Agro-based economy by 2010--Dr Apraku

Dr Kofi Konadu Apraku, Minister of Trade and Industry said the agricultural sector is being strengthened to make Ghana an agro-based economy by 2010.

He said most of the agricultural raw materials being produced are to be processed to add value to them for export to earn more foreign exchange for the country.

Dr Apraku was speaking on "Investment opportunities in the Trade and Industry sector" at a meeting with the 20-member Chief Executives of Moroccan companies who are on a two-day visit to Ghana in Accra.

He said Ghana has enjoyed a steady trade with Morocco since the past three years and total trade within the period on the average was 2.8 million dollars in favour of Morocco.

Dr Apraku said trade increased from 2.4 million dollars in 1998 to 2.8 million dollars last year a growth of 17 per cent and Ghana's exports consisted of sawn timber while the major import was fish, adding "there is a lot of room for further expansion of trade between the two countries."

He said the Ghana Investment Promotion Act of 1994, provides guarantees to all enterprises free transferability through any authorised dealer bank in freely convertible currency of dividends or net profits attributable to a foreign investment.

Dr Apraku said government has entered into bilateral investment promotion and protection agreements with some countries to enhance the protection and security of the investment regime and is prepared to enter into similar agreement with Morocco.

Madam Hawa Yakubu, Minister of Tourism said an arts and crafts village is to be established where artisans would be grouped to produce items for the export market.

At these villages provision would be made for the use of credit cards, travelers cheques and other means of transactions for tourists.

Madam Yakubu said the political commitment to promote tourism and package it well has been a major problem and the trend is being changed under the NPP government.

Mr Ishmael Ashitey, Minister of State for Fisheries called for assistance from Morocco to monitor the Ghanaian waters where many vessels poach with ease. Ghana also needs to use modern technology in fishing.

He said last year, Ghana imported 150 million dollars worth of fish and this could be reduced through aquaculture, which is predominant in Morocco.

Mr Mourad Cherif, leader of the delegation said their mission is to establish contacts with their Ghanaian counterparts for the success and mutual benefits of the two countries.

"We are here to have fruitful discussion with the private sector for our mutual benefit."

He said Morocco had difficult moments between 1983 and 1993 when inflation was about 12 per cent and trade deficit of about 12 to 14 per cent and therefore had to liberalise the economy, change the legal and tax system and other measures to attract foreign investment.

Mr. Cherif said now inflation has been reduced to two per cent and balance deficit of three per cent, macro economic indicators have been stabilised to promote private sector participation in the economy.