...on the International Scene to Attract Capital In-Flow
In tandem with his fellow cabinet ministers visiting United States, Dr. Kofi Konadu Apraku, Ghana’s Minister of Trade, did his best recently in projecting the 10-month old Kufuor Administration’s economic and political agenda and performance on the international scene. Consistently, Apraku invoked the sanctity of private sector development in Ghana as the bait for attracting foreign investors to the country.
Speaking on the subject of “Business Opportunities in West Africa,” at a workshop of the just-ended “U.S.-Africa Business Summit” in Philadelphia, PA, Dr. Apraku indicated on Thursday, Nov. 1, that the new government of Ghana is prepared to provide the necessary conditions for partnership with foreign investors. Apraku’s “simple message” is that “Businesses do not exist in a vacuum and we are prepared to work in partnership; we are asking people to take a second look at us, they will find there is no better place anywhere to do business than Ghana.”
Apraku said Ghana wants to be the gateway to the West African region in all sectors, for a good reason. He explained that Ghana’s peaceful political transition has been an indication of maturation. To find people going to the polls to change government must be the common thing in West Africa, he advised.
On the economic front, Apraku indicated that despite inheriting a state of disarray characterized by high inflation and other poor indicators, the Kufuor government is forging forward, backed by the mandate of the people. He said certain measures such as raising the price of gasoline and utility rates, have had to be put in place by the government in the interest of its economic program. “Our people have had the patience to come along with us,” Apraku declared.
Apraku indicated that the Kufuor government has managed to bring down depreciation of Ghana’s currency which was at 90% when it took office 10 months ago.
Apraku said, “We have made difficult economic decisions. “This is happening in the other countries including Nigeria and Ivory Coast.”
Consistent with the purpose of the Business Summit, Apraku emphasized, “When you look at what we have done, we need sympathy of the business world.” He lamented that despite the effort of some of the governments in the region, foreign investments have been low, leaving the impression that “we are not doing enough.”
Apraku said Pres. John Agyekum Kufuor has declared the “Golden Age of Business” in Ghana, “meaning development of the private sector.”
Despite the persistence of corruption, Apraku said Ghanaians believe the new government is doing the correct thing in the area of helping capital development in the country.
According to Apraku, a trained economist, capital development alone is not enough. “We want to add value to our products and we are determined to process 40-50% of cocoa.” He pointed out that whereas Ghana is the largest producer of gold, it has no processing capability; the same goes for diamonds. Apraku said, “Ghana has the best tuna but our fishermen don’t have capital for their businesses.”
Apraku indicated that all Ghanaian farmers are looking for avenues for processing their products.
In the area of telecommunications, Apraku told the roomful of workshop attendees that it is easier to place a telephone call from Accra, Ghana, to United States than it is to next-door country of Ivory Coast. He emphasized, “We have the need to communicate among ourselves,” in West Africa. That was a signal for telecommunication businesses to look towards investing in Ghana.
According to Apraku air transportation is the sector needing the greatest investment in Ghana which seeks to be the airline hub of West Africa. He declared, “We may have failed in the past but we must look to the future; our children will demand more from us, we need better economic policies.”
