Business News of 2013-12-06

Ghanaians urged to invest in West African Shipping line

Ghanaians, especially businessmen and other private individuals have been advised to invest in the proposed new shipping line for the West African sub region.

The advice was given by Mr Seth Adjei Baah, Chief Executive of Ghana Chamber of Commerce and Industry at an investment forum in Accra organised by the Federation of West African Chamber of Commerce and Industry. It was organised in collaboration with NEXIM Bank of Nigeria and Transimex of Cameroun with the support of the Economic Community of West Africa States (ECOWAS).

He said there is no shipping line for the sub region and those willing to use sea transportation for their goods, had to endure long delay as the cargo would have to go through Europe before returning to its destination. Mr Baah said private individuals and companies who also operate across the ECOWAS sub- region by road transport always go through many forms of frustration at the various borders.

He said the shipping line would have huge returns for investors as it would serve all the countries in the sub region including Central Africa. Mr Wilson Atta Krofa, immediate past Chief Executive of the Ghana Chamber of Commerce and Industry said, when completed, the shipping line would have both cargo and passenger sections, while warehouses would be constructed at each ports for easy shipment.

He urged citizens from the ECOWAS to own the new shipping line in order to promote trade and investment and reduce the dangers and frustrations involved by the use of road transportation.

Mr Alfred Brimah, Director, Private Sector Development at the ECOWAS Commission said it fully supports the new shipping line project and would help bring piracy to the minimal level.

Dr Ishmael Yamson, former Chief Executive Officer of Unilever Ghana said the benefit of the new shipping line is very real and it is important that Ghanaians invest in it. He said Ghana could be a logistics hub for the new shipping line through investments, including the proposed ware housing.

Dr Yamson said many countries would find it convenient to do business with Ghana as there is peace and stability. He said it is very necessary that government and other private individuals capture the opportunity that new shipping line is presenting to increase more revenue.