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Business News of Friday, 21 September 2018


Foreign investors unhappy with Ghana’s local content policies

Some foreign investors are expressing displeasure on the country’s local content policies.

According to them, they feel disadvantaged and the situation, if not checked, could impact negatively on the flow of foreign direct investments to Ghana.

Speaking to JoyBusiness, General Manager of the Ghana Netherlands Business and Cultural Council (GNBCC), Tjalling Wiarda, said a free trade agreement between Ghana and advanced countries is healthy for the economy.

“The government should invite the foreigners like us; we are representing companies and we’ve been here over thirty years, also, to invite them to give them their opinion because sometimes it looks very nice but the results would be that the company doesn’t have a business anymore,” he said.

Mr Wiarda added, “If there are more investors in Ghana, then it also increases competition and local Ghanaian companies learn from the quality etc. I am very much for a free trade environment.”

He has, therefore, urged the country to remain an open market to increase more investors into the country.

Trade volumes

Meanwhile, Mr Wiarda has revealed that trade volumes between Ghana and Holland hit 2.7 billion dollars between the years 2007 and 2017.

He is optimistic; all other things being equal, the volumes should improve significantly the year ended.

He spoke to JoyBusiness at the GIPC Networking event between Ghana, South Africa and the Netherlands investors.

The event brought together the said investors to share socialize and share business ideas to increase trade volumes between Ghana and the other international countries.

Meanwhile, the President of Ghana South Africa Parliamentary Friendship Association, Samuel Nartey George, said there is the need for government to ‘push for more Ghanaian partnership’ by the South Africans to address local content participation concerns.

“Can we have 51% ownership as Ghanaian in here? You need to look at that also and see how that will affect making Ghana a favourable destination; so in wanting to have majority Ghanaian shareholding, you need to ask yourself what is the Ghanaian bringing on board in terms of capital or skill.”

On her part, First Vice President of the Ghana South Africa Business Chamber (GSABC), Opeibea Omaboe, said plans are far advanced to open an office in South Africa to provide Ghanaian investors in SA some visibility.

“We have almost finished and we’ll have a grand opening and we will make a bit of noise about it when the time comes,” she said.