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Business News of Friday, 25 August 2017

Source: Graphic.com.gh

Information Ministry signs on Business Year magazine to showcase Ghana

The Ministry of Information has signed a memorandum of understanding (MoU) with the Business Year magazine, a research firm and publisher of annual economic resources on national economies, to publish a comprehensive report on the development agenda of the government.

Per the agreement, this year’s edition of the international magazine will focus special attention on the one-district, one-factory initiative of the government and showcase various success stories and initiatives to the outside world.

This year, the magazine produced a comprehensive report on Nigeria, with a special focus on the economy, energy, industry, agriculture, transport, finance, investments, tourism, construction and real estate, as well as the efforts being made to fight corruption.

Success stories to narrate

The Minister of Information, Mr Mustapha Hamid, signed the MoU on behalf of the ministry, while the Country Director of the Business Year magazine, Ms Florencia Solano, initialled for the publication.

At the event, Mr Hamid said the current government came to power seven months ago on a campaign promise to transform the economy from consumption to production and from producers of agrarian raw materials that were exported to adding value to industrialise the country.

He said prior to assuming power, the country was faced with crippling power shortages that persisted for two years, a challenge that compelled Ghana to import power from Cote d’Ivoire.

“Since we came to power, the power situation is stable and we now export power to Cote d’Ivoire. This tells how we are working to stabilise the economy,” he said.

Paperless system

As part of steps to ease the frustrations importers endured at the ports, the minister said, the government was introducing a paperless system to enhance the speed in the way business was conducted.

Mr Hamid pointed out that one of the things that scared business people was the slowness associated with the business registration processes at the Registrar-General’s Department and said the government desired to facilitate the processes by which businesses could register and do business in Ghana.

On inflation, he said, the current administration had been able to reduce it to 12 per cent from 15 per cent and managed to control expenditures.

“It is clear this is a government committed to its industrialisation programme to create jobs,” he added.

The minister hinted that on Friday, August 25, 2017, the President would inaugurate one of the one-district, one-factory projects in the Central Region.

“We want to let people know that things have changed in Ghana for investors to come and invest in the country,” he stated.

He noted that the government believed that it was instrumental to best tell “our stories well to the world to attract investors to Ghana”, adding that as a reputable international magazine, the Business Year magazine was the best publication to showcase the country to the outside world.

Interested in success stories

Ms Solano said the magazine, with presence in 30 countries across the world, was aware of the great changes made by the new administration.

She noted that the magazine was working to feature all opportunities in the country to the outside world, including decision makers.

According to her, the publication had put in place a lot of initiatives for developing economies, including Ghana, to help them diversify their sources of income and identify opportunities for those interested in investing in them.

“The one-district, one-factory is the highlight of this year’s edition and we are interested in understanding the various steps being taken to diversify the economy and promote industrial manufacturing in Ghana,” she said.