Ghana signs two MOU with US companies

President John Atta Mills has encouraged American business people to make Ghana their premier investment destination because the right investment is needed to propel national economic development.

He explained that the economic progress made so far could not progress without the right kind of investment and said Ghana had the right environment for the prosperity of their investments.

President Mills, who is on a State Visit to the United States of America (USA), made the call at a business dinner hosted in his honour by the US Business Council for International Understanding (BCIU) in Washington DC.

President Mills said Ghanaian business people are ready to form business relationships with their American counterparts for mutually beneficial returns.

At the event, the Government of Ghana and two American companies - Conti Group for the Accra Drains Project and General Electric- signed two Memoranda of Understanding for close to a total of to $800 million dollars towards the redesigning of sewerage system in Accra and rehabilitation of the Western Rail Line Project.

Five hundred and ninety five million dollars has been earmarked for the Accra Drains Project, while 200 million dollars would go into the Western Rail Project.

Dr Kwabena Dufuor, Minister of Finance and Economic Planning, signed for the pact for the development of the Sewerage Project with Conti, whiles Ms Dzifa Attivor, Deputy Minister of Transport, signed with General Electric for the rails.

The Managing Directors of the two companies initialed for their organizations.

President Mills, who had earlier met with President Obama and officials of the Millennium Development Corporation, expressed gratitude to the American Government for opening its doors to Ghana with initiatives to improve the lives of the people.

He singled out the recent N1 Highway Project in Accra, and said it had put joy on faces of the people, and stressed the need for leaders to use the resources to improve upon the lives of the people.

He urged leaders not to overstay their welcome, and lauded Mr Donald Tetelbaum, the US Ambassador to Ghana, for his role in promoting Ghana to the US.

Mr Tetelbaum told his countrymen that apart from Ghana’s economy being the fastest growing one in the world, the country also has the best democratic credentials in Africa.

He used the occasion to explain President Barrack Obama’s policy of partnership for growth as of public-private nature.

Mr Brian Maxted, Chief Executive Officer of Kosmos Energy, also testified to Ghana’s economic success story, and announced plans to get more involved in the oil and gas sectors of the Ghanaian economy.

He said Kosmos has invested six billion dollars into the oil and gas sector and would pour $1.2 billion in to the industry in Ghana this year.