President John Dramani Mahama says Ghana is seeking a new form of partnership with international development partners, with greater emphasis on investment rather than aid.
According to President Mahama, the financing structure supporting the Northshore Apparel industrial project is an example of the kind of partnership his administration wants to pursue to accelerate economic growth and industrialisation.
Speaking at the commissioning ceremony at Savelugu on Friday, August 28, the President said Ghana’s international partnerships must increasingly focus on productive investments capable of creating jobs, expanding exports and generating sustainable economic returns.
“This is a new partnership we look for with our international partners. We look for investment and not aid. We look for investment and not aid,” President Mahama said.
He said the Northshore Apparel project demonstrates how government, private investors and international financial institutions can combine resources to support commercially viable projects.
President Mahama commended the German government and KfW for their support towards the project, describing the financing arrangement as a model that could be replicated in other sectors of the economy.
“This is an example of investing together,” he said.
The President also commended the private investors behind North Shore for their contribution towards establishing the factory, as well as Ghana EXIM Bank for providing almost $12 million in financing.
He said Ghana EXIM Bank was established during his previous administration specifically to provide financing for businesses and industrial projects capable of contributing to national development.
President Mahama said his administration has now redirected the focus of the bank towards “impactful financing” for projects that create jobs, promote industrialisation and generate export earnings.
“We’ve shifted the attention and the focus of Ghana EXIM to this kind of financing, impactful financing of such projects that provide jobs and employment for our young people,” he said.
He stressed that Ghana needs more partnerships of this nature to support productive sectors and reduce the country’s dependence on external assistance.
President Mahama further linked the investment approach to his government’s 24-hour economy agenda, saying projects such as North Shore demonstrate how private-sector investment can translate into employment opportunities and increased exports.
The North Shore factory, he noted, has already created at least 2,000 jobs, with a significant portion of its products expected to be exported to generate foreign exchange for Ghana.
The President called for more international partnerships that combine financing, technology, private-sector participation and government support to build Ghana’s productive capacity.
“We want to see more of such partnerships and investments,” he added.
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