At UAE Business Forum: Ghana aims for net zero emissions

President Nana Addo Dankwa Akufo-Addo said the government will work with stakeholders around the world to explore Ghana’s mineral resources in an environmentally friendly manner for national development.

He said the government would not only mine minerals to increase export earnings, but would also work with other economic sectors to add value to the mineral value chain.

President Akufo-Addo (sixth from right) poses with UAE officials during the business forum

Speaking during the Abu Dhabi Sustainability Week at the UAE-Ghana Business Forum on Tuesday, President Akufo-Addo said the mining sector is an important pillar of the Ghanaian economy and invited UAE investors to form partnerships.

“The potential created offers substantial opportunities for UAE investors with the ability to generate value-added benefits, particularly through the government’s local value-added and processing drive, in partnership with Ghanaian companies to convert their natural comparative advantages into enhanced, more valuable, sustainable and competitive advantage,” he said.

President Akufo-Addo told the meeting that gold is both a commodity and a financial asset, and it is by far the most commercially mined mineral in Ghana, accounting for more than 90 percent of the country’s mineral revenues.

“In fact, until 2021, Ghana is the largest gold producer in Africa and sixth in the world. We are also a major producer of bauxite and manganese, and indeed the third largest producer of these two minerals in Africa ,”He said.

The President mentioned that recently, Ghana joined the list of few countries where large quantities of lithium, graphite and iron ore were found.

“Ghana is also working towards net zero emissions and working with other relevant stakeholders to adopt climate friendly technologies and practices to achieve maximum development impact for the country,” he said.

Despite the country’s current challenges, President Akufo-Addo said the country remains the best place to do business in the region and urged the UAE’s private sector to take advantage of the favorable business environment.

“Wherever you choose to invest in Ghana, the government has several financial incentives in place for investors depending on the nature of the activity or the location of the investment,” he said.

The President said that since 2017, the government has taken measures to reduce the cost of doing business and improve the business environment, making Ghana one of the fastest growing economies in the world between 2017 and 2020.

He assured investors that the government is working hard to get the country back on the path of high growth rates experienced before the outbreak of COVID-19 and the Russia/Ukraine war.

President Akufo-Addo said: “I am confident that we will emerge from this crisis with a stronger and more resilient economy and move towards the goal of achieving Ghana Beyond Aid.

“Ghana is not only the best place to do business in West Africa, but it is also the destination of choice for the perfect combination of mineral resource potential in Africa, a stable regulatory environment, favorable fiscal regime and a socially sensitive mining industry.”