Iran to invest in Ghana's banking sector

Accra, July 9, GNA - The Iranian Chamber of Commerce on Wednesday expressed interest in establishing a bank in Ghana in a joint venture deal with the Ghana Chamber of Commerce and Industry (GCCI). Mr Wilson Atta Krofa, President of the GCCI, who announced this at the monthly Greater Accra Regional meeting of the Chamber in Accra, said plans were underway to make arrangement with Exim Guaranty in both Iran and Ghana to provide covers for exporters.

He said during their recent business visit to Iran it came up that the business community there was willing to come and invest in other key areas of Ghana's economy.

He mentioned cement factory, power plant, petroleum, mining, road and low-cost housing construction, airlines for the ECOWAS region and establishing training schools for paramedics as some of the areas that they have shown interest in.

Mr Krofa said all the businesses the Iranians were prepared to establish here in Ghana would be under partnership with Ghanaian businessmen and that Ghanaians should take the opportunity to expand their businesses.

The president said in Agro processing, the Iranians were equally interested in setting up processing plants in Ghana to process cocoa and canned fish for export.

They were also interested in sunflower cultivation and a joint venture ship for plant and cash crops for export; establish trade centres to bring in Iranian goods for distribution. Mr Krofa also announced that Iranian Chamber was interested in establishing a plant to freeze dry fruits for export to Iran. He therefore, urged members to seize the opportunity to do business with their Iranian counterparts and forget about politics.

"As businessmen and women we would go anywhere to do business as long as there is the opportunity," he added. On the reviewing of the Investment Law, he said the Chamber had sent proposals to the Ghana Investment Promotion Council to ensure that the law protects local businesses. Some members urged the Chamber to address the communication barrier between Iran and Ghana business community to facilitate transactions. The Barclays Bank Limited and the Industrial and General Insurance Ghana Limited (IGI) were at the meeting to educate members on their products.