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Business News of Thursday, 20 February 2020


Ghana rated largest FDI recipient in West Africa – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo President Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has said that Ghana is presently the largest recipient of Foreign Direct Investment (FDI) in West Africa.

According to him, this follows a massive vote of confidence by investors in his administration’s current management of the economy in the latest successful issuance of the Eurobond.

“The massive vote of confidence in the current management of the economy is best illustrated by Ghana being successful in issuing the longest-dated Eurobond ever by a sub-Sahara African country, with investors placing US$15 billion of orders for Ghana’s 41-year Eurobond.

“The international investor community has recognised this development, resulting in Ghana today, being the largest recipient of foreign direct investment in West Africa”, the President said in his fourth State of the Nation Address on Thursday, 20 February 2020.

President Akufo-Addo also noted that Ghana’s economic growth has rebounded, to place the nation among the fastest-growing economies in the world for three years in a row at an annual average of 7%, up from 3.4% in 2016.

The 7-year Eurobond attracted the lowest coupon rates ever at 6.375%.

“No wonder Bloomberg, the reputable global financial media house, earlier this week”, the President adds, “highlighted Ghana as the top candidate for an economic leap in Africa. This expression of confidence is important because it would lead to enhanced investments in our economy, and the accompanying greater number of jobs,”

President Akufo-Addo added that Ghana’s economy recorded a Gross Domestic Product (GDP) growth rate of 5.6% for the third-quarter of this year.

The 5.6 percent growth rate, however, was the lowest growth recorded for this.

This is because, in the first quarter, growth peaked by 6.7 per cent, while in the second quarter it went up by 5.7 percent.