- Mahama addresses business community concerns on local content.
- Promises urgent action to implement 24-Hour economy policy.
- Vows to create sound business environment with policy interventions.
- Pledges incentives for foreign investors to boost economy.
Former President John Dramani Mahama, flagbearer of the National Democratic Congress (NDC), has acknowledged the concerns of the business community regarding local content.
He noted that the issues stem from varying and sometimes conflicting rules on government policies, including local and foreign ownership of businesses and joint ventures.
Mahama emphasized that these concerns are not new and have existed for a long time, highlighting the need for urgent action under the next NDC government.
He spoke about the need for effective implementation of the 24-Hour economy policy, which is expected to attract between $5 billion and $10 billion in annual Foreign Direct Investment (FDI).
Mahama identified the Ghana Investment Promotion Centre as the primary state agency responsible for coordinating investment promotion, with the Ghana Free Zones Authority playing a complementary role.
However, he acknowledged that not all issues affecting foreign direct investment fall under the Centre’s direct mandate, citing fiscal and monetary policies as examples.
Mahama emphasized his understanding of the overall economy and the challenges affecting different sectors and industries, gained from his experience as Vice President and President.
He promised that the next NDC government will implement both general and targeted policy interventions to create a sound environment for all businesses to thrive.
Specific incentives will be provided to foreign investors to address investment deficits quickly, as part of the strategy to reset the economy and prevent collapse.
Mahama’s comments were made at the Distinguished Speakers Series on Foreign Direct Investments on Thursday, August 29.
