CEDECOM to evolve measures to improve investments

Cape Coast, Nov. 13, GNA - Mrs Ama Benyiwa-Doe, Central Regional Minister, on Friday urged the Central Regional Development Commission (CEDECOM) and its related agencies to evolve strategies to remove bottlenecks that impeded investments in the area. She noted that even though the region was a preferred investment destination due to its strategic location with its numerous economic potentials, efforts should be made to address some challenges that discouraged investors from investing in the area. Mrs Benyiwa-Doe said this when she opened a one day investment forum organised by the CEDECOM under the theme: "Making the Central Region a Preferred Investment Destination: Prospects and Challenges," in Cape Coast. She said the Regional Cordinating Council would, in the spirit of public-private partnership, ensure conducive business environment for business to thrive in the area.

The aim of the forum was provide a platform for investors, entrepreneurs, financiers and development partners to interact and deliberate on issues of trade and investment. Mrs Benyiwa-Doe said multiple sale of land, inadequate infrastructure and human resource, weak market access, high cost of financing and chieftaincy disputes were some of the challenges that needed to be addressed to attract investors to the region.

She admitted that even though some of the bottlenecks such as access to land and finance were being addressed by the Land Administration Project (LAP) and some financial organizations, more should be done to forestall economic stagnation. Enumerating some of the potentials of the region, the Minister said it was one of the dominant producers of oil palm, citrus, pineapple, cassava and fish while investors could also focus on information technology, real estate development, salt mining, quarrying and gold mining. She gave the assurance that CEDECOM would receive the needed support from government to enable it play its pivotal role particularly in championing the growth of the private sector for the overall development of the region.

Mrs Benyiwa-Doe said CEDECOM was making efforts to mobilize both local and foreign direct investment, for the accelerated growth and development of the nation as a whole.

She therefore urged the participants to further explore available options to address the high poverty situation in the region. Mr Spencer Taylor, Acting Executive Director of CEDECOM, observed that well developed economies the world over, were driven by the private sector and therefore a conducive atmosphere must be created for its growth. He gave the assurance that the forum would not be a talk shop but would expose the tremendous investment opportunities, technical assistance and financing options and incentives available in the region for concrete and pragmatic actions to be taken to create jobs and enhance the living standard of the people. Nana Sam Brew-Butler, a member of the CEDECOM Board, who chaired the function, urged all to cooperate and work hard to help regain the region's lost glory. 13 Nov. 09