Mahama wants broader talks to attract investors

President John Dramani Mahama has said that businesses need a stable and predictable investment environment, especially in a time of economic uncertainty, to continue generating employment and creating wealth. 

This, he said, calls for broad discussion to encourage investment issues such as dispute settlement in international investment agreements; the rising importance of international investments by state-owned enterprises; and how public-private partnership including co-investment by host states and private investors can contribute to break down barriers to trade and investments.

"Government is aware of the cloud of uncertainty in the minds of some investors in the country following measures announced by the central bank to halt the declining cedi and stop the dollarisation of the economy."

Trade and Industry Minister Haruna Iddrisu made this known in a speech read on behalf of President Mahama in Accra at the Ghana Economic Forum and the official launch of the International Chamber of Commerce on Tuesday.

He explained that despite the short-term challenges the country is facing, "our economic fundamentals remain sound and our mid-term goals are bright".

In the short-term, the President said, overcoming these challenges means jump-starting job-creation and restarting lending, and restoring confidence in  markets and the financial system. 

But he explained that it would also mean taking steps which not only advance the country's recovery, but also lay the foundation for lasting, shared prosperity.

He said:" The country will remain in this situation -- and its place as one of the fastest-growing economies is put at risk -- unless we not only bring down the cost of doing business and transform the way we use energy, but also do a far better job than we've been doing of educating our professionals; by giving them the knowledge and skills they need in this new and changing world. We cannot continue to export gold in its raw form. 

"We need to turn this expensive resource into finished ornaments right here in our beloved country, and I am confident we have trainable personnel to undertake this project."

Speaking on investment opportunities, the President observed that cross-border investment generates employment, increases government revenues and creates trade opportunities. 

Domestically, foreign direct investment links local companies to global value chains, underwrites trade and export opportunities, and facilitates the inflow of capital, technology and skills across sectors.

Commenting on the official launch of the ICC in this country, President Mahama assured that Government will provide the necessary support to make this plan a reality. 

"As government, we are ready to provide the level playing field for private and foreign-owned companies and also protect the intellectual property of individuals and companies, which is essential to achieving innovation.

"We acknowledge the effort of ICC to push governments to show political will needed to conclude a WTO deal in trade facilitation in Bali last year. I will see to it that this agreement is implemented to the benefit of the Ghanaian business community.

"The door is now open to proceed with a forward-looking post-Bali trade agenda that meets the needs of today’s global economy."

He pointed out that many of the reforms ICC is proposing at the World Trade Organisation actually match the priorities of his government.

"Implementing duty-free and quota-free market access for exports from least-developed countries, phasing out agriculture export subsidies and renouncing food export restrictions, and expanding trade in IT products and encouraging the growth of e-commerce are issues of concern to us in our pursuit of trade surplus for our economy.

  

"I encourage our business community, the banks, law firms and the Attorney-General’s department to liaise with ICC Ghana to develop programmes that best fit our Ghanaian context," President Mahama remarked.