CLEARING OF IMPORTED GOODS TO BE MECHANISED - SAYS FINANCE MINISTER

ISL.5/PR.7

The government is in the process of mechanising the clearance of imported goods into the country. The system will eliminate the present laborious manual processes which are often fraught with corruption, over and under-invoicing of imported goods.

Hon. Osafo Maafo, Minister for Finance made the announcement during a meeting with the staff of Ghana High Commission in London. Present at the meeting were Mr. Kwasi Abeasi, Chief Executive of Ghana Investment Promotion Centre and Mr. Isaac Osei, Ghana's High Commissioner to the UK.

Honourable Osafo Maafo told his audience that the restoration of macro-economic stability, coupled with the institution of prudent fiscal discipline within one year of the NPP administration had won the confidence of the international financial community.

The Finance Minister expressed the hope that Ghanaian diplomats would continue to work hard to ensure the flow of investment into Ghana.

On the proposed scheme to enable importers to pay duties on imported goods overseas, Honourable Osafo Maafo explained that the scheme would enable the country to derive revenue in foreign exchange and hasten the process of clearing goods from the country's entry points.

On tourism, the Finance Minster stated that government would not get involved in the business of tourism, but would rather create the infrastructure and enabling environment to encourage potential investors in the hospitality industry.

In his comments ,Mr. Abeasi said although there had been a slow down in foreign direct investments due to the September 11th terrorist attacks on the United States, the Ghana Investment Promotion Centre was working towards making itself a one stop shop for potential investors. He was of the opinion that, with the current stable macroeconomic environment, it was likely that the flow of foreign direct investment would increase sooner or later.

As a further boost to attracting investment into the country, he said the GIPC has decided to task the foreign Missions with the responsibility of co-ordinating investment drive abroad. The London Mission will handle Europe, Malaysia-Asia while our Mission in the US will take care of the Americas.

ISSUED BY THE

GHANA HIGH COMMISSION, LONDON.

28TH MARCH 2002