Ghana’s economy ready for big foreign direct investments – GIPC
The Chief Executive Officer of the GIPC, Mr George Aboagye, has said Ghana is ready for huge Foreign Direct Investment (FDI) inflows that can help to further transform the economy while ensuring maximum returns for investors.
“The country’s economy has been better stabilised to withstand external shocks while the political atmosphere is also mature enough to provide safety net for foreign investments”, he said.
The GIPC Boss said this when he addressed a large crowd of American and other foreign investors who had thronged the Marriot Wardman Hotel in Washington to attend a special business forum put together by the GIPC on the sidelines of the just-ended US-Africa Summit held in Washington.
Hours before the forum, scores of potential American investors had gathered in front of the venue for the forum to grab a seat in order to listen to the story of Ghana as they had heard about Ghana becoming the fastest growing economy in the world next year.
Mr Aboagye said; “The growth of Ghana’s economy is not by chance but as a result of prudent economic management policies meant to make the country a safe and attractive investment destination”.
“We are in America to tell our story because we know you like to invest in countries that have sound economic and political records that can make you have maximum returns on your investment”, he said adding, “and there is no better place for you than our country Ghana”.
Mr Aboagye said there were American companies in the country which had invested heavily in the economy including the oil and gas sectors and were comfortable; a reason many more could use as an example worthy of emulation.
Presently, American investments in Ghana stands at almost US$3 billion and these can be found mainly in the oil and gas and mining sectors of the economy.
In the area of small business, American investments are also increasing gradually from US$7 million in 2009 to US$18 million in 2010 and US$20 million by the end of this year.
According to Mr Aboagye, the phenomenon is an indication of the growing interest in the Ghanaian economy as expressed by the American investors.
He admitted to some challenges within the economy but told the investors that; “These are normal with every developing economy and that should not deter you from making the right choices of which we can assure you of maximum returns”.
Mr Aboagye expressed the determination of the Ghana Government to urgently and expeditiously tackle the pressing issues of road and rail infrastructure, energy among others to further accelerate the country’s growth.
“It is also to make investors like you more comfortable when you come to reduce the cost of doing business in our dear country, the toast of the world today”, he said.
Consequently, he has asked American investors to see the huge gaps created in the economy as opportunities for them to invest in the country.
The Senior Vice President of Kosmos Energy (one of the major players in Ghana’s upstream oil industry), Mr William Hayes, who gave a testimony of the Ghanaian business environment, asked Ghanaians to jealously uphold the peace and democratic principles in the country to enable it to fully benefit from the vast oil and gas wealth.
He likened the depth of the oil find in the country to the Washington Monument and said “The volumes of quality oil you have is what will help transform the country and this can only be achieved when the country is democratically stable”.
Mr Hayes said Ghana was stable and ready for the investors and urged his fellow Americans to join Kosmos among others, to do business in Ghana.
Other potential American investors who spoke to the Ghanaian media, expressed satisfaction with the presentations made and the testimonies from the American investors in Ghana and indicated that they would advise themselves accordingly.
Source: Daily Graphic