Sierra Leone cries to Ghana for investment

Freetown (Sierra Leone) -- Sierra Leone on Monday formally invited Ghana to invest in all sectors of her economy, which suffered 10 years battering of rebel war.



There were special appeals to those engaged in agro-processing industry and Unilever Ghana Limited to establish industries in the country. Dr. Kadi Sesay, Sierra Leonean Minister of Trade told an investment forum at the first Ghana-Sierra Leone Week in Freetown aimed at promoting cultural and trade relations between the two countries that private investment must begin with South-South economic co-operation.



"Africa's share of the total world capital is insignificant - less than one per cent, although Africa accounts for 12 per cent of the world population. The importance of trading and learning from each other within the sub-region as the first building block in our globalisation efforts is therefore obvious."



Dr Sesay said, "The government of Sierra Leone is inviting all well meaning, honest Ghanaians and other companies to invest in Sierra Leone, particularly by opening industries in Sierra Leone, either through partnership or joint ventures or 100 per cent foreign-owned ventures."



She said the Sierra Leone government was working hard "to create the necessary enabling environment for investment. Many of the factors that have often deterred investment capital flow to Sierra Leone are being address.



Sierra Leone is now a peaceful country, having emerged from a 10 years of turmoil. "Sierra Leone is making moves to deter and detect corruption through its anti-corruption commission activities," she told the forum.



Ghana's President John Agyekum Kufuor and his Sierra Leonean counterpart Alhaji Ahmed Tijan Kabah initiated the week during the former's visit to Sierra Leone early this year.



Alhaji Kabah was said to have requested that, now that Ghanaian troops had helped to bring peace in his country, Ghana should as well help in the rebuilding of the country. Dr Sesay, in her keynote address said: "Sierra Leone, is redoubling its efforts in trying to address concerns of poorly maintained infrastructure."



She said, "But in spite of just coming out of a war Sierra Leone has achieved macro-economic stability, characterised by single digit annual inflation rate and stable exchange rate.



"The economy is fully liberalised and open to foreign investment with no restriction on remittance of dividends" Dr Sesay said, "this one week trade fair has demonstrated the comparative advantage Ghana has in the manufacturing sector.



"The important expected output is to see a motivated Sierra Leone manufacturing sector sitting with their Ghanaian counterparts, establishment partnership, making arrangements from investment.



Dr Sesay called on GRATIS Foundation of Ghana to train Sierra Leoneans in the appropriate technology of food processing, bee-keeping, weaving industry and packaging materials since there was "clearly a weak link in the production chain in Sierra-Leone."



Asking Unilever to establish an industry in Ghana, Dr. Sesay said: "The popularity of Unilever products (washing powder, and soaps) to the Sierra Leone public during this week's fair has reinforce my belief that this will be a worthwhile venture for our countries.



"Sierra Leone has available the necessary raw materials like palm oil, palm kernel, cocoa and coffee, which could be used for that industry." She described the first Ghana-Sierra Leone week as "a great success" and said it must continue.



Mr Abubakar Saddique Boniface, Deputy Minister of Trade and Industry said Ghana has accepted Sierra Leone offer and it would focus on those in the private sector with the government providing the enabling environment.



He said the government would explore all possibilities "to help our Sierra Leone brothers and sisters." Mr Boniface said business thrived well in a peaceful and stable environment and that it was in that light that the effort of Sierra Leone government in restoring confidence of investors was appreciable.



He said he was hopeful that investment flow between the two countries should engage serious attention of the leadership of the countries. Those presents included Mr Joe Aggrey and Madam Theresa Togoe, Deputy Ministers of Youth and Sports and Works and Housing respectively.



Papers were presented by Gratis, Ghana Export Investment Centre, Ghana Architectural Engineering Services Limited (AESL), Association of Building Civil Contractors of Ghana and Sierra Leonean Development and Investment Corporation (SLEDIC).