Accra, Oct. 10, GNA - Panellists at the first ever "Business Roundtable with the Government of Ghana" organised by The Economist Conferences, a division of the Economist Intelligence Unit, have charged government to radically transform the country's land tenure system and administration to accelerate the expected foreign direct investment required to boost development.
Some of the panellists are Mrs Magaret Mwanakatwe, Managing Director, Barclays Bank, Ghana; Mr Albert Essien, Regional Director, ECOBANK; Mr Alhassan Andani, Managing Director, Stanbic Bank, Ghana and Olu Ogusanya of the Coca Cola Company Limited.
The Economist Conference a day's event was attended by representatives of local and foreign businesses, foreign missions, international and local banks that have interest in entering the Ghanaian economy. President John Agyekum Kufuor and Mr Kwadwo Baah-Wiredu, Minister of Finance addressed the Conference. It was under the theme: Fifty Years of Independence Where to Go Now: Can Ghana Become West Africa's Next Business Gateway? The speakers noted that issues pertaining to land and land tenure and administration were critical to developing a certain level of confidence in the business industry and creating a positive image for Ghana as the preferred business destination in the West Africa Sub-Region.
The Economist Conferences provide an international forum bringing together key executives of international and local corporations with Presidents and their Ministers for off-the-record sessions. It also provides a platform for senior executives seeking new insights into strategic issues to meet and engage each other in meeting mutual goals.
Briefing the media, the panel led by Mrs Pratibha Thaker, Regional Director, Africa, Economic Intelligence Unit, said it was important for the Government to, not only provide a peaceful atmosphere for development; but also to ensure that private sector participants and operators were able to take advantage of policy initiatives that had the potential to bring about change in the society.
She said the event was not a public relations gimmick to score points for the Government, saying: "It is a demand on us by foreign investors in Ghana, who want to know what is going on in the country and what can be done to improve the situation by offering the Government and private sector operators a common platform to engage each other.
Mrs Thaker said Ghana having enjoyed a decade plus of political stability and economic reform had become a growing source of interest to foreign investors seeking to take advantage of the opportunities in the country's key strategic industries.
She said a number of key challenges still needed to be tackled if the Government wanted to achieve conducive culture for the business environment.
Mr Ogusanya said he was expecting a situation where as an investor, could sit by his computer; access a land bank site; identify a piece of land and its owner as well as the costs involved in acquiring it.
"If this is in place, it exudes confidence in the country and paints a positive picture of the existence of correct policies that make the life of an investor worth the money he intends to put in the economy."
Mr Essien said the event had the potential of putting Ghana on the world financial and political map as a good business partner.
"When the nation gets this higher leverage in the international socio-political arena, it brings about increased development and increased development activity means more business for our various businesses across the country," he noted.
Mr Andani said he was impressed with President Kufuor's vision to create a uniform land tenure system, adding that it was something the private sector was looking forward to.
Mrs Mwanakatwe was of the opinion that the Government should work double the rate at making housing affordable and increasingly accessible to all.
