Accra (Greater Accra) 18 March '99
Accra (Greater Accra) 18 March '99 Dr Frank Young, Mission Director of the USAID on Wednesday said Africa presents the best potential yet for investment and she must dispel the wrong perception in the minds of investors about the continent. "Africa needs to eradicate the image of hunger, poverty and deprivation, which has become the norm in certain parts of the continent. Africa presents the best potential yet for investment," Dr Young said at a luncheon in Accra by the American Chamber of Commerce, Ghana (AMCHAM). Dr Young said African brains in the diaspora, need to return and make themselves available for the massive transformation programmes and socio-economic changes taking place on the continent. AMCHAM is a voluntary partnership of business and professional organisations and people networking to build a vibrant business community among Ghanaian and American companies. The Mission Director said the visit of President Jerry John Rawlings to the US recently sparked off a lot of interest, not only in the Ghanaian economy, but Africa as a whole since he used the opportunity to present the case of Africa and demanded that Africa be given attention. He said, he was happy that all African states accept the need for structural reform. "Africa's growth rate of 4.5 per cent last year, was the lowest in the world, ... after emerging from two decades of declining growth, Africa must do well to accelerate its progress," Dr Young said. He said the Ghana government has successfully navigated the economy out of the woods and has set it on the threshold of breaking new grounds of development. "Ghana's ratings in the international community, has improved and is in the high stakes. It, however, needs to aim at higher growth paths and increase its competitiveness''. Dr Young said the role of the donor community has changed in recent years merging aid with foreign policy measures, and noted that " the days when foreign donors gave out funds for the sake of it are gone". Mr Kwabena Darko, owner of Darko Farms, Ghana's biggest poultry farm, said Ghana has renewed goodwill among the world community, especially with the visit of the British and French foreign ministers and should now launch to state its case. He urged his colleagues in the chamber to put their businesses right, by ensuring that their books and finances are in good shape so as to make their contacts with American businessmen not only profitable but to enable them to access funds easily.
