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Business News of Wednesday, 25 November 2015

Source: Myjoyonline.com

'Ghana not attractive destination for equity Investments'

Managing Director, Institutional Key Clients at UBS Global Asset Management of Switzerland, Mathias Oppikofer, has claimed that Ghana is a less attractive destination for equity Investments in the world.

Addressing the Annual General Meeting (AGM) of the Swiss-Ghanaian Chamber of Commerce in Accra, Mr. Oppikofer who confirmed his company took part in the recent raising of Eurobond by government said factors such as the size of Ghana’s market, liquidity, and convertibility have contributed to this.

He said these have contributed to investors investing in bonds other than equities, thus calling on the government to work to reverse the perception that Ghana is business-unfriendly and make the country more competitive on the Emerging Market Bond Index.

“Ghana has become business-unfriendly according to a 2015 World Justice Project and World Bank Report, and this development requires concerted efforts from all stakeholders to reverse the trend in order to become more competitive,” he said.

Mr. Oppikofer statement comes at a time when Ghana has been ranked 111th most competitive economy in the world in 2015 World Economic Forum’s Global Competitiveness Index report, which also placed Ghana 14th in Africa.

For his part, the Chairman of the Swiss-Ghanaian Chamber of Commerce, Dr. Nortey Omaboe said they are resourcing their members to benefit from the economic meltdown.

Their purpose, he stated is to promote trade and economic contact between Ghana and Switzerland by providing a forum for the exchange of knowledge and experience between industrial, commercial and service enterprises in both countries.

Dr. Omaboe reiterated the crucial role played by the Chamber as an advocate for its members and the business community at large, and as a network for pursuing business opportunities.

He called for more collaboration among the several fragmented business associations in Ghana in order to intensify their collective efforts toward the various regulators and policymakers who impact the conduct of business in the country.