In a significant step towards enhancing economic cooperation and addressing shared challenges, Ghana’s Finance Minister, Ken Ofori-Atta, and South Africa’s President, Cyril Ramaphosa, held a productive virtual meeting on Thursday June 1, on the sidelines of the MTN Capital Markets Day in South Africa.
The discussion focused on strengthening bilateral ties, exploring mutual benefits, and finding sustainable solutions to the energy crisis faced by South Africa.
During the conversation, President Cyril Ramaphosa congratulated Ghana for securing a deal with the International Monetary Fund (IMF) deal in record time.
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He acknowledged the country’s dedication to economic stability and expressed hope for a healthy interchange business between Ghana and South Africa, emphasizing the need for meaningful and mutually beneficial impact.
“I congratulate Ghana on their achievement with the IMF deal. It is a testament to their commitment to economic stability and growth. We are optimistic about the prospects of expanding our bilateral cooperation and exploring new avenues for collaboration,” he said.
The discussion delved into the prospects of increased trade and investment between the two nations.
Both leaders acknowledged the strength of their economies within their respective regions and recognized the potential for deeper economic integration.
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They also expressed a shared vision for fostering partnerships that would facilitate the exchange of goods, services, and investments, thereby boosting economic growth and development.
During the virtual meeting, the ongoing energy crisis in South Africa was also discussed.
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President Ramaphosa highlighted the importance of collaboration between the government and the private sector to address this pressing issue. He expressed his confidence in South Africa’s leadership and private sector’s ability to collaborate effectively and find sustainable energy solutions.
The virtual meeting concluded with both leaders expressing their optimism about the future of Ghana-South Africa relations and their determination to continue working together to strengthen bilateral ties. They agreed to explore further opportunities for cooperation, with a specific focus on trade, investment, and energy.
During a separate intervention for the MTN Capital Markets Day, Mr Ofori-Atta assured Ghanaians of the government’s committment to restoring macroeconomic stability, within the shortest possible time, under the governments Post Covid-19 Programme for Economic Growth (PC-PEG).
Mr. Ofori-Atta reassured the nation of the government’s dedication to revitalizing the economy and ensuring a prosperous future for all Ghanaians.
He assured the gathering that the government remained undeterred and had set forth a comprehensive set of measures and strategies aimed at stimulating economic growth, attracting investments, and creating job opportunities.
Key sectors such as agriculture, manufacturing, and infrastructure development will be given priority under the government’s plans. Ofori-Atta stressed the importance of boosting agricultural productivity, promoting local industries, and investing in critical infrastructure projects. By doing so, the government aims to create an enabling environment for businesses to thrive, generate employment opportunities, and drive overall economic growth.
“We are concentrating on boosting agricultural productivity, promoting local industries, and investing in critical infrastructure projects. Through these actions, we will establish a conducive environment for businesses to thrive, generate employment opportunities, and drive economic growth,” he said.
Fiscal discipline and prudent financial management were highlighted as cornerstones of the government’s approach. Ofori-Atta assured the audience that responsible fiscal policies, improved revenue generation, and efficient resource allocation would be maintained to ensure the sustainability of the economic revival efforts in the long run.
Recognizing the impact of the current economic challenges on Ghanaians, the Finance Minister expressed empathy and reassured citizens that the government would leave no stone unturned in its efforts to expedite the recovery process.