- Ken Ofori Atta has been honoured the best finance minister in Africa
- The award was issued by the African Development Bank (AfDB) in South Korea
- Ken Ofori Atta has so far reduced the budget deficit of Ghana and inreased cash flow
The finance minister, Ken Ofori Attah, has been adjudged the best finance minister in the whole of Africa.
This award was issued out at the annual meeting of the Africa Development Bank (AfDB) in South Korea.
Just before the NPP administration took office, Ghana's macro-economic outlook was just unconscious talking about the rising levels of non-performing loans at the banks, the $2 billion energy bond debt, burgeoning rate of inflation, energy crisis, dwindling of investor confidence, the list goes on and on.
With Ken Ofori-Attah,'s appointment has seen Ghanaians continue to see the various policies that this government is putting in place to transform the economy.
But take some time to find out the secret plan for government's transformation agenda and then you will come to appreciate more the trajectory it is taking.
Just before the NPP took over power, their main plan was to transform the economy. That was the plan. In doing so, the Nana Addo-led administration had just one thing left to embark on this flamboyant move which is the attraction of capital from both foreign and local investors.
But these investors can never sacrifice their capital to a struggling economy like Ghana unless they saw some key things that could help their business adventure flourish. So then government devised a new strategy that will be aimed at restructuring the foundations of the economy.
This was how come we first heard about the paperless port system which has transformed doing business at the ports especially when businessmen would now be free to clear their goods without the strain of bureaucracy and bribes. If any investor heard of this brave move by Ghana, there is no doubt in our minds that they would rush to invest.
Beyond the paperless system did we see the recapitalization of the banking sector which saw the Bank of Ghana clean the sector with the recent closure of UT and Capital Bank through a takeover by GCB. In every economy, the banking sector remains one of the foundations of success since a break down of confidence and subsequent collapse of banks will possibly see investors withdraw their funds and rush out to other ventures.
Through the Ghana Investment Promotion Centre (GIPC), the government continues to create the best case for investors to invest in the various sectors of the economy.
In fact, the poorest performing sector which is Agric has also seen a major boost through many bold interventions like the planting for food and jobs, one-district-one-factory, one-district-one warehouse and also the one-village-one-dam interventions - all aimed at making Ghana's Agric sector work again.
So there we have it, it's all about attracting investor confidence in the country and increasing foreign direct investments in the short to medium term. Because when we get investors coming, they come with huge capital and this subsequently results in the creations of new business ventures which subsequently translates into job creation and ultimately an economic boom.
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