The 169th meeting of the United Nations Investment Committee was convened yesterday for the first time on African soil. Nana Wereko Ampem II, Chairman of the committee, as well as Chairman of Barclays Bank of Ghana, which is hosting the event, opened proceedings at the Labadi Beach Hotel, in Accra.
The committee is responsible for the investment of the $22 billion dollars which currently makes up the UN pension fund. The committee meets several times a year, and formulates a general strategic framework for the investment of the money in markets around the world.
The hosting of the event in Ghana is significant not only because of Nana Wereko Ampem's nationality, but because it emphasises the belief of the committee that "as far as is practicable, investments should be made in developing countries."
The two day long meeting began with a speech from the Minister of Finance Mr. Yaw Osafo-Maafo, who detailed Ghana's achievements over the past year in reducing both inflationary and interest rates, as well as the long term aims of the government to increase the revenue base of the country whilst at the same time controlling government expenditure.
The meeting will continue today, after which the seventeen members of the committee will meet President Kufuor.
