Ghana Reaffirms Commitment to Building African Business Champions
By Esther Korantemaa Offei
The Deputy Minister for Finance, Thomas Nyarko Ampem, has reaffirmed Ghana’s commitment to creating an enabling environment for African businesses to expand into regional and global champions, stressing that strong indigenous enterprises are essential to the continent’s economic transformation.
Speaking at the launch of First Atlantic Bank Liberia, Mr Ampem said the success of African-owned businesses would enable the continent to finance more of its own development, strengthen local institutions and create sustainable employment opportunities.
“Ghana remains committed to creating an environment where African businesses can grow into regional and global champions because every successful African enterprise demonstrates that Africa can finance more of its own development, build more of its own institutions, and create more opportunities for its people,” he stated.
He noted that banks play a critical role in driving economic growth by mobilising capital and directing investment into productive sectors of the economy.
“Banking makes possible. We know that banks do more than hold deposits or give loans; they channel capital into industries that create value and jobs. That is why the opening of First Atlantic Bank Liberia is important. It strengthens the financial foundation upon which regional trade and investment depend,” Mr Ampem said.
The Deputy Finance Minister observed that the Economic Community of West African States (ECOWAS), with a population of more than 400 million people, conducts only about 12 per cent of its trade within the region, describing the gap as one of Africa’s greatest untapped economic opportunities.
He said the African Continental Free Trade Area (AfCFTA), which brings together 54 countries with a combined market of 1.4 billion people and an economy valued at more than 3.4 trillion dollars, presents significant prospects for increased regional trade.
Citing World Bank estimates, Mr Ampem noted that the full implementation of AfCFTA could increase intra-African exports by about 81 per cent by 2035 through lower trade barriers, improved trade facilitation and stronger regional value chains.
He expressed confidence that institutions such as First Atlantic Bank would play a pivotal role in supporting businesses to take advantage of these opportunities.
“Today’s ceremony also sends another powerful message. For too long, Africa has been viewed primarily as a destination for investment. Today, Africa is increasingly becoming a source of investment. Let us celebrate when African capital builds African institutions and when African expertise delivers African solutions,” he added.
