President J. A. Kufuor has said that Ghana has always had a strong attachment to the Commonwealth and that there exists a consensus in the country that the commonwealth plays a dynamic role in the development of member countries.
He said given the special familial spirit that binds it, the organisation should not continue as an association of have and have nots. He therefore called on all member states to assist Ghana move out of poverty.
President Kufuor had this to say at the opening of the Commonwealth Ghana Investment conference, held at the plush La Palm Royal Beach Hotel, Accra.
Ghana he said, is embrassed at the age of forty-five, to be still classified as a nation with potentials. Mapping out governments priority areas for rapid development, President Kufuor said, the rapid development of infrastructure, Rural Development through modernised agriculture, enhanced social services with emphasis on Education and Health, Good Governance and Private sector development are top on the list.
The current crisis in La Cote d’Ivoire has exposed our infrastructure as totally inadequate. Our roads he said are under severe pressure and our rail network has not seen any major improvement since independence.
President Kufuor emphasized government’s determination to modernize agriculture as 60% of Ghanaians are actively engaged in this area. He therefore called on foreign investors to seriously consider investing in agricultural related businesses.
His sole aim of creating the Ministry for Private Sector Development he explained is to facilitate the growth of private companies and promote the development of strong business class, and encourage networking into the global market.
He informed participants that government has come out with a code of ethics and an Office for Monitoring and Evaluation to hold on line members of government and senior officials of state. An office for accountability he said, to be headed by an independent authority is also in the offing.
Hon. J. H. Mensah in his short remarks was honest to admit that the country’s infrastructure is not in good shape. He however urged investors to consider stepping up their investment drive, as Ghana’s labor force is well motivated and not overly aggressive. He said government is committed to reducing poverty. This he said could be achieved with the help of investors.
The Chief Executive of the Ghana Investment Promotion Center, Mr. Kwasi Abease regretted that most often the negative perception of Africa of being a haven for hunger, wars, disease and mounting social problems discouraged prospective investors from investing in Africa.
He however debunked this perception by assuring the international community that Ghana had done its homework. “We have increased the role of the private sector, privatised most State Owned Enterprises, (SOEs)minimized governmental interventions in business, restored and maintained macro economic stability, corrected over valued currencies, land reduced both budget deficit and inflation details.
Mr. Abeasi said empirical studies conducted have shown that if trade barriers were lifted and fair prices paid, developing countries could generate over $300 billion annually. This he said could only be achieved with foreign direct investment.
Over 300 delegates from both within Ghana and from overseas are attending the 3-day conference. The speakers include several government and business leaders from Ghana and abroad and also from international organisations. Some of the speakers are from the World Bank Group, representatives of businesses and business organisations from the United States, Europe and the United Kingdom.
