Canadian investments in Ghana hit one billion dollars

Kumasi, March 7, GNA - Canadian direct foreign investments in Ghana currently stand at over one billion dollars.

The investments, which are owned by private individuals and companies, are in the areas of energy, forestry, tourism and mining. Mr Darren Schemmer, Canadian High Commissioner to Ghana, who made this known in an interview with the Ghana News Agency in Kumasi on Friday, said, the increase in Canadian private investments into Ghana was as a result of the stable democracy and good governance the country was enjoying. Mr Darren, who granted the interview after paying a courtesy call on the Asantehene, Otumfuo Osei Tutu II, at the Manhyia palace, said the Canadian government had also been providing 65 million dollars annually as budgetary support to the Ghana government.

Mr Schemmer said Canada's interest in the nation's development include technical education, agriculture and the mining, adding that, these areas were crucial to the speedy development of the nation.

He said Canada was committed to strengthening her relationship with Ghana and that the visit to the Manhyia palace was to identify other areas for possible collaboration to benefit the two countries.

Otumfuo Osei Tutu, commended the Canadian government for its support to technical education citing the Kumasi Technical Institute, which was constructed by the Canadian government as an example. He said the school had helped to train many artisans and technicians, who were providing essential services to the nation's development. Otumfuo Osei Tutu appealed to the High Commissioner to help seek his government's support to the private sector to grow.

Otumfuo Osei Tutu said the small and medium scale businesses of the private sector, needed technical and financial support to expand their operations in order to provide jobs for the youth and increase government revenue.