Introduction
The President of the Republic of Ghana, H.E Nana Addo Dankwa Akufo-Addo, presented the State of the Nation Address (SONA) to Parliament on 27th February 2024 in fulfillment of Article 67 of the 1992 Constitution. This article mandates the President to deliver a message on the state of the nation at the beginning of each session of Parliament and before its dissolution.
The SONA serves as a crucial platform to inform the nation of the government’s current economic, political, and social initiatives. Additionally, it provides an opportunity for the President to highlight the achievements and outline the future plans of his administration for the remaining period of his term in office.
The Research Team of GIPC, the government agency mandated to encourage, promote and facilitate
investments into Ghana provides a commentary on the SONA, analyzing it in relation to government’s
initiatives on investment and how these initiatives impact Ghana’s investment climate.
Summary of Investment related Initiatives contained in the SONA
In the latest State of the Nation Address for 2024, the focus on investments in Ghana was paramount. The address highlighted various initiatives and projects across different sectors, showcasing the government’s commitment to progress and development.
One notable initiative is the Digitalization of the economy which has been a significant focus, with various public services now accessible online, placing Ghana at the forefront of e-governance in Africa. The implementation of drone technology for medical deliveries further demonstrates Ghana’s embrace of
technological advancements to improve healthcare accessibility.
In his opening remarks, the CEO of the GIPC, Yofi Grant, emphasized the critical role of international agreements in facilitating investments. He highlighted that these agreements provide a mechanism for the facilitation of investments and create a better environment for stakeholders to trade and invest. Mr. Grant also reiterated Ghana’s commitment to creating a conducive business environment, stating, “Ghana is open for business, and we are negotiating our business environment for our mutual benefit.”
Naa Lamley Orleans-Lindsay, Head of Legal at the GIPC, provided insights into Ghana’s approach to international investment treaties. She explained the shift towards renegotiating older agreements ie. Bilateral Investment Treaties (BITs) in favor of establishing new generation BITs that better reflect current economic realities. Orleans-Lindsay emphasized Ghana’s adoption of ‘New Generation’ BITs, aiming to achieve a more balanced approach by incorporating provisions that reflect the broader policy objectives of host governments, such as sustainable development goals for investments.
