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| Name | How Ghana Transformed a Crisis into Pathway to Prosperity |
| Video Uploader | Video From Africa Views |
| Upload Date | This Video Uploaded At 06-02-2024 17:09:39 |
| Video Discription | In July 2022, Ghana faced an economic storm that rocked its foundations. Preexisting vulnerabilities, external shocks, a falling currency and rising food prices. But fast forward to 2024, Ghana is Transforming a Crisis into a Pathway to Prosperity. Power generation and distribution heads back to peak levels, minimum wage has been raised, and purchasing power is on the rise. In this video i show you how Ghana is pushing ahead with a raft of projects to improve living standards, facilitate transportation and boost intraregional trade. First to better understand what's happening in Ghana, here is some background. Two years back, Ghana was navigating treacherous waters. Investor confidence plummeted, dragging the nation into a pit of financial woes. After months of the government feeling the heat, the Ghanaian phoenix is back rising, spreading its wings of economic stability. The authorities are executing an economic program aimed at securing debt sustainability, and paving the way for robust growth that benefits all. Inflation might still have its head high, but it's on a descent from a record 54 percent in December 2022 to a more manageable 23 percent by December 2023. But that's not all. A successful domestic debt exchange is in the books, while negotiations with official and commercial creditors look promising. As a leading gold producer and major oil and gas supplier, Ghana has always shown a commitment to transform the country from a low-income economy dependent on raw material exports to a fully industrialized, middle-income economy. Over the past six years, Ghana’s GDP has more than doubled. The government is now pushing ahead with a raft of infrastructure projects to improve living standards, facilitate transportation and boost intraregional trade. In a transformative move, the One District One Factory Initiative was officially unveiled and repositioned, with the overarching goal of propelling the manufacturing sector in Ghana to unprecedented heights. This visionary initiative, is strategically designed to distribute investments across the nation, fostering economic growth and generating employment opportunities in rural and semi-urban communities. The driving force behind One District One Factory Initiative lies in the enticing incentives extended to private sector investors, encompassing tax breaks, import duty exemptions, and accessible soft loans. This enticing package is aimed at encouraging the establishment of medium to large-scale manufacturing operations within the borders of Ghana. Additionally, the country has committed to sourcing goods produced by One District One Factory companies, thereby reducing reliance on imports. The identified priority sectors for investment under this initiative include agricultural processing, garments and textiles, pharmaceuticals, components manufacturing, paper and paper products, as well as packaging materials. The tangible outcomes of this initiative are already evident, as 126 new factories have successfully opened their doors in Ghana, with an additional 140 currently under construction and 27 more in the pipeline. In tandem with this industrial renaissance, another pivotal project, Agenda 111, was launched in 2020 to address decades of underinvestment in Ghana's healthcare system. This ambitious US$1.76 billion initiative aims to rectify the healthcare infrastructure deficit by establishing 111 district hospitals, seven regional hospitals, two psychiatric hospitals, and rehabilitating the Accra Psychiatric Hospital. Each facility is allocated a budget of US$13 million for construction and an additional US$4 million for essential medical equipment. The comprehensive scope of each hospital includes essential facilities such as accident and emergency departments, pediatric and maternity wards, isolation units, four surgery theaters, accommodation blocks for families and medical professionals, as well as diagnostic laboratories. By June 2023, 88 contracts for the 111 planned projects had been awarded, and construction progress reached approximately 50% completion on 54 hospitals. Nevertheless, some projects have faced delays. The Agenda 111 program is not just about infrastructure; it is a substantial job creator, with an expected 33,900 jobs for construction workers and an additional 34,300 positions in the healthcare sector upon completion. Looking toward the future, Ghana is ambitiously venturing into the realm of nuclear energy through its Nuclear Power Programme. Recognizing the limitations in further hydropower capacity, the country envisions commissioning its first nuclear reactor by 2030. After receiving responses from vendors in the US, Russia, Canada, and South Korea, the process of selecting technology and vendor countries is underway. The estimated cost of this visionary programe, based on a 1,000MW plant, is approximately US$1.2 billion, with a contract anticipated to be finalized in 2024. [oh_mQftlgI8] |
| Category | People & Blogs |
| Tags | ghana | accra | accra ghana | wode maya | africa | living in ghana | moving to ghana | life in ghana | ghana crisis |
