Invest to grow local economy - Israeli Amb. tells Ghanaians

Israeli Ambassador to the country, Ami Mehl, has challenged resourceful Ghanaians to inject cash into critical areas of the economy instead of investing outside the country and/or hoarding their monies in foreign accounts, as this is the only way to push socio-economic transformation.

He said: “Ghanaians must invest their monies in the local economy, specifically in the areas of industry and technology; that is one way to produce more jobs for the youth of this country.

“It will be good to have Ghanaians investing in Israel, but it would be more impactful if the investment should go into the local economy.

“Because the reality is this: the more people are put into jobs, the more the economy will grow faster and stronger.”

The Israeli ambassador was addressing a gathering of entrepreneurs at the maiden edition of the Entrepreneurs Breakfast Meeting Series, an initiative of KRIF Ghana Limited in collaboration with Action Chapel International—Airport Residential Area Branch.

Mr. Mehl, sharing some favourable policies that have worked for his home country, also encouraged aggressive investments into science and technology with a call for strong collaboration in those areas between local businesses and their Israeli counterparts.

He said: “Science and technology must be deployed in key sectors of the economy to drive growth; Ghanaian businesses can therefore leverage Israeli technology and business know-how to be more productive”.

The view of the Israeli Ambassador will go as a remedy to one critical economic challenge—unemployment—given the current situation wherein thousands of students are churned out from universities to join a backlog of unemployed graduates.

According to a recent report from the think-tank Centre for Democratic Development (CDD-Ghana), about 14 percent of graduate unemployed youth have plans of seeking greener pastures outside the country should the teeming unemployment rate remain the same for the next six months.

The maiden edition of the business-focused breakfast meeting brought together participants from the business community, bankers and policymakers to gain first-hand information from the Israeli Ambassador, Ami Mehl, on some workable policies that have worked for Israel and how they can be replicated in the country.

Managing Director of KRIF Ghana Ltd. and Pastor-In-Charge of the Action Chapel International Airport Residential Area Branch, Reverend Kennedy Okosun, said the meeting will be held monthly and offers an opportunity for networking and business discussions that will help to develop the local business community.

Rev. Okosun indicated: “The Entrepreneurs Breakfast Meeting series has been introduced as a platform for policymakers, the business community and financial institutions to access workable and favourable business policies of the country’s trade partners, and brainstorm how those policies can be replicated to develop local businesses.

“It will also be a business match-making avenue that offers an opportunity for participants to forge binding partnerships which will boost the capacity and productivity of home-grown businesses to push socio-economic transformation.”