Veep promises stability

Government has assured the investor community of a peaceful and stable democracy after this year’s election.

“Ghana will continue to remain stable and democratic after elections; prospective investors therefore need not adopt a wait-and-see attitude before making any investments in Ghana, and for that matter in ECOWAS.

“Even though we’re in an election year, government will continue to manage the macroeconomic variables for the enhancement of business operations,” said Vice President John Mahama at a two-day Africa Investment Forum aimed at promoting trade and investment in the ECOWAS sub-region.

The 2012 Africa Investment Forum, hosted by the Ghana Investment Promotion Centre in collaboration with the Commonwealth Business Council and other sponsors, is targetted at enhancing collaboration between the private sector, the international community and governments to attract higher levels of foreign direct investment into the continent in the face of global economic challenges.

It is also to provide a platform for bringing investors and projects together to explore public private partnerships, and facilitate business partnerships which can support the economic growth required to enable Africa achieve sustainable economic development.

Speaking under the theme ‘Partnering with ECOWAS to Accelerate Investment in the Sub- region’, Mr. Mahama said: “We are determined to reform the public service to improve its efficiency and increase our attractiveness as a destination for business.”
He said government’s economic development strategies are aimed at encouraging private sector participation in the country’s development.

“Government is currently promoting Public Private Partnerships (PPPs), which are key to the delivery of infrastructure and services through leveraging public assets and funds with private sector resources from local and international markets.

He observed that one sector the sub-region has comparative advantage in is agriculture and agri- business.

“The development of agri-business to sustainable levels can provide jobs for the youth, create wealth, reduce poverty through improved incomes, and enhance the quality of life of our rural populations -- the majority of whom are in agriculture,” Mr. Mahama remarked.

Sir Alan Collins, Director General, Commonwealth Business Council, observed that interest in Africa from international investors is growing.

“The Western economies may be showing some signs of recovery, but we can see that investors are looking at other markets.

“Investing here in Africa now makes more sense than ever before. In addition to the ECOWAS countries, there are representatives from the United Kingdom, Canada, India and South Africa, as well as the Middle-East, China, Russia and South America.”

Sir Alan explained that foreign investment can facilitate and accelerate economic development, adding: “It is Africa and the African private sector that will drive growth and create jobs. Entrepreneurship and the private sector are the only sustainable drivers of growth in Africa and emerging markets.”

To achieve this, he proposed that African countries have to work together to increase intra-African trade and boost indigenous entrepreneurs and businesses.

“As intra-African trade accounts for just 10% of Africa’s overall exports, we can see that an important opportunity is being missed.

“Regional integration is an effective way to harness the benefits of larger markets and tap comparative advantage of different countries. This further reinforces the need for the work that structures in ECOWAS are undertaking.”

Managing Director of Access Bank Ghana, Dolapo Ogundimu, said: “Investment growth is on the agenda of all countries, particularly Ghana where the economic growth rates are impressive and one of the highest in the world.

“We at Access Bank believe that we can foster a network of relationships between business and governments in the sub-region to identify and raise investment opportunities using platforms such as these.”