Minister of Trade and Industry, Alan Kyerematen, has said for Ghana to witness massive development, there is a need to promote private direct investment.

The direct investment, both domestic and foreign, will lead to the local economy's growth.

Speaking at the opening ceremony of the third Annual Investment Week of the Ghana Free Zones Authority, Alan Kyerematen, stressed that Ghana needs to cut its reliance on access to the capital international financial market and focus on attracting investors to pump monies into the local economy by establishing businesses in the country.

He said, “If we’re going to put investment at the centre of our development agenda then we need to appreciate the fact that we cannot continue relying only on access to the capital international financial market but we have to think seriously about how we aggressively promote private direct investments be it domestic or foreign.”

An increase in direct investments is often associated with a host country’s economic growth due to increased tax revenues and an influx of capital.

Speaking in the same vein, Chief Executive Officer of Free Zones Authority, Mike Oquaye Jnr noted that his outfit raked in over US$27 billion so far.

He added that about 33,000 direct jobs have been created for the teeming unemployed youth.

ESA/FNOQ