British West African Forum for Trade and Business Partnership opens

Accra, March 21, GNA - Finance Minister, Kwadwo Baah-Wiredu on Wednesday extended an arm of friendship to business partners and investors, who were committed to promoting beneficial trade and investment, export and business operation between developed countries and sub-region, to join hands with the government to reduce poverty, ensure peace and stable economic growth.

In a speech read for him by Mr. Dominic Donkor, Chief Economist at the Ministry of Finance, Mr Baah-Wiredu said UK entrepreneurs were welcome to explore investment opportunities in West Africa, especially Ghana and Nigeria.

The Minister was speaking at the opening of a three-day conference of the British West African (BWA) Forum for Trade and Business Partnership aimed at promoting international business networking on trade and investment opportunities between British and West African companies.

It is being held on the theme: "Preparing to Locate Business Partners in UK, Europe, America and Asia". The conference is also aimed at stimulating business between UK and West African countries; drawing attention to best practices in business and advocating policy reforms; honesty and trustworthiness in international business engagements.

Mr Baah-Wiredu expressed the hope that the ideas would be vigorously pursued in achieving more transparency, mutual benefit and excellence in trading relationships among West African countries, European countries, America and Asia. "This conference is designed to prepare Ghana and Nigeria companies for the emerging trade credit, investment and business financing partnership opportunities," he emphasized.

Mr Frank Adu, Managing Director of CAL Bank, who spoke on the "Impact of Globalisation on Trade Credit Payment System," said there was the need to improve payment systems within the sub-region. This was because with globalisation there was a greater international movement of commodities, money, information and people and development of technology of the nations. All these, Mr Adu said, called for the building of sound legal systems and infrastructure.

Mr Adu said that solutions to these problems necessitated new forms of cooperation and allocation of new global institutions. He called for cooperation among those involved and those who oversaw critical elements of Global Financial Infrastructure (GFI) to eliminate risks in the settlement of live transaction in foreign exchange.