Ghana to be the hob of foreign investments - Veep

Accra, April 26, GNA - Vice President Alhaji Aliu Mahama has reaffirmed Government's commitment to develop Ghana as the preferred destination for foreign investment in the West Africa Sub-Region. He said the focus of the ruling New Patriotic Party NPP) to this mission was non-negotiable and dismissed public criticisms that it gave undue advantage and incentives to international businesses at the expense of local entrepreneurs.

Vice President Mahama was speaking on Tuesday at a State Dinner in honour of entrepreneurs from the United Arab Emirates (UAE) participating in the Association of Ghana Industries and United Nations International Development Organisation Sub-Contracting and Partnership Exchange Matchmaking Fair in Accra.


Opening the fair on Monday, President John Agyekum Kufuor made a strong case for investors to put their money into the country, saying, inflation was now down to a single digit from 42.1 per cent in 2001 while the cedi had stabilized against the major trading currencies with the Ghana Stock Exchange rated among the best on the African Continent. Vice President Mahama said Government was very keen on the growth of a vibrant local private sector, adding: "In a global age, however, that growth can only be viable and sustained in tandem with international trends."


He acknowledged the challenges facing the local private sector saying: "In a sector dominated by small and medium sized companies and informal businesses, technology, financial and trade management skills are weak."


The theme for the three-day fair is: "Networking to unlock Ghana's Trade Potentials."


Vice President Mahama said the Government was working hard to provide a legal and administrative framework that would make business in Ghana a pleasure.


He asked entrepreneurs from the UAE not to be frustrated by the size of businesses in Ghana but should rather be part of the processes that would impact on these businesses to grow.

"Ghanaians are open, welcoming and hardworking. We also learn very fast," he said.


Mr J. H. Mensah, the Senior Minister, said the business connection between Ghana and the UAE should put the West African State in touch with the great players in the world, adding that such contacts should lead to personal and long-term contracts.


He noted that what West Africa needed was a Centre of International World Class Trade and envisioned Ghana as the destination for such a project.


Mr Alan Kyeramaten, Minister of Trade and Industry, said the UAE0 fair could blossom and called on the private sector in both countries to nurture it.


Mr Walid Harreem, a businessman from the UAE, and other entrepreneurs, expressed their appreciation for the warm business collaboration with their Ghanaian counterparts.