Ghana: #1 in Africa, #9 in the world

Accra, Dec. 12, GNA - Mr Alan Kyerematen, Minister of Trade Industry and President's Special Initiatives, said the strong commitment of the Government to pursue sound and pragmatic macroeconomic policies to attract FDIs was the result of Ghana's high rating as number one in Africa and ninth in the world in the recent "Doing Business" Report(website).

He said this coupled with the country's favourable sovereign credit rating made Ghana one of the most attractive investment destinations in Africa, adding, "this justifiably should make us proud".

Mr Kyerematen said the strong foundation for accelerated growth had been laid and the critical challenge now was for the private sector with the support of the Government to take long term investment decisions that would not only significantly expand the productive base of the economy but also enhance its competitiveness.

"The challenge facing us as a country must constitute the driving force that motivates us as Ghanaian to strive to propel our country to greater heights," he said.

Looking back to the period that led to the maiden edition of the Ghana Club 100, Dr Osei Boeh-Ocansey, Director General of Private Enterprise Foundation (PEF), said Chief Executives could best be described as expert corporate strategists for doing business in conditions of uncertainty but today "we operate in a stable macroeconomic environment and, therefore, in conditions of relative and improving certainty".

He said he was not happy with the performance of the manufacturing sector since the number of companies kept reducing from the list saying: "In 2004 I counted only about 20 companies in manufacturing, 12 companies in 2000 listing cannot be found.

"For agriculture, four companies were listed in year 2000. Three companies could not be found on the list in year 2004. "It is possible that there may be a net loss of companies in manufacturing and agriculture from the Ghana Club 100 Listing=94 he said.

Explaining the criteria for selection, Mr Paul Victor Obeng, Chairman of the GIPC Board, said the award system was guided by a set of transparent and defensible criteria, which ensured that no company or group of companies was favoured.

He said entrants must be limited liability companies with cumulative net profits being positive for three consecutive years and those with Government interest; Government's shares should be below 50 per cent.

He announced that in response to appeals by stakeholders, a fourth criteria, Corporate Social Responsibility standing, which looked at health concerns, education, poverty alleviation environmental concerns, sports and issues concerning the socially vulnerable were introduced into the 2005 Award.

Twenty new entrants joined the list in 2005. Besides, the Club 100 awards, special awards dubbed "Planters of Seed" went to Non-Resident Ghanaians.
They included personalities, who have made tremendous contributions to the economy such as Dr Nii Narku Quainor of the Network Computer Services (NCS); Dr Kofi Amoah, who changed the face of money transfer in Africa; Dr Ken Ofori Atta of Data Bank Limited and Togbe Afede XIV, Agbogbomefia of Ho Asogli Traditional Area. 12 Dec. 06