Business News Thu, 14 Nov 2002

Ghana to see increased US investment

Ghana will benefit from increased investment inflows from the United States once the current healthy and friendly business climate is maintained, US Secretary of Commerce, Don Evans said on Wednesday.

Speaking at a press conference shortly after he toured the Princess Marie Louise Hospital, he said Ghana could sustain and improve on the gains already made by further strengthening democratic and civic institutions and overhauling policies to deepen the liberalisation process.

"We will do business in countries that show signs of good governance and rule of law. Already, your country has chalked a lot of success in these areas and the fruit of a free market economy is there for everybody to see," he said.

Evans said the US was committed to maintaining a healthy trading relationship with Ghana and would do everything possible, especially in areas of technical assistance in policy formulation and reforms, to ensure that the alliance was mutually rewarding.

Last year, the US and Ghana exchanged goods valued at 400 million dollars, with each country exporting 200 million dollars worth of merchandise. Evans said the African Growth and Opportunity Act (AGOA) offered African countries the chance to build and improve their economies and urged Ghanaian entrepreneurs to take advantage of it.


He pledged the commitment of the US government to eliminate both domestic and export subsidies within the next five years to ensure a level playing field in the American market so as to promote competition.

Evans, who is on a three-leg African tour, arrived in Ghana from Morocco. He is accompanied by an 11-member US company trade mission, which is in the country to explore business and investment opportunities in information technology, transportation, environmental technologies and security and safety equipment sectors.

While in the country Evans would witness an 80-million dollar agreement between Lemna International Incorporated, a trade mission participant, and Ghana Water Company to expand and rehabilitate drinking water systems at Sunyani and 16 other towns and villages.

He would also introduce the members of the trade delegation to President John Agyekum Kufuor. As part of the tour, Walt Braithwaite, President, Boeing-Africa, donated a computer and accessories to the hospital.