Ghana Day Business Forum

USD 82 Billion Invested Across Africa through Mauritius Financial Platform

Mauritius has emerged as a safe, trusted, and competitive financial hub in Africa, driven by strong institutional frameworks and good governance, the CEO of the Economic Development Board says. Addressing the audience at the Ghana Day Business Forum, Ken Poonoosamy highlighted the significance of the Mauritius International Financial Centre (IFC), which has become a key regional platform, facilitating cross-border investments valued at USD 82 billion across Africa over the years. With over 450 private equity funds currently domiciled in the Mauritius IFC, and actively investing across the African continent, the island nation has positioned itself as a vital platform for development finance institutions and impact-driven financiers to manage African impact funds. As Ken Poonoosamy emphasized, “Mauritius, a reference point as the economic success story in Africa, remains an attractive destination for foreign direct investment.” 

EDB Mauritius, in partnership with the Consulate of the Republic of Ghana, hosted the Ghana Day Business Forum in Port Louis, on Monday 26 August. The forum welcomed several Ghanaian companies operating in key sectors such as textiles, cosmetics, confectionery (chocolate), handicrafts, and real estate, providing a platform for business communities from both countries to engage, collaborate, and explore new opportunities. 

During his address, Ken Poonoosamy underscored the significance of the forum in consolidating existing business ties between Mauritius and Ghana. “This forum serves as an excellent platform to foster engagements between the Mauritian and Ghanaian business communities, and presents a significant opportunity to bolster trade and investment,” he said. 

More than 450 private equity funds are domiciled in the Mauritius International Financial Centre (IFC), and are investing in the African continent

In his address, the CEO of the EDB outlined the current global economic outlook, referencing data from the International Monetary Fund (IMF) that projects global growth at 3.2% in 2024, and 3.3% in 2025. He emphasized that Africa remains a critical area of focus, noting that the continent’s real GDP growth is expected to outpace global averages, with forecasts of 3.8% in 2024, and 4.2% in 2025.

“The African Development Bank estimates that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024,” he highlighted. “This explains why it is so important for us to nurture relations and collaboration with the African continent.”

Ken Poonoosamy stressed that the African continent is a key partner for Mauritius, with trade between Mauritius and Africa reaching a total of USD 1.3 billion in imports and exports in 2023. He stated that, as a founding member of the African Union, SADC, and COMESA, Mauritius is a leading economic partner among Sub-Saharan African countries. 

“Our expertise, our access to African markets, and our diplomatic relations with African countries can be complemented by your know-how, your networks, and your capital,” he added. “Mauritius has long been praised as a bridge connecting global investors with opportunities in the continent by facilitating cross-border investments, knowledge sharing, and skills development.”

Mauritius has established itself as a safe, trusted, and competitive financial centre supported by strong institutional arrangements and good governance. “Today, more than 450 private equity funds are domiciled in the Mauritius International Financial Centre (IFC), and are investing in the African continent,” he stated. “Development Finance Institutions and impact-driven financiers are currently using Mauritius as a platform to set up and manage African impact funds.”

The CEO of the EDB shared Mauritius’ ambitions to strengthen collaboration and partnerships with Ghanaian institutions and organizations. He invited the Ghanaian business community to view the Mauritius IFC as a complementary jurisdiction to mitigate risks and constraints when investing and operating across the African continent.

He also highlighted Mauritius’ positioning as an education hub for Africa, noting that it has become an attractive destination for Ghanaian students seeking high-quality education and global exposure. “This is a testament to the strong bonds of cooperation between our two nations,” Ken Poonoosamy emphasized. “As of today, there are 38 Ghanaian students pursuing their higher studies in Mauritius.”

The CEO of the EDB expressed hope that the Ghana Day Business Forum would foster a renewed impetus in the Mauritius-Ghana relationship: “As the African proverb wisely states, ‘If you want to go fast, go alone; if you want to go far, go together.‘ By embracing this spirit of collaboration and working together, we can achieve greater heights and contribute to the African Renaissance.”