Ghana Experiences Low Investments

The Governor of the Bank of Ghana, Dr. Paul Acquah, is advocating the need for policy reforms that will arrest the country’s current low levels of investments and savings. According to him, it is crucial that the country works hard to shift from present levels of 10 to 15 per cent. He says the country must aim at 30 and 35 percent annually, in savings and investments, as has been achieved by some East Asian countries.

He was speaking at a workshop aimed at stimulating new types of private investments and revitalising the financial sector to provide necessary funding to feed investments.

80 experts from the private and public sectors, including bankers, businessmen, industrialists, information and communication technologists, and some foreign investors are attending the workshop.

The workshop, organised by the office of the chairman of Economic Management Team was necessitated by the fact that investment in the country, was not growing at the pace expected by the government, for accelerated private sector growth, to facilitate its "Golden Age of Business" policy.

The experience of 80 experts from the public and private sector was sought to make a bearing on the initiation of the appropriate policy reforms for the creation of an environment, which promotes investments for the growth of businesses.

The Central Bank’s Governor, Dr. Acquah noted that as the nation's development strategy is focused on the promotion of the private sector, it is essential for her to have the desired investment to catapult the growth of that sector. The experts were tasked to brainstorm on the best policies that could be evolved towards achieving this goal.

The chairman of the Divestiture Implementation Committee (DIC), Charles O. Nyanor was worried about the trend of foreign direct investment, which he said has some times been non existent because some foreign investors were rather taking away their businesses.

Stunned by the stark reality of the lack of investments, the DIC chairman asked foreign investors among the participants in particular, to advise the workshop as to how best the country could attract and retain investments.