Build cooperation to attract investment - Veep Dr. Bawumia advises Sub Sahara countries

Vice President Mahamudu Bawumia says Sub Saharan African leaders need to build a stronger cooperation in order to build a competitive regional market and also attract the needed investment. 

He said the slowed growth being witnessed in the Sub region calls for innovative ways to add value to raw materials before exporting to improve revenue mobilisation. 

Addressing participants at the launch of the IMF Spring 2018 Regional Economic Outlook for Sub Saharan Africa, Vice President Bawumia said member countries cannot afford to continue to do things in the same manner stressing the need to harness the vast potential in the region. 

He noted that Ghana is taking key initiatives to move the country beyond aid.
 
The IMF report estimates that Sub Saharan Africa is set to enjoy modest economic recovery driven mainly by the external environment. 

The region is expected to grow from 2.8 percent in 2017 to 3. 4 percent in 2018 and 3.7 percent in 2019. 

Vice President Bawumia said said with donor support dwindling, Africa has to find ways to improve revenue mobilisation and also embark on a massive value addition drive to sustain growth in the various economies. 

He stressed that it is important for countries with similar natural resources to come together to form a strong market to compete effectively.

Vice President Bawumia mentioned some policies being roles out by government to sustain the gains made in Ghana.

The IMF report suggests that several economies such as Ghana, Côte d’Ivoire, Ethiopia and Senegal are expected to maintain robust growth at about 6 percent or faster. 

Many countries that saw per capita incomes fall in 2017 could witness a further decline this year.



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