It is prudent to invest in Ghana - Aliu

From: Beatrice Akua Asamani, GNA Special Correspondent, London London, Oct. 16, GNA - Vice President Alhaji Aliu Mahama on Thursday urged the international business community to take advantage of the enormous natural resources and investment friendly environment in Ghana because their investments would be fruitful and safe.

Opening GHANA EXPO 2003 at the Alexandra Palace, London, Vice President Mahama listed 11 key reasons for doing business in Ghana and urged entrepreneurs to explore opportunities in agro processing, textiles and garments, industrial sub-contracting, salt production, estates development and many other areas for their benefit and to push Ghana's economic growth.

"Through this Expo, we are informing businesses in the United Kingdom and, indeed, the whole world that Ghana is ripe for investment and it is, in fact, a safe investment destination and for businesses generally," he said.

More than 500 people are participating in EXPO 2003, a major exhibition and investment seminar, aimed at showcasing Ghanaian businesses and products while promoting international trade. It is rated as the largest African trade fair in London.

On the incentives for doing business in Ghana, Vice President Mahama mentioned Ghana's stable political environment with a democratic system of governance, the determination by government to further modernise the regulatory framework to better serve the interest of investors and to protect their investments.

A stable macro-economic environment committed to fiscal discipline, which does not crowd out the private sector, a policy of zero tolerance for corruption so that corruption does not inflate the cost of business; abundant, adaptable and easily trainable labour; easy accessibility to the West African sub-regional market of 250 million people and the European and United States markets are other advantages.

Additionally, Vice President Mahama said, the government would soon introduce a new medium-term private sector development strategy to ensure free markets and to facilitate Ghana's integration into the global economy.

The strategy would also facilitate a private sector led-growth with the state playing a facilitating role; government's investments in infrastructure for private sector development and the development of modern, facilitative pro-business public sector reforms.

Vice President Mahama said public agencies responsible for promoting investments, such as the Ghana Investment Promotion Centre (GIPC), the Ghana Free Zones Board, the Ghana Gateway Project, among other organisations, were constantly upgrading their services to make them more efficient and responsive.

He lauded the cordial bilateral relations between Ghana and the United Kingdom and the excellent trade relations between them. Mr Chris Mullin, Britain's Parliamentary Under Secretary for Foreign and Commonwealth Office Responsible for Africa, said Ghana's commitment to democratic governance, the rule of law and economic stability had put her on the right track to secure investments. Mr Mullin said he was impressed with the performance of Ghana's leadership and the trend of economic progress, saying Britain, which is the source of Ghana's largest foreign direct investment would continue to support her.

He said the British High Commission in Accra would also assist British investors seeking to do business in Ghana.

Out of the 548 projects registered in Ghana in the last three years at the GIPC, the UK topped with 154 projects, while India followed with 141 projects and China with 132 projects.

Mr Isaac Osei, Ghana's High Commissioner to the U.K., urged the United Kingdom to use its influence as a world leader to renew the failed Cancun World Trade Talks.

He said it was important to deal with the issues of trade barriers, subsidies on agriculture and unfair trade regimes to strengthen Africa's position in global trade.

Mr Kwame Owusu Afriyie, Managing Director of Expo Africa, organisers of the fair, said he was motivated by the government's vision to achieve the Golden Age of Business to create wealth for Ghanaians. Expo Africa is a British registered company with a Ghanaian subsidiary, which specialises in promoting Africa, African businesses and products onto the world markets by providing links between governments, government agencies, international organisations, African businesses and the international business community to create a network of trading partners.

Vice President Mahama later inspected exhibits, which include garments and textiles, food and wood products and cosmetics. Corporate businesses like the Volta River Authority (VRA), the Northern, Brong Ahafo, Ashanti, Western, Upper West and East regions are also participating.

Major producers, distributors, wholesalers, retailers, consumers and policy makers from Ghana and Europe are participating in the event. Mr Alan Kyerematen, Ghana's Minister for Trade, Industry and President's Special Initiatives, Mr Kwamena Bartels, Minister of Private Sector Development, Mr Kwesi Abeasi, Chief Executive of GIPC and some Regional Ministers attended the ceremony.

There were also some dignitaries from the United States. The climax of GHANA EXPO 2003 would be a colourful durbar on Sunday October 19 to be attended by the Asantehe, Otumfuo Osei Tutu II. Various traditional groupings and Associations in the UK, Europe, North America and elsewhere would be represented at the durbar, which would portray Ghana's rich culture.

Ghana urges UK to lead in new trade talks

(From Gideon Sackitey GNA Special Correspondent, Alexandra Palace, London (Courtesy SSB Bank/EXPO Africa)

October 16, GNA- Ghana on Thursday asked Britain to take active interest in addressing the issue of tariffs and subsidies in the international world market since they hold the key to developing a potent and economically viable industrial base for marketing.

She was not happy that the World Trade Organisation (WTO) Trade Talks in Cancoun, Mexico, recently collapsed over the subjects and expressed the hope that the UK will position itself appropriately to help emerging economies to strengthen their own systems.

Mr Isaac Osei, Ghana's High Commission to the UK made the call in the UK at the opening of the first-ever Ghana EXPO 2003, a one-stop platform to showcase Ghana's potential in the area of agriculture, industry and indigenous Ghanaian and African crafts. It is also to portray Ghana's investment potential.

The event was attended by a high powered delegation led by the Vice-President Alhaji Aliu Mahama, Mr Alan Kyeremanteng, Minister of Trade, Industry and Presidential Special Initiatives, Mr Kwamena Bartels, Minister for Private Sector Development and Regional Ministers from Northern, Ashanti, Upper East, Upper West and Brong Ahafo Regions. Others were Mr Kwesi Abeasi, Chief Executive of the Ghana Investment Promotion Centre and Mr E.T. Hammond, Deputy Minister of Energy.

Mr Osei noted that the failed talks had to be resuscitated, but needs the fair-minded support of strong and committed friendly nations to help see the new proposals advocated by developing nations through.

"This is important not for the furthering of development in the third world alone, but in order to move the world forward in a fair, balanced manner", he said.

Mr Osei who described the UK as Ghana's most valuable development partner who had invested almost 200 billion pounds in Ghana over the last two years. The UK is Ghana's largest development partner for imports and exports.

Mr Osei welcomed the increasing presence of British companies in Ghana saying, " technical assistance is also rising and this is encouraging as it reflects the growing state of our development relationship that dates back several centuries." He noted that the hosting of the EXPO 2003 reflects prospects for a very bright future. "We welcome the partnership with the United Kingdom."

Mr Chris Warden, of the British Foreign Commonwealth Office, welcomed the concept of the investment and said he hoped that it would lead to increased collaboration between their people. He commended Ghana's commitment to developing good governance, saying "your record in putting up institutions that would enhance god governance."

Mr Kwabena Owusu-Afriyie, Executive Director of EXPO Africa, co-organisers of the event said the EXPO 2003, demonstrates what the private sector-state collaboration could achieve for the nation and expressed the hope that small medium enterprises in Ghana and the United Kingdom would have mutual benefits.

The Vice-President Alhaji Aliu, who represented President John Agyekum Kufuor urged the organisers to make the event a biennial one and ensure that everybody gets his fair share of the benefits thereof. He said the government's drive is to create a working environment to reduce the cost of doing business in Ghana and merge the gap between the private and public sector with each other as partners instead of the current situation where one sees the other as one that must be frustrated.

Alhaji Aliu invited private sector operators to the forthcoming fairs - Agricultural Investment Fair and the Ghana International Trade fair all slated for late November and March respectively in next year.