Forbes Africa names Akufo-Addo African of the Year

In a groundbreaking move, Forbes Africa magazine has bestowed the prestigious title of African of the Year upon Ghana's President Nana Akufo-Addo. The publication cited the president's remarkable ability to reposition the country by leveraging its resources and strengths, setting a new standard for leadership on the continent. To delve deeper into the implications of this recognition on investment prospects in Ghana, Yofi Grant, the CEO of the Ghana Investment Promotion Centre, joined CNBC Africa for an enlightening discussion. Grant highlighted the transformative impact of President Akufo-Addo's policies, emphasizing their role in propelling Ghana's economy to new heights. When President Akufo-Addo assumed office in 2017, Ghana was grappling with the slowest economic growth in over two decades. Through strategic reforms and fiscal consolidation, the president steered the nation to an impressive 8.1% GDP growth in the first year alone. Over the subsequent three years, Ghana maintained an average growth rate of 7%, positioning itself as one of the fastest-growing economies globally. Even amid the challenges posed by the COVID-19 pandemic, Ghana emerged resilient with a positive growth rate of 0.4%, distinguishing itself as a beacon of economic stability amidst global turmoil. Grant underscored the president's hands-on approach in managing the pandemic, reflected in Ghana's low COVID-19 mortality rate of 0.92%, instilling confidence in investors and stakeholders alike. Moreover, President Akufo-Addo's advocacy for a shift towards value-added productivity and industrialization has garnered significant attention. By championing the transition from raw material exports to local value addition, Ghana is spearheading a transformative agenda for sustainable economic growth. The establishment of the African Continental Free Trade Area headquarters in Accra stands as a testament to Ghana's pivotal role in driving intra-African trade and economic integration. President Akufo-Addo's leadership extends beyond domestic policies, as he assumes key roles in regional and global forums. Serving as chairman of ECOWAS and leading efforts to resolve regional conflicts underscores Ghana's commitment to fostering peace and stability in a volatile subregion. The implementation of visionary initiatives such as the One District, One Factory policy and Free Senior High School program underscores Ghana's proactive stance in empowering its youth and enhancing human capital development. Grant highlighted the role of education in propelling economic transformation, drawing parallels with success stories from countries like Korea and Mauritius. President Akufo-Addo's leadership embodies a shift towards a self-reliant and industrious Africa, breaking free from the shadows of colonial legacies to chart a bold new path towards prosperity. By leveraging Ghana's abundant resources and harnessing the potential of its people, the president exemplifies a forward-thinking approach that redefines Africa's narrative on the global stage. Grant stressed the urgency of maximizing the 'Decade for Africa' as an opportunity for collective growth and empowerment, calling on African nations to unite and unlock their full potential through strategic collaboration and trade partnerships. President Akufo-Addo's visionary leadership sets a precedent for African leaders to emulate, inspiring a renewed sense of confidence and pride in the continent's capabilities and resilience.