Ghana, US sign bilateral investment treaty

Ghana and the United States (US) have signed a Bilateral Investment Treaty (BIT) to encourage more foreign investors to invest more capital and resources into the Ghanaian economy.

The treaty will also enhance trade relations between Ghana and US.

The US (BIT) programme helps to develop market-oriented partner countries and promotes U.S. exports.

It also aims at protecting investments abroad in countries where investor rights are not already protected through existing agreements.

The Minister for Trade and Industry, Ms Hannah Tetteh, signed for Ghana while the US Trade Representative, Mr Ron Kirk, signed on behalf of the US.

Speaking at the ceremony, Mr Kirk, who led a US trade delegation to Ghana, said the initiative would enhance and promotes trade and investment between the two countries.

According to him, Ghana was one of the four countries that had been chosen by the US for the Partnership for Growth initiative which was supposed to boost the economy of beneficiary countries.

“Ghana is one of our future partners to promote bilateral trade,” he said.

He expressed the hope that the signing of treaty would amplify US President Obama’s belief in the strong partnership that the U.S had with Ghana.

Present at the ceremony were the U.S trade delegation, the Minister for Trade and Industry and other dignitaries, including representatives of the Ministry of Foreign Affairs and Regional Integration.

Ambassador Kirk said “investors always look around the world before they invest huge sums of money. They look at countries that have strong rules of law and good governance, which Ghana has.”

Ms Tettteh lauded the contribution of the United States government to Ghana and said the latest partnership demonstrated enormous confidence in the government and the country.

Source: Daily Graphic