Investor confidence soars on Obama's visit

The expected July 10 visit of US President Barack Obama to Ghana has started doing some magic to the West African country, as many multinationals throng the Ghana Investment Promotion Centre (GIPC) by the day, exploiting avenues for investment.

Even though statistics from the Investment house indicate that the first quarter of the year saw a 45.05% increase over total new investments for the corresponding quarter in 2008, Financial Intelligence sources point out that investor activity in the first two months of the second quarter is even more impressive.

First quarter 2009 recorded GH¢ 521.25 m in new investments while the corresponding quarter in 2008 had GH¢ 351.79 m in new investments.

Activity at GIPC’s new edifice has been robust, as investors keep trouping in their numbers to have discussions with investment officers at the agency. Whilst Ghana’s oil discovery had already sparked investor attraction to the sub-region’s gateway, President Obama’s intended visit to the former British colony on July 10 and 11 has repositioned the country in the limelight again, after a gruesome December Presidential and Parliamentary elections had left several potential investors sitting on the fence. The White House said Obama hoped to strengthen U.S. ties with Ghana and highlight the "critical role that sound governance and civil society play in promoting lasting development." During the visit, President Obama will hold bilateral talks with President John Evans Atta Mills, aimed at strengthening the fraternal relations between the two countries. Mr Obama, the son of a Kenyan father and an American mother, became the world’s most influential black person after a landslide victory over Republican McCain secured him a ticket to the white house. His can –do- spirit and commitment to teamwork has succeeded in calming what was expected to become the world’s worst recession. As part of an extensive travel arrangement, the U.S. President will travel to Moscow for talks with Russian leaders; attend a Group of Eight summit in Italy; before visiting Ghana in July, his first trip to the continent after since his presidency. Obama will also chair a meeting on energy and climate change with leaders of the world's top economies while attending the G8 summit in L'Aquila, Italy, from July 8-10. New GIPC boss George Aboagye last week announced his outfit’s determination to capitalize on the coming of Mr Obama to generate many more investments into the country.

As a first strategy, GIPC has postponed the Ghana Investment Forum 2009 (GIF 2009) which had been slated for the last week in May to July 22 through 24 as a follow up to Mr Obama’s visit.

The Ghana Club 100 awards event is also scheduled for July 24, 2009. The two events constitute the biggest platform for investors and businesses to engage with government.