AGI woos American investors

Ghana’s huge infrastructure deficit provide an equally huge opportunity to attract foreign direct investment flows, the President of the Association of Ghana Industries (AGI), Nana Owusu Afari, has said while enticing American businesses to invest in the country.

He told an American business delegation in the country to explore business opportunities that they will have worthy partners in their Ghanaian counterparts if they choose to invest in the country.

Ghana has a soaring business image internationally, but it also has a huge infrastructure deficit in the areas of water, energy, transport, among others. According to authorities, a whopping US$1.2billion is needed annually for the next ten years to bridge the gap.

The government alone cannot provide the needed investment and the local private sector has its own financial challenges, the AGI president said, hoping that foreign businesses with the financial muscle will come in and partner AGI members to take on major projects.

“Ghana is on the move; we are now one of the major destinations for foreign direct investment in Africa. In fact, the number of foreign businessmen who are trooping into Ghana of late is unimaginable. Almost every country is targetting Ghana for investment because of the resources nature has endowed this country with," Nana Afari told journalists on the sidelines of the meeting.

“But they should not just come in and move away. They should also help in building the capacity of our local business people."

The US business delegation was in the country under the auspices of the Business Council for International Understanding (BCIU), which was established in 1955 as a White House initiative under President Eisenhower to facilitate dialogue and alliances between world businesses and political leaders.

The American delegation included the BCIU’s President, Peter Tichansky, and the American Ambassador to Ghana, Gene Cretz.

On Ghana’s side of the table were captains of industry including Dr. Michael Agyekum Addo of Kama Group of Companies; Dr. Yaw Adu Gyamfi of Danadams Pharmaceuticals Ltd; and Mr. Kofi Kludjeson of Akasanoma Industries Limited, among others.

Also present at the meeting was the Minister of State in charge of Public-Private Partnerships, Rashid Pelpuo, who urged the delegation to take advantage of the Public-Private Partnership initiative of Government.

He assured them of Government’s commitment to create the enabling atmosphere for them to start and grow their businesses in the country.

By Basiru ADAM