Wednesday, August 10, 2011

International investors rank Ghana fourth

Ghana has been selected as the Fourth Best Investment Destination in 2011 in Africa by the international investor community, Ghana Investment Promotion (GIPC) CEO Mr. George Aboagye has disclosed.

The survey, released in late June 2011, was conducted by the Africa Business Panel that sampled 800 business professionals in all the 53 economies in Africa.

The Africa Business Panel is made up of persons who work in the private sector for companies registered in and operating out of Africa. They are the senior managers, entrepreneurs or professionals which form the backbone of the business community throughout Africa.

“International investors believe that Ghana’s economic and political climate persist in being stable -- citing Accra, the capital city, an attractive commercial centre to conduct business from with West Africa.

“The country’s oil discovery was also said be a factor to investment attraction. Ghana came behind South Africa, Nigeria and Kenya from first to third respectively, the survey said.

“Ghana has sold itself in terms of branding, with the footballers also doing a lot in promoting the image of the country. It is our belief that this is the effect of governmental measures being taken to grow the economy.” Mr. Aboagye disclosed this in Accra at a forum to announce the GIPC’s Second Quarter 2011 Investment Report which brought together investment experts, business executives.

“GIPC will continue to encourage both local and foreign investors and facilitate investment projects for development of the nation.

He indicated that GIPC will step-up its missions and campaigns, leveraging on the improved perception of the country as a safe investment destination and its democratic credentials.

“We undertake a lot of enquiries and promotions abroad to attract investors and Ghana has a solidified itself very well in terms of branding over the years.

Meanwhile, recent statistics such as the World Investment Report 2010 and the Doing Business 2011 Report as evidence of the progress made by governments to improve the legal structures as a complement to its investment promotion and protection efforts.

The World Investment Report 2010 ranked Ghana in the 8th to 15th country bracket for the highest FDI inflows in African countries in 2009 while the Doing Business 2011 Report, which compared business regulations in 183 economies, adjudged Ghana as the best place for doing business in West Africa and also 67th in the global log for countries with ease of doing business and 44th in the log of countries that protect investors.

Investment promoters have observed that the key investment-related legislation such as ACT 478, which set up the Ghana Investment Promotion Centre and sector specific legislation intended to impact positively on the Ghanaian business community such as the Alternative Dispute Resolution Act 2010, (ACT 798); foreign Exchange Act 2006, (ACT 723); and the Anti-Money Laundering Act 2008, (ACT 749) among others.

They stressed that as a measure of Ghana's commitment to creating a favourable investment climate for both nationals and foreign companies, the country has entered into 26 Bilateral Investment Treaties (BITs) and eight Double Taxation Treaties (DDTs) as at May 2010 with countries such as the United Kingdom, Netherlands, Canada, Botswana and Iran.

Ghana has embarked on a reform of its intellectual property laws with a view to incorporating the obligations assumed under international treaties, among others, within domestic legal rules.

The Ghana Investment Fund Act (2002), Patents Act (2003) and the Copyright Act (2005) are among other evidence attracting FDI into the country.

Ghana is a signatory to the Convention establishing the World Intellectual Property Organisation (WIPO), and as a member of the World Trade Organisation (WTO) has fulfilled all its obligations under the Trade Related 96 Aspect of Intellectual Property Agreement (TRIPs Agreement).

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