awesome team that was able to make some major strides. President Akufo-Addo is building on Kuffour’s successes and moving the country on a forward path.

“Philosophically, we believe that we have to move from a focus on taxation to a focus on production.” 6 | FORBES AFRICA

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It is a similar situation between then and now. Positives and optimism. How do you see this impacting the short and medium-term development of Ghana and its ability to attract FDI?

In attracting private investments, there is a lot of interest because people see that we’re a serious government committed to fiscal discipline and macroeconomic stability. I think the first thing that we’re trying to do is attract private sector investment, both local and foreign, because private sector doesn’t mean only foreign. We must ensure we attract the private sector so that the burden of taxation is reduced on companies. Philosophically, we believe that we have to move from a focus on taxation to a focus on production. Thus far, we’ve abolished about 15 taxes so that we can reduce the burden on businesses. We are also introducing a lot of efficiency measures at the port. We are going completely electronic in port clearance and paperless at the port. Even domestic customs barriers within the country will be abolished. They’re all just inhibiting trade movement of goods. Once you move from the customs border, there is no need to meet other internal borders over again so we want to take all of those things out. In the energy sector, we want to ensure a reliable energy supply and private sector investment. VRA was set up as a hydro company and now they are one of the best in the world for hydro. We should let the private sector take care of the thermal side because we need much more private sector participation in the energy sector. We hope to see better investments along generation, distribution and transmission of energy. We’re making a major move to sort out the debts of the energy sector because ultimately, it’s been a financial problem. We have implemented a major bond issue to deal with the energy sector collateralised on some of the levies that we’ve imposed. It will be very important to free up the balance sheets of some of these companies so that we can make sure it doesn’t happen again.

Can you tell us a little bit about the “One District, One Factory” policy?

As a country, our focus is to move away from a reliance on raw materials, while trying to add real value to our raw materials. Looking at the value chain, if you only export raw materials you don’t get much money. Look at the cocoa farmer, if you take a US$1 bar of chocolate the cocoa farmer gets maybe 5 cents. So, you’ve got to add value to your products if you’re going to make money on the export of these products.

“We are prioritising our resources to educate our people so they become an opportunity for the country. The hope for the youth is very significant.”

What would you say makes Ghana the country of choice from an international investment point of view towards other countries in the region?

We have raw materials and in each district, it lends itself to value addition. In each district of Ghana, even if you are planting cassava you can add value by processing it into starch and exporting it. There’s so much – cashews, cocoa – you can process. I think when you look at Ghana as a whole, the potential for value addition is one which emphasizes the participation of the private sector. The good thing about the “One District, One Factory” is that it’s not the government that is going to go and set up factories, rather it’s the private sector. By encouraging the private sector, we can have at least one factory in each district and that will help the whole industrialisation drive for Ghana.

How is the government hoping to ensure a bright future or to educate the population for Ghana’s next 60 years? I think this is a very important point. The high number of youth that we have is really a potential strength for Ghana. This is why President Nana Akufo-Addo is bringing in this policy of free senior secondary school education (launched in September) for all in Ghana, so we can prioritise our resources to educating our people so they become an opportunity for the country. The hope for the youth is very significant.

Ghana is a very stable and peaceful country with a working democracy and a very educated population. We have a lot of available resources – gold, timber, bauxite, diamonds, water, oil. Most importantly, there’s a sense that Ghana is under good management. The team that the president has put together can take this country to the next level, meaning it’s a great place for investors. We will restore macroeconomic stability so investors will get a good return for their investment. Our markets are quite good, even the financial markets. Someone buying Cedi Bonds over US Treasury Bonds will make close to 20 times more in Ghana, even allowing for exchange rate depreciation. I think it’s reasonably attractive and we will continue to work to make it so.

Could you give us a brief message, to the readers of Forbes Africa, about this rebirth and optimism?

Our president said it best when he stated, “Ghana is a rich country and we are only poor because of poor leadership and we need to essentially have new leadership.” What we have with President Akufo-Addo is a really transformational leader. He wants to take the country to the next level so we are trying to do the things that will transform this economy. So, there is a lot of optimism. We are almost fearless in what we want to do. We want to use our resources for the benefit of our people. Couple this with good management, fiscal discipline and an environment that encourages private sector participation will result in a massive growth in the economy. That is the direction we are moving in and it makes us very optimistic. DECEMBER 2017 / JANUARY 2018

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FORMER PRESIDENT OF GHANA

JOHN KUFUOR

Looking Back To The Future

INTERVIEW

ormer President John Kufour looks back on the previous 60 years and discusses his hopes for his successor plus the bright future of Ghana.

“If we focus on humanity, accountability and the citizenship of the people over the next 60 years, Ghana should become truly a shining example, not only on the continent of Africa but globally.” JOHN KUFUOR, FORMER PRESIDENT OF GHANA

Can you tell our readers what democracy means to you, Ghana being a shining example of democracy in Africa?

Can you give us your opinion about the new president, Nana Akufo-Addo?

What were your first thoughts on the March 6?

What do you personally believe is the current status between Ghana and the international community and how do you see Ghana attracting further investment from foreign investors?

In a sense, democracy should make sovereignty the real power in the land and for the people in general. It is the people who give themselves the constitution that defines the state and then defines the institutions. Power is from the people and they give it to the elected or selected agents to use to serve them. If these elected people fail the people’s sanction should be to withdraw the power, by the stated methods within the constitution the people gave themselves. This is what democracy means to me.

We didn’t start off as a nation in the real sense of the word nation. Yes, we became Ghana 60 years ago but we were really a collection of tribes and chiefdoms, put together by the erstwhile colonial authority of Britain. For me, the thing of significance was the last election because when you look at the results critically, you get the impression that the elections have been fought on what the individual citizen appreciates. This is why the opposition candidate (President Akufo-Addo) was able to beat the incumbent president by over one million popular votes. So, that election is a indicator that at long last our country has become a nation of citizens, not a collection of chiefdoms, tribes and religious groups.

What is your vision of Ghana 60 years from now?

Starting from what I saw in the last election I would expect the people of this country to become even more informed, knowledgeable and objective in evaluating the performance of their government and would centre their citizenship to be the raison d’etre government. 8 | FORBES AFRICA

If we focus on humanity, accountability and the citizenship of the people over the next 60 years, Ghana should truly become a shining example, not only on the continent of Africa but globally.

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He comes from a background of the Big Six, the founding party system in Ghana. His education and his exposure globally – law and economics – conditioned him to be truthful to the principles of the traditions of our party. The team he has picked for ministers, especially in his cabinet, are all people of some distinction, competence and experience. Together they should be able to formulate far-seeing policies that should buoy the country up, increase the wealth of the land and then the wealth to be applied in the service of the nation, the citizenry of Ghana, inclusively.

Ghana has a lot to offer international investors and communities, because we see ourselves as the gateway to the continent of Africa. Our financial sector is growing stronger each day while AkufoAddo’s administration is talking of stabilising the macroeconomics, to attract investors, both from within and from without. We also believe in being good neighbours. Ghana and Nigeria, we call ourselves twin sister countries. Nigeria is big in all respects but we like to remind them that we’re the older twin. So, that’s Ghana for you – a profitable place to bring your investment to.

Can you give the readers of Forbes Africa magazine a message of confidence about Ghana and the present government?

This government is a continuation to move the country back on the trajectory – through democracy, peace and progress – of becoming the shining example for the continent of Africa. When looking at the potential of Africa, I truly believe Ghana should be the example for the world to see.

MINISTER OF ENERGY

BOAKYE KYEREMATENG AGYARKO

Restructuing The Power Generation And The Future

M “Our objective is to create a new Rotterdam in the western region, so we have trading, refining, storage and transportation facilities that serve the entire ECOWAS market.” BOAKYE KYEREMATENG AGYARKO, MINISTER OF ENERGY OF GHANA

INTERVIEW

inister of Energy Hon. Boakye Agyarko was sworn into office in February 2017 and immediately implemented a series of reforms displaying his commitment, ambition and dedication to turning the country’s power sector around. His aims are to encourage and aid economic growth by expanding the country’s private sector and providing sustainable and affordable power to meet the demands of industry, businesses and households in Ghana and beyond.

built sufficient reserve margins and redundancies in generation, transmission and distribution so as to have options. Our journey has moved us significantly out of interruptible power supply to the beginning of stable power supply. I’m sure that within our term of office we should be able to move out of stable supply and approach uninterruptible.

Can you specify some opportunities and challenges arising from the proposed power sector reforms?

We specifically aim to pursue exploration and development very aggressively, because that is our bread and butter. We went through a very deliberate process of setting up the Petroleum Revenue Management Act to guide us in how the resources are husbanded. Our most important step is to make sure that this wealth touches the individual lives of our citizens, so they feel that it has been beneficial to them.

There are a number of key changes that we are making. The first is rationalising the power space. By that I mean, getting rid of excess capacity. We think that any excess capacity should be exported to landlocked countries, such as Burkina, Mali, Niger, which are crippled by the cost of power generation. We’re also trying to establish a cashwaterfall mechanism to improve the liquidity of the entire power generation sector. We’re looking at restructuring power generation by trying to rely on gas as much as possible, instead of light crude oil, because it’s much cheaper. One of the key things we’ve promised this nation is to separate hydro and thermal. Restructuring our main power generator into a hydro gala is a major priority. These are some of the key changes that we are undergoing, in addition to all the institutional and regulatory realignments, which are intended to introduce efficiencies into the production cycle.

Has the challenge of constant power supply been overcome? Can Ghana count on constant power supply?

We came into office in an environment of interruptible power supply. All our efforts have been moving from interruptible power supply to stable power supply and from stable power supply to uninterruptable power supply. The difference between stable and uninterruptible is that we have 10 | FORBES AFRICA

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What steps are you taking to ensure that the oil and gas sector is properly handled and that its resources will benefit the whole country?

What are Ghana’s perspectives on how to bring prosperity to the region, with a growing population?

Our objective is to create a new Rotterdam in the western region, so we have trading, refining, storage and transportation facilities that serve the entire ECOWAS market. That way, there is a refinery adjacent to the oil deposits that can then process, store and transport across the entire sub-region.

Could you give a last message of confidence about Ghana to the readers of Forbes Africa magazine?

Ghana has shown itself to be resilient. We have a stable democracy filled with peaceful people who have respect for private property and rights. So, I’ll say that at this moment that Ghana is in the safest pair of hands in regards to the running of the country and it is in this environment that I would want to give assurance to all investors and tourists that this is the place to be at the moment because we have the opportunity to shape the future.

Providing electricity to all is about humanity. Without electricity, other essential steps for social development such as modern public health services or narrowing the digital divide, are daunting to solve. GRIDCo has developed a strategy for building a web of transmission networks to reinforce the Ghana Power System. By improving the reliability and quality of power in Ghana and the sub-region, while ensuring minimal environmental impact, GRIDCo makes the Black Star shine its brightest.

MINISTER OF FINANCE

KEN OFORI-ATTA

Upholding Ghana’s Revenue

INTERVIEW

hana’s mission to be a leading entrepreneurial country is dependent on Minister of Finance Ken OforiAtta’s major tax reforms. These focus particularly on the abrogation and reduction of taxes holding back the growth of the private sector. Recently, he set up the Ghana Revenue Authority (GRA), an economic transformation programme made up of a nine-member board whose aim is to ensure efficient revenue tax administration.

“We have started the reforms to get the private sector to work again. We aim to provide stable exchange rates, lower interest rates, stable energy supply, a shift in taxation to support growth, while spending in critical areas of the economy.” KEN OFORI-ATTA, MINISTER OF FINANCE OF GHANA

NPP regained power in Ghana this year. The last administration of NPP under President Kufuor was able to quadruple Ghana’s GDP and Ghana was able to attain middle-income status (MIC). What can be expected from the current administration?

There were five main pillars that we looked at in terms of the revenue: our expenditures, interest charges, wages and salaries, and something we call statutory funds, which were linked to revenue. We also decided to abolish some taxes, because we felt that we should now align taxes with productivity and not taxes for taxes sake. As you can see, the market is responding, the currency stabilised and our interest rates are coming down. That confidence of the market is now giving us a stable and important outlook for our future. We are laying strong foundations for private sector participation. We have a plan to increase GDP growth to an average of 9% over the medium term, and this will be supported by a business friendly environment for the private sector, infrastructure investment and growth in financial services.

You’ve stated that you believe that Ghana can achieve macroeconomic stability and direct economic policy through allocated efficiency. How will you create the necessary environment to achieve this? What opportunities will you create for the private sector? We have started the reforms to get the private sector to work again. We aim to provide stable

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exchange rates, lower interest rates, stable energy supply, a shift in taxation to support growth, while spending in critical areas of the economy. The savings we have made from public wastage have been phenomenal over the past eight months and we believe that we will continue to show sincere care for the public purse.

Job creation is an important part of any government. What are your plans to improve job growth and training?

We are revamping the Youth Employment Scheme, investing in agriculture, and more importantly supporting the growth of the private sector which is critical for job creation. One of the pillars of the 2018 budget will be farm credit and how it will impact youth engagement in agriculture.

Tax revenue is fundamental for sustaining investments in health, education and infrastructure. You recently just formed the Ghana Revenue Authority. What is its mandate and how will they ensure a change in revenue administration in Ghana?

We are employing a fundamental shift in tax collection, which will be supported by the national identification system and the digital address system. We are also open to enabling local government to play an important role in tax collection and to be able to support a more decentralised growth agenda. As we have District Chief Executives (DCE) elected, this will be a necessary step. We plan to establish a stable macroeconomy, construct a modern infrastructure, implement reforms for business registration and enable a financial services centre.

“Shine bright, the rebirth of Africa’s star.” Can you give a last message of confidence to the foreign investors that are now looking to Ghana?

For me, Ghana represents a pillar of stability in the region and it is our job to let the black star shine again and attract the needed investment to create a region that is both productive and profitable.

GOVERNOR OF THE BANK OF GHANA

ERNEST ADDISON

The Future Looks Bright

s macroeconomics improve and inflation decreases the Bank of Ghana plays a crucial role in building up a strong financial sector within the country. We speak to Governor Addison who discloses how new measures implemented by the BOG will assist in potentiating safety, credibility, security and economic growth.

How do you hope to influence the rest of the banking sector on corporate governance?

The Bank of Ghana is currently collaborating with banks to draft a new corporate governance framework. Some of the proposed guidelines include capping the number of years for Chief Executive Officers and Non-Executive Directors, as well as the size of bank boards. All these are intended to build public trust and confidence in the governance structures as well as enhance operational credibility to ensure safety and soundness of the entire banking system.

What do you think about government measures to stabilise the banks or leaving the banks to stabilise themselves?

Our framework is to create an open and competitive financial system through free bank entry and exit, under circumstances of non-performance. We believe that once the revised minimum capital requirements are set, alongside stringent supervision and regulation, the system should be able to optimize itself. The onus would then rest with individual banks to meet the minimum capital requirements in whichever way, either through mergers, acquisitions or stock market listings.

What do you think about the statement of making Ghana the best place to do business in Africa? What is the role of this institution to help achieve this main goal? I think the vision of making Ghana the best place to do business in Africa is really about creating a business-friendly environment relative to other African countries, by lowering the cost of doing business including cost of credit, and improving regulatory frameworks. Currently, the Bank

INTERVIEW

conducts monetary policy under the inflation targeting framework to achieve price stability, which then positively impacts cost of credit. In the year so far, the Monetary Policy Committee has lowered the policy rate by 450 basis points to 21% in July from 25.5% in December 2016. We anticipate that the continued improvement in the macro fundamentals alongside improvement in the bank’s balance sheet, should pave the way for lower cost of credit in the economy.

Where do you see Ghana 60 years from now?

Sixty years from now I believe that Ghana will be at an advanced stage in the development process as the country’s resources, both capital and human, are efficiently harnessed and effectively deployed. Already, the agenda to boost agricultural growth, infrastructural development covering railways, roads and airports, improved electricity generation enabled by increased oil and gas production, and others such as the digitisation of property has kicked off and these should help turn the vision into reality.

What is the legacy that you would like to leave for this institution?

My legacy is to improve on what my predecessors have done and project the Bank of Ghana as a credible institution with high reputation and standards in monetary policy formulation as well as building a strong and dynamic financial sector to improve intermediation in the economy.

“Our framework is to create an open and competitive financial system, through free bank entry and exit, under circumstances of non-performance.” ERNEST ADDISON, GOVERNOR OF THE BANK OF GHANA

What message about Ghana and its economy would you like to portray to the readers of Forbes Africa?

Ghana is making progress on all fronts, that is, politically, socially and economically. As one of the few democratically stable African countries, it is classified as a low/middle income country. Ghana has vast potentials of natural resources and investment opportunities, with friendly people and favourable business climate for doing business. The macroeconomic fundamentals are beginning to turnaround alongside declining inflation and inflation pressures, and relative stability in the exchange rate. DECEMBER 2017 / JANUARY 2018

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MANAGING DIRECTOR OF BARCLAYS BANK

PATIENCE E. AKYIANU

One Hundred Years Of Profitable Banking

INTERVIEW

enresa spoke to MD Patience Akyianu on the occasion of Barclay Ghana’s one hundredth year and talked about its role in Ghana’s past, present and future. We also discussed the positive repercussions of Brexit, banking digitalisation and investment opportunities.

Could you give us a bit of information about your background?

“Playing a key role, driving economic development and supporting successive governments in their development agenda for this country has always been part of our mission in Ghana.” PATIENCE E. AKYIANU, MANAGING DIRECTOR OF BARCLAYS BANK

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I’m a professional accountant and have been working in the banking and finance industry for the last 23 years. I started my banking career with Standard Chartered Bank in Ghana in 2001. I was there until 2007 when I moved to Johannesburg, first as a financial controller and then as chief finance officer. I joined Barclays in Ghana as finance director in 2008 and started acting as MD of Barclays, Ghana in the fall of 2013.

One hundred years of Barclays Ghana. Can you tell us a little bit about the history of Barclays in Ghana?

We celebrated our centenary on February 14. Playing a key role, driving economic development and supporting successive governments in their development agenda for this country has always been part of our mission in Ghana. We’ve played leading roles, especially in big deals, like the cocoa syndication, which is now worth US$1.8 billion. In addition to that we’ve supported the government, with direct lending to the Ministry of Finance. As a result of our global reach capability, we’ve come in to provide advisory services on a number of occasions for a number of transactions. We’ve been very prominent in driving development in the country. We’ve made significant progress, having grown our balance sheet substantively and moved from being number four in revenue to currently being, in terms of revenue position, number three in the banking industry. Currently, based on the first quarter of 2017, profit ranking for us is number one. Technically, we are the most profitable bank now.

DECEMBER 2017 / JANUARY 2018

How does the UK exit actually effect Barclays and its operations in Ghana, if at all? Since July 2013, Barclays in Ghana has been directly owned by Barclays Africa Group Ltd. We have an independent board, are listed on the Johannesburg Stock Exchange and we’re very strong in terms of liquidity and well capitalised. Brexit will not impact the way we do business in our local entities. Actually, it will provide us with the opportunity to invest in platforms and systems that will make service delivery even better for our customers. We’re investing in sophisticated, modern branches with cutting-edge technology.

How is Barclays working with mobile banking to attract more customers?

We’re playing a big part of what is happening in the financial inclusion space. Of course, if 70% of your population is unbanked you can’t ignore it, so we’re set on providing the most cost-efficient serving model for that group of people. Therefore, we are investing in digital capability. We can’t do it all on our own, so we have strategic partnerships that we’ve started forming with the big telcos – MTN, Vodafone, Airtel, Tigo. The whole idea is to leverage on their investment to reach as many of those unbanked as possible. We’ve also begun partnering with fin-techs to be able to access the informal sector and close the gap in financial inclusion.

How would you value the investment opportunities from a foreign investor’s point of view right now in Ghana?

I think Ghana is a great space to do business with fantastic opportunities. Anyone coming into this country looking for an investment opportunity could look at agriculture and make a lot of headway. We also have much more to do regarding infrastructure, especially building a good transport network. It would make access to farms and rural areas better and improve the economic activity.

PENRESA

BANK OF GHANA

Guiding The Country To Financial Security Through Electronic Transactions

Committed to financial inclusion and jumping on the bandwagon of Ghana’s digitisation, Bank of Ghana (BOG) has led the nation from independence to its present position of prestige amongst neighbouring countries

he BOG was established in 1957; one of the first steps towards independence and its subsequent path towards economic stability. The Bank of Ghana was responsible for issuing Ghana’s first National Currency, the Cedi. It is state-owned and collaborates closely with the Government and the Ministry of Finance, as well as ensuring the stabilisation of the value of the currency nationally and internationally. It also acts as regulator and supervisor of all banking systems within Ghana. In April 2017, Dr. Ernest Addison assumed office as Governor at BOG. He has over 25 years’ experience in the field; from working as Director of Research at BOG to Lead Regional Economist at the African Development Bank. He is determined to project the Bank “as a credible institution with high reputation and standards in monetary policy formulation as well as building a strong and dynamic financial sector to improve intermediation in the economy.” The recent progress made in macro fundamentals in Ghana has allowed for a lower cost of credit and price stability. This has assisted the expansion of the financial sector

bringing down lending rates which in turn has ensured a boost in economic growth. The Bank is especially dedicated to developing financial inclusion; its earlier policies led to the inception of rural banks, and in 2010 it joined the Alliance for Financial Inclusion (AFI) network and in 2012 it made a pledge under the Maya declaration to promote financial inclusion. Through the use of information and communication technologies the BOG uses digitalization effectively and efficiently to facilitate financial inclusion. Addison expounds, “The national identification scheme project is expected to improve credit referencing arrangements and support loan recovery processes. This, together with the national digitisation project (which intends to map out and establish proper address systems), is advantageous to the financial sector in terms of the Know Your Customer (KYC) principles.” In 2008, the BOG published the Branchless Banking Guidelines (BBG) which ensured a partnership between banks and nonbank entities (such as telcos) to provide affordable financial services. Using smartcard biometric technology, the

Bank established the national electronic payments platform (E-zwich) which provided financial services to the unbanked. New regulatory guidelines (‘Guidelines for E-Money Issuers in Ghana’ and ‘Agent Guidelines’) to replace the BBG were issued in 2015, which in the advent of diffusive use of the mobile phone, allows for smooth and safe Mobile Money transactions and operations. The number of active Mobile Money customers has increased eightfold in recent years and generated jobs for agents, service providers and other users including Fintech companies, merchants and retailers. In 2017, the Bank drafted a new Payment Systems and Services Bill, encouraging modernization in digital transactions. Addison explains, “Our job as the central bank is to establish the rules of the game and monitor performance to safeguard the stability of the financial system.”

P.O.Box GP 2674 Accra, Ghana Email: bogsecretary@bog.gov.gh DECEMBER 2017 / JANUARY 2018

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PENRESA

FINANCE

Turning Ghana’s Economy Around

President Akufo-Addo’s financial reforms to make Ghana business-friendly

ince entering office, President AkufoAddo has reiterated his commitment to turnaround the country’s economic fortunes and expand the financial sector. Despite his administration entering at a time when the banks are facing tough times, impeding their growth and their ability to support industrial growth, the policies being enrolled by his team are meant to deepen investor confidence. “Well, I think you can see the impact of the dawn of the new government especially by the renewed sense of optimism from the

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people,” said Emmanuel Boakye, Director, Bank of Ghana (BOG). “You can already see a change on the macroeconomic front with the consistent decline in inflation, now at 12.1% down from 15%, plus the exchange rate for the Cedi also.” While inheriting a large debt from the previous government, President Akufo-Addo’s reforms have already begun to make their mark of cutting that debt down all under the hopes of building the “most-business friendly and people-friendly economy in Africa.” To boost growth, the government has re-

oriented fiscal policy from a focus on taxation to a focus on production. With over 15 taxes abolished in a few short months, it’s clear that Ghana is looking to create opportunities that will lend themselves to foreign investment. “Beyond having opportunities you need to have the right enabling environment, in terms of taxation, policies and protecting investors,” claims Valentina Mintah, CEO, West Blue Consulting Group. “As you can see, the Ministry of Finance hit the ground running with those nuisance taxes that were removed.” Furthermore, the administration has indicated that clearance of goods from Ghana’s ports will be 100% paperless while all internal customs barriers in the country will also be removed to facilitate the movement of goods. These removals of red tape are all positive signs towards a country ready to move forward. Ghana’s efforts to focus on the private sector to boost the economy and financial sector has brought about transparency and accountability, allowing industry leaders to have their say. “Even before they took

office during the transitional period, they had a finance summit, where they invited key players in the business community to brainstorm and forge a way forward for our country,” details Kofi Adomakoh, Barclays Ghana Executive Director, “I’m happy to note that some of the suggestions that came out of these meetings have been implemented. For me, it demonstrates that they mean what they say and it can only get better.” Maintaining a stable macroeconomic environment in the context of a growing economy is fundamental to attracting private sector investment and these are the main goals for jumpstarting the country. As a result of this “period of uninterrupted government, it makes it easy for us to execute our plans,” states Mike Nyinaku, CEO, Beige Capital. “We remain focused on the direction that we set for ourselves and it makes us just go because the climate also has been fair to us.” Other specific measures fundamental to the financial sector have been introduced as well. ‘The National Identification Scheme’

project addresses the non-performing loan problem by feeding into our credit referencing arrangement to, more effectively, scrutinize applications for loans in the sector,” states Bank of Ghana’s Boakye. The National Digitisation, which maps out and inputs a proper address system, is very advantageous to the financial sector, allowing greater accountability and tracking. With measures in place to reduce the fiscal deficit to 6.5% this year while capping earmarked funds to 25% of government revenue and realigning expenditures to government priorities, the country is on the pathway to fiscal consolidation, debt sustainability and growth. To promote the growth and development of entrepreneurship and to accelerate youth job creation, President Akufo-Addo has introduced the National Entrepreneurship and Innovation Plan (NEIP). Essentially, it’s the government’s approach to stimulate enterprise activities and provide integrated national support for start-ups and small businesses. “There

are a lot of unemployed youth who could be employed,” states Dr. Aaron Issa Anafure, CEO of SIC Life, “not directly by government but with their help, they can fund them to set up their own businesses. I am happy to see that it has begun with this administration.” The Plan would enable new businesses to emerge, receive financing and to tap into a wide supply chain and network during their growth years, ultimately helping to create jobs at a national level. “The market is responding, the currency is stabilised and our interest rates are coming down. That confidence of the market is now giving us a stable and important outlook for our future.” affirms Minister of Finance Ken Ofori-Atta. By restructuring the institutions of governance and rationalizing the financial sector to support growth in agriculture, manufacturing and industry, Akufo-Addo’s administration plans to restore fiscal discipline and macroeconomic stability are on the path to making Ghana the most “business-friendly economy in Africa.”

DECEMBER 2017 / JANUARY 2018

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PENRESA

OIL AND GAS

Ghana’s Renewable Revenue Stream Akufo-Addo’s sustainable pathway towards energy independence

he need for creative thinking to leverage our oil and gas production for national development is a charge for us to keep, and we must not fail our people,” stated President Akufo-Addo. It is with this statement that reiterated the commitment of his government to pursuing initiatives to expand Ghanaian participation in all aspects of the oil and gas industry. And so, 10 years after discovering oil in 2007, the government, through the Ministry of Energy, Petroleum Commission and GNPC, is working closely with other licensees and contractors to ensure that the country’s petroleum resources are exploited in a sustainable manner for the benefit of the people of Ghana. “As far as I’m concerned,” states Dr. Kofi Koduah Sarpong, CEO of Ghana National Petroleum Corporation (GNPC). “The Commission is overseeing the formulated laws and GNPC is actively interested to help us position our people to have a greater say in the economic activities surrounding this whole venture.” With West Africa’s population set to reach some 500 million people in 20 years’ time, President Akufo-Addo indicated that there are immense opportunities to bring prosperity to West Africa, with hard work, enterprise and creativity. The recent launch of the Sankofa oil and gas project, managed by Italian oil company ENI, will produce 45,000 barrels-per-day forming the first phase of the US$7.9 billion Offshore Cape Three Points project (OCTP). It is also expected to deliver up to 180 million cubic feet of natural gas per day by the end of next year, more than doubling domestic gas supply. The project, which was completed three months before schedule and under budget, will, according to Vice President Mahamudu Bawumia, “ensure a reliable 18 | FORBES AFRICA

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energy supply and private sector investment” to support economic activities and keep the country on the sustainable pathway to Ghana’s gas supply and consequent energy independence. Ghana already produces oil from two major fields including the country’s flagship Jubilee block which came on stream in late 2010. Essentially, the addition of production from the OCTP to those of the TweneboaEnyenra-Ntomme (TEN) and Jubilee fields would significantly enhance the gas supply for domestic power generation. “The TEN and Jubilee fields definitely derisked our basin for more international companies to come in,” according to GNPC’s Dr. Sarpong. “Since then we’ve been lucky to have ENI in partnership with VITO and us, bringing in the latest oil findings of oil, with gas soon following.” We don’t have much capacity locally to generate the right capital for this kind business. So, naturally, we’re going to depend on international capital to come in.” Additionally, the second phase of the Sankofa project will rely on the support services of small and medium enterprises (SMEs) as part of the supply chain development, thereby creating opportunities for new and existing businesses in the country. Indeed, more than $1.8 billion worth of contracts have been awarded to indigenous Ghanaian

companies under this project. One slight hiccup has been the disagreement between Ghana and Ivory Coast over their maritime boundary, frustrating projects to pump oil and gas offshore. However, the Chamber of the International Tribunal of the Law of the Sea (ITLOS) unanimously ruled in favour of Ghana on September 23, 2017, stressing that there was no sign of violation on behalf of Ghana. Akufo-Addo’s administration has consistently emphasized that peace and stability in the region are essential to the viability of the ECOWAS market. Boakye Agyarko, Ghanaian Minister of Energy elaborates upon the importance of maintaining pacific and amicable dealings with neighbouring countries. “This oil may be gone in another 50 or 100 years. Ghana and the Ivory Coast will continue to exist after this. That is the lesson we have to learn.” He goes on to state, “Our objective is to create a new Rotterdam in the western region… We’ll have trading, refining, storage and transportation facilities that serve the entire ECOWAS market.” In order to encourage competitiveness of price the government has laid the foundation for the Gas Master Plan by setting up infrastructure to facilitate the reverse of gas flow from Takoradi in the Western region to Tema in the greater region of the country. These plans plus the private sector development of the Sakofa projects are surefire ways that low gas prices can be guaranteed and, eventually, low electricity tariffs to stimulate development. The current administration and all Ghanaians should be confident that the current work will open up the region for infrastructural development and consequent economic growth, ultimately in line with the grand plan of making the Western Region a key growth post for the country.

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WEST BLUE CONSULTING

A shining example of Ghana’s burgeoning IT sector The proud Ghanaian company looks towards the future to develop their advanced enterprises while creating added value in a competitive business environment.

est Blue Consulting is a world class business and IT-consulting and technology firm focused on transforming the performance of leading organizations in both the private and public sectors. The company has built a reputation for delivering award winning innovative solutions in the field of IT Services worldwide. “We’re a proudly African company seeking solutions for Africa’s issues and benchmarking this to international standards. With the wealth of network that we have it helps us call on best practices- lessons learnt across various continents.” states Valentina Mintah, Chief Executive Officer, West Blue Consulting. West Blue embraces both DesignBuild-Implement as well as alternative delivery methods to provide the most effective and efficient IT solutions to governments, NGOs and Private Organizations in Africa and across the globe. Most recently, in partnership with Ecobank Ghana, they introduced the Ghana National Single Window CashXPress Card to speed up the payments of duties and charges by exporters and importers at the ports. The CashXpress card offers a new, convenient and secure way to make trade payments on the Ghana National Single Window (GNSW) platform. The card also provides secured transactions, increases transparency and inclusion.

“The Ghana National Single Window program aims at reducing the time and cost of doing business for the citizens whilst reducing revenue leakages for the Government of Ghana thereby ensuring efficient revenue collections.” Recently lauded by the United Nations, the other benefits of the Ghana National Single Window program includes eliminating the use of cloned or forged trade documents as well as eliminating delays associated with bank confirmations. From concept to strategy development and detailed implementation, West Blue Consulting consistently delivers its clients with rapid, high-impact results. Recognizing one of the most challenging issues to date is providing technology based cutting-edge solutions that meet business needs and requirements; West Blue remains dedicated to all its business activities and unaverred commitment to its longstanding client and partners built up over the years. West Blue believes that Ghana is on the right path to creating products and services that can be further marketed. “With the talent that we have here and the success that has been demonstrated by West Blue Consulting and others,” states Madam Mintah “We can form another industry space, to be able to sell IT services or solutions outside of Ghana. The future is bright, we’re pulling up our sleeves and we’re going to work hard to make sure that we’re a shining part of the success story.”

5th Floor New Cocshe Building B28A, Airport, Accra, Ghana Phone: +233 303 969554 • info@westblueconsulting.com www.westblueconsulting.com

Valentina Mintah, CEO of West Blue

DECEMBER 2017 / JANUARY 2018

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PENRESA

ECONOMIC STRATEGY

One District, One Factory

President Akufo-Addo’s plan to create jobs and improve the rural economy

riven into office by millions of Ghanaians, Akufo-Addo rode a wave of optimism promising to make the Black Star the most friendly African investment destination while strengthening the private sector. Coming into office is always a moment of huge opportunity, especially for a country like Ghana, who yearns for a rebirth and rejuvenation. “Our most important step is to make sure that this wealth touches the individual lives of our citizens,” affirms the

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Minister of Energy Boakye Agyarko. “Our citizens must feel that the wealth has been beneficial to them.” It is with this sentiment that Akufo-Addo’s administration has outlined the ‘One District, One Factory’ plan to add a glimmer of shine to the Black Star. Launched as a project aimed at creating jobs for the youth and eventually reducing the developmental gaps and the rural-urban migration, ‘One District, One Factory’ will be a collaboration between the public and private sectors run through a specifically

set-up organisation without acting as a direct investor in the industrial projects. “I think when you look at Ghana as a whole, the potential for value addition is one which emphasizes the participation of the private sector,” states Ghanaian Vice President Mahamudu Bawumia. “By encouraging the private sector, we can have at least one factory in all 216 districts and that will help the industrialisation drive for Ghana.” The goals of the ‘One District’ organisation are three-fold: reduce inherent risks in district level industrialisation through technical assistance, reduce the cost of doing business by providing shared industry resources and revenues and lastly, provide market linkages and access while generating demand for the locally-made products. With the private sector providing the investments for the ODOF project, it’s evident that Akufo-Addo’s team believes the strengthening of the private sector will fundamentally solve the majority of economic matters. With local governments able to partner with the private sector if

deemed prudent and advantageous, sharing of resources will provide a capacity building platform for both investors and other stakeholders across the value chains on the strengths and weaknesses of each district. The project also ensures relevant insurance cover for investors to ameliorate their business risks and make them more attractive to financial service providers. According to the Minister of Finance Hon. Ken OforiAtta, “we are laying strong foundations for private sector participation because when we’re running a deficit with low personal savings and corporate profits, an inviting environment to attract foreign investment is paramount to create. We are building to be the most business-friendly environment on the continent.” Recently, the initiative received a major boost in the form of US$2 billion from the Chinese government’s private sector development corporation. Under the agreement, the China National Building Materials and Equipment Import and Export Corporation (CNBM), will provide up to 85%

financing for viable projects recommended by the One District One Factory secretariat and accepted by the banks. Ghana Commercial Bank, Access Bank, Universal Merchant Bank and the Ghana Import and Export Bank, have so far signed up to the compact, although other banks have the opportunity to join. An incredible part of this agreement is that the CNBM will construct the factories for beneficiary companies and equip the factories with the essential equipment on a turnkey basis, to make them fully operational for the programme. With this financing, the Chinese will provide a huge market access for export commodities, which is expected to bring billions in revenue to Ghana annually. For Minister of Finance Ofori-Atta, “Ghana represents a pillar of stability in the region and it is our job to let the black star shine again and attract the needed investment to create a private sector and region that is both productive and profitable.” The ‘One District, One Factory’ programme will also provide additional government contribution to each project

in the form of infrastructural support, extension of energy, tax incentives, subsidies and facilitating access to credit for investors. Based on certain projections, the district industrialisation project forecasts to provide about 6,000 direct jobs per district. President Akufo-Addo promised the establishment of this programme as a sustainable means to open up the rural economy through massive rural industrialisation and to create the much-needed jobs for the youth. “His government is better ensured to empower the private sector, not by mouth but by action,” states Dr. Aaron Issa Anafure, CEO of SIC Life. “The government is the largest employer and Ghanaians are anxious for change and this desire brought Akufo-Addo into office and it drives his administration to bring the country back to progress and prosperity.” Though it will take time, all indications show that the ‘One District, One Factory’ project has the right goals and attitude to help the Black Star shine bright once again.

DECEMBER 2017 / JANUARY 2018

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PENRESA

TOURISM

The Gateway To Africa

ourism in Ghana contributes significantly to economic growth and development and is the reason why the NPP has drawn up and implemented plans to ensure that it becomes a major African tourism player over the next 12 years. As part of the National Tourism Development Plan, Vice President Buwania has said that it is the government’s ambition to double tourism revenue by the year 2027. He goes on to state that “tourism is a major priority to our government’s development agenda, and as such we have revamped the Ministry of Tourism and appointed a high level Cabinet member as Minister, to ensure that Ghana moves to become a major tourism player globally.” The involvement of the private sector is essential to the ambitious aim of increasing visitor numbers by a projected five-fold by 2027. The nation has an abundant diversity of tourist attractions; however the government has focused on four specific aspects of tourism: natural beauty, historical and cultural heritage, hospitability, and safety and stability. Ghana’s year-round tropical warm climate along with its wildlife, exotic waterfalls such as Kintampo waterfalls (as well as the largest waterfall in West Africa, the Tagobo Falls), the 350 mile coastline dotted with palm-lined sandy (and rocky) beaches, caves, mountains, impact crater lakes (Lake Bosumtwi), the largest man-made lake in the world (Lake Volta) dozens of castles and forts along the coast (which the World Heritage Convention of UNESCO has designated as World Heritage Monuments) as well as a number of cultural events and festivals make Ghana an attractive and essential place to visit. Ghana practices sustainable tourism and encourages non-mass tourism to preserve 24 | FORBES AFRICA

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www.olmacolonialsuites.com

Known for its hospitality, friendliness, relaxed atmosphere and safety, Ghana ambitiously aspires to become a major tourism hub in the continent

protected areas (turtle nesting beaches, for example) as well as the environment. Ghana has 16 National Parks, Resource Reserves and Wildlife Sanctuaries which go from the savannah of the coastal plains, to the dense tropical forest and the grassland of the north. In November 2014, British Airways (BA) ranked Ghana on its “Hot List 2015” of countries to visit, alongside countries such as UK, Malaysia and Brazil. Accra was fourth in the list in The New York Times’ list of “The 46 Places to Go in 2013” due to its economic growth, beaches and cuisines. According to PwC’s 7th edition of the Hotels Outlook: 2017-2021 report the hospitality sector in Ghana grew from 1.2% from 2015-2016. As the city of Accra modernises rapidly, upscale hotels such as La Villa Boutique Hotel and Olma Colonial Suites provide luxurious and lavish experiences. The Labadi Beach Hotel is Ghana’s premier resort sitting on part of the Labadi Beach, otherwise known as La Pleasure Beach, the busiest beach on the coast; full of activities, live music and food. Accra has an animated and sparkly nightlife which includes bars, theatres, restaurants (international and local cuisine), casinos, nightclubs, VIP clubs and parties on Labadi Beach. The second largest city in Ghana is Kumasi, once the capital of the powerful Ashanti kingdom.

The government is at present concerned with developing niche tourism, such as ecotourism and cultural tourism. Domestic and international business tourism is also increasing since the expansion of business across the country grows alongside Ghana’s economic success. According to WTTC, in 2013, business tourism accounted for 37.2% of tourism and travel’s contribution to the GDP. The GTA (Ghana Tourist Authority) sees MICE (meetings, incentives, conferencing, exhibitions) tourism as a niche with an interesting potential, especially for international conferences. Vice President Bawumia has stated that it is the government’s intention to transform the nation into a major meeting, executive conference and exhibiting hub. The government is also working on making improvements in transport infrastructure; the third terminal of the Kotoka International Airport in Accra is under construction (and will have the capacity of handling 5 million passengers a year) and funds have been allotted to repair roads that lead to important tourist destinations all around Ghana. Vice President Bawumia has also declared that they will be reducing taxes on inter-country flights. On October 10, 2017 the World Tourism Forum Summit took place in Kempinski Hotel Gold Coast City Accra and was attended by more than 400 participants, such as tourism ministers, heads of tourism authorities, hoteliers and tourism investment companies. Speaking at the Summit Vice President Bawumia stated, “Tourism is creating many jobs in Ghana.” He went on to say that “tourism has a contribution of around 3% to the growth of Ghana,” claiming that it was Ghana’s intention to be as popular a destination as Dubai, Greece and the Caribbean Islands.

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CLOSING ARTICLE

Ghana, 60 Years On

Rallying towards an idea of Ghanaian Excellence

his year marked Ghana’s 60th year as an independent nation and, despite the momentous occasion, the moment is bittersweet for some. On the one hand some are proud that the relatively small nation continues to punch far above its weight and recently completed an election in a truly free and democratic manner. On the other hand, some feel the nation should be much further along in its national project, in comparison to those nations who achieved independence at the same or later time. Looking forwards 60 years on, questions come to mind: what is Ghana’s larger national project? What is the big idea around which young Ghanaians should aspire to? What is Ghanaian excellence, and who are the individuals who embody it? These are big questions to answer but as we’ve witnessed throughout this report, Akufo-Addo’s administration is working hard to develop a budding economy replete with developed infrastructure and programs to grow the agricultural, financial and energy sector. The conversation has begun and Ghana’s industry leaders all see a bright and prosperous future that Ghanaians can be proud of because, after all, it’s in their grasp. “I think Ghana deserves its name of being the black star of Africa because it’s the brightest spot in Africa,” affirms Patience Akyianu, Manager Director at Barclays Ghana. “Brightest spot in Africa, huge potential, natural resources, human capital, make it attractive to come back to.” With plans to make it the “most business friendly place in Africa,” the country is ripe for foreign investment as well. According to Faris Attrickie, Managing Director at Sic Insurance Company Ltd, “Ghanaians are very peaceful and liberal. The infrastructure is far better than other countries, because the roads are being done in the city. We 26 | FORBES AFRICA

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have the power. Ghana can now compete with most countries.” “Ghana is the hub of West Africa. An extremely safe place with some of the nicest people in the world and huge opportunities,” points out Chairman Mr. Saied Fakhry, Interplast. Ghana is clearly making progress already under AkufoAddo’s administration with “the first quarter data on GDP projecting 6.3% growth in 2017,” confirms Emmanuel Boakye, Director, Bank of Ghana (BOG). The new government is being held to high standards, there’s a palpable sense of excitement in the air, and young Ghanaians are stepping up in a huge way. “The number one and the most important resource of every country is its human resource,” claims Mr Emmanuel Kofi Nti, CEO of GRA “So, that’s been the direction our government has been heading in. Our generation academically and intellectually is better than the generation before us. We are praying that the generation after us will be better than us.” With 20% of the population under the age of 24, “The hope for the youth is very significant,” states Vice President Bawumia “which is why we’ve initiated a policy of free secondary school education to prioritize our most important resources, the children.”

What’s past is prologue and Ghanaians should only look forward and forget the sins and failures of its history. “We need to industrialise our economy and produce high-tech industries for the export market,” states Henry Oroh, CEO at Zenith Bank. “Ghana has come of age, it has matured, and is a beautiful place to do business in; it is politically stable and there is a hospitable and friendly climate. Ghana’s government has made all the right decisions.” Ghana’s history is littered with inspiring, larger-thanlife characters on mythical missions. Kwame Nkrumah is still remembered for his leading role in emancipation struggles across the continent, and Ghanaians still hold Kofi Annan, the seventh Secretary-General of the United Nations, in high esteem. Looking forward 60 years, young Ghanaians are looking for a coherent idea of Ghanaian distinction to rally around and aspire to. “If we focus on humanity, accountability and the citizenship of the people over the next 60 years,” exclaims Former Ghanaian President John Kufor. “Ghana should become a truly shining example, not only on the continent of Africa but globally.”