Kufuor opens Dubai Business Exhibition

Accra, April 24, GNA - President John Agyekum Kufuor on Monday said Ghana was almost set to begin the operation of an International Financial Services Centre, otherwise known as off-shore banking. "Within the next two to three months, we would have such a banking system", he said, during the opening of the United Arab Emirates (UAE) Business Mission and Exhibition at the Ghana International Trade Fair Centre in Accra.

President Kufuor said this was important as the country was on course to becoming the financial hub of the West Africa Sub-Region. The Exhibition coincided with a Sub-contracting and Partnership Exchange Matchmaking Fair organized jointly by the Association of Ghana Industries (AGI) and UNIDO under the theme: "Networking to unlock Ghana's Trade Potentials."

President Kufuor made a strong case for investors to put their money into the country, saying, inflation was now down to a single digit from 42.1 per cent in 2001 while the cedi had stabilized against the major trading currencies with the Ghana Stock Exchange rated among the best on the African Continent.

Besides, the legal and administrative framework made for transparency in business transaction and that Government continued to take special measures to bring relief to business, citing the steady reduction of corporate tax from 32.5 per cent to 25 per cent. "Also, Government is open to negotiate with other nations, exemption from double taxation for foreign direct investors in our economy", he said.

President Kufuor said all these developments were underpinned by serious commitment to good governance in all sectors of the economy. "Central to this commitment is the pursuit of the concept of public/private partnership, which is providing the driving force for sustained and accelerated growth of the economy." He said it was on the basis of this that the Government was paying particular attention to the development of the Small and Medium Enterprises (SMEs), mentioning the establishment of a venture capital fund to facilitate their access to credit.

Not only that, the Government through the National Board for Small Scale Industries (NBSSI) had embarked on a programme to assist them to improve standards of production, handling and marketing.

"The programme currently entails 360 customised business improvement practices, which are being made available to 9,000 potential and practicing entrepreneurs", President Kufuor said.

Mr Allan Kyerematen, Minister of Trade and Industry, said deepening investment relations between Ghana and Dubai would bring positive outcome.

This is because Dubai had attained global recognition as trade and investment destination for the efficient management of its resources while Ghana was also a destination of choice for the pragmatic and prudent management of the economy by the Government. Mr Atiq Juma Faraj Nasib, Leader of the Dubai Delegation, praised President Kufuor for his leadership commitment to business and asked both sides to take advantage of the platform the Government had created for their mutual benefits.