First Ghana - Japan Business Forum Opens

Vice-President Alhaji Aliu Mahama on Wednesday called for direct Japanese investment in all aspects of industry to help Ghana achieve its goal of a leading agro-based industrial country in Africa.

Opening the first ever Ghana-Japan Business and Economic forum in Accra the Vice-President told participants that "We want direct Japanese investment in industries of all types so that manufactured goods made in Ghana can make this country, the technology hub for Africa,".

Dr Paa Kwesi Nduom, the Minister for Economic Planning and Regional Integration who read his speech at the forum organised by the Ghana Chamber of Commerce and Industry and the Japanese Embassy to examine past trade and investment performance and resolve problems. Notable among those factors were market access, business information and letters of credit that had inhibited significant trade and investment between the two countries.

It is also to deepen business and economic relations between investors and enterprises in both countries and also bridge the perception gap of Ghana's credibility in the eyes of investors as a result of her decision to avail itself of the Heavily indebted Poor Countries (HIPC) Initiative. Vice President Mahama said although Ghana had the desire to turn its economy around to become a leader at least on the continent; the success of that vision would depend to a large extent on access to a world class, prosperous market and technology, which Japan has and which Ghana needed.

He said government's vision was to raise the country's per capita income from a low of 400 dollars to 1,000 dollars within the shortest possible time. This, however, required good quality, long-term investment and trade, he said. "We in Ghana must be prepared to do what it takes to make our country worth investing in competitive nature of global capital".

Government, the Vice President, said was taking very difficult decisions to create and ensure a consistent stable macro-economic environment. He expressed the hope that the discussions would focus on Ghana's Poverty Reduction Strategy and the five priority areas of infrastructure, rural development, provision of enhanced social services, good governance and private sector development as identified by the government.

Mrs. Kazuko Asai, Japanese Ambassador to Ghana said although Japan was a major partner to Ghana in terms of Official Development Assistance, the ratio of trade between the two countries vis-?-vis the over all trade amount has been declining. She said to step out of the current situation, there was the need to induce public discussion on the issues and concerns and collectively help to change them.

Mrs Asai said the ten percent reduction in Japan's national budget for development assistance, a lot more emphasis needed to be placed on the role of the private sector in stimulating growth.

Mr Joseph Henry Mensah, Senior Minister described business relations between the two countries as feeble and emphasised greater communication between private sector operators of both countries to achieve results. He said the vision of the relationship should transcend profit motives to ensure the sharing of ideas that would in the long run be mutually rewarding for both countries.