Minister Elizabeth Ofosu-Adjare woos British investors with economic ‘reset’ success

Ghana’s much-discussed economic “reset” agenda under President John Dramani Mahama has moved decisively beyond policy theory and into measurable outcomes, according to the Minister for Trade and Industry, Elizabeth Ofosu-Adjare. Addressing investors and stakeholders, the Minister outlined a series of macroeconomic and trade indicators that, she said, demonstrate that structural reforms are beginning to yield tangible dividends for the Ghanaian economy.

At the center of her briefing was Ghana’s economic growth performance. The Minister cited a 5.5 percent GDP growth rate recorded in the third quarter of 2025, marking the country’s strongest quarterly expansion in five years. This rebound, she explained, reflects renewed investor confidence, improved fiscal discipline, and reforms aimed at strengthening productivity across key sectors of the economy.

Even more striking was Ghana’s dramatic progress on inflation. According to Ms. Ofosu-Adjare, inflation fell sharply from a peak of 54 percent in December 2022 to just 5.4 percent by December 2025. She described the decline as a critical milestone in restoring macroeconomic stability and purchasing power. This stabilization was further reinforced by the Ghana Cedi’s emergence as Africa’s best-performing currency in 2024, a distinction the Minister said was confirmed by IMF data.

“Ghana offers what UK investors value most — stability, transparency and partnership,” Ms. Ofosu-Adjare stated, emphasizing Ghana’s reputation as one of Africa’s most stable democracies with a consistent record of peaceful political transitions.

Trade relations between Ghana and the United Kingdom have also reached a historic high. Under the Ghana–UK Trade Partnership Agreement, total bilateral trade climbed to £1.5 billion by mid-2025, representing a 5.7 percent year-on-year increase. UK exports to Ghana surged by more than 22 percent to £888 million, while Ghana’s exports to the UK remained resilient at £640 million, driven largely by value-added products such as cocoa paste, processed fish, and fruits. The UK’s market share in Ghana also rose to 3.9 percent.

To further attract foreign capital, the Minister highlighted major fiscal incentives contained in the 2026 National Budget. These include the abolition of VAT on mineral reconnaissance and prospecting, extended VAT relief for locally manufactured textiles until 2028, and the rollout of digital VAT monitoring and fiscal electronic devices to enhance transparency. Ongoing reforms to customs administration and business licensing are also expected to significantly reduce bureaucratic delays.

Ms. Ofosu-Adjare urged British International Investment to expand beyond SME support into high-growth sectors such as pharmaceuticals, renewable energy, and automotive manufacturing. Concluding her remarks, she announced that a major Ghana Investment Forum will be held in London later this year, aimed at converting growing investor interest into concrete partnerships.

“Ghana is open for business,” she said. “Now is the time to turn dialogue into joint ventures that combine Ghanaian resilience with UK innovation.”