Ghana Is A Safe Place To Do Business-Vice President

By William Sarpong

Vice President John Dramani Mahama has called on companies who are interested in investing in the country not hesitate to do so because Ghana is a safe place to do business.

Mr. Mahama gave this assurance when both the out-going Chief Executive Officer (CEO) of Standard Chartered Bank, Mr. Hemen Shah and the in-coming Chief Executive Officer, Mr. Kweku Bedu-Addo, paid a courtesy call on him at the Osu Castle in Accra yesterday.

According to him, Standard Chartered Bank is now a well known bank in every corner of the country and at the same time a very solid and reputable bank, pointing to the fact that the kind of investment Standard Chartered has made in the country, should is a signal to other companies interested in investing in Ghana that the country is safe and a good place to do business and that the rate of returns on business is very good.
He noted that companies have diversified their portfolio including strong presence in emerging markets that were better able to withstand the global recessions.
Vice President Mahama, however, disclosed that the current micro economic stability that the country is enjoying now is no fluke and it has come to stay as the economy is going to get better and grow stronger.
“And so if banks are waiting for any signal, this is the signal’’. He therefore urged all banks to also lower their interest rate, indicating that government is concerned because it is difficult for the small and medium enterprise sector which is supposed to grow the economy to survive in an atmosphere of high interest rate.
He said government is willing to work with Standard Chartered Band, the Central Bank and the Ministry of Finance to see how they can progressively lower interest rates so that the small and medium enterprises sector can get access to credit and be able to play the part they intend to play in pushing growth.
Mr. Mahama hinted that figures available indicated that government would be able to overshoot the 6.5% growth rate that the government has targeted and probably exceed 7%.
He remarked that it is sad to see Mr. Hemen Shah leaving after just 2 years of stay in Ghana, but the good people of Ghana would be consoled with the replacement of a Ghanaian, who has been given the opportunity to take control of the bank. He wished him safe journey.