Work on the construction of a sugar factory at Komenda in the Central Region is expected to begin by the end of this year.

Haruna Iddrisu, Minister of Trade & Industry, who disclosed this at the opening of the 18th Ghana International Trade Fair recently, said Government wants to ensure that the country becomes a major exporter of sugar in the near future.

Hon. Iddrisu said another sugar factory will also be built in the Northern region.

He said Ghana imports rice to the tune of $300 million annually while oil and tomatoes are imported into the country at the cost of about $192 million.

He noted that “we have comparative advantage and we have no excuse for not producing them in the country.

Hon Iddrisu urged investors to have confidence in the country’s economy, stating that Ghana offers very generous investment incentives including guarantees against expropriation.

According to him, recent measures announced by the Bank of Ghana (BoG) to stabilize the cedi were to prevent the dollarization of the economy and would not affect the incentives the nation offer investors.

“Government has also pursued policies aimed at maintaining friendly and peaceful co-existence and expanding economic co-operation with our sister countries in the ECOWAS sub-region with a market size of about 300 million people, and the rest of the world.

“These, among others, should disabuse the minds of those who seem to have been influenced by some negative media reports, which seek to portray our Government as not being investor-friendly,” Iddrisu said.

He assured local businesses that “in spite of the worldwide challenges which are confronting us, we are determined to put in the right structures, which will create the congenial atmosphere for the private sector to operate and grow their businesses.”