Business News of Wednesday, 10 April 2013

Source: B&FT

Kumasi creates website to promote investment

A new website has been developed for the city of Kumasi to attract foreign and local direct investment. A first for a Ghanaian city, the website( reflects the city administration’s ongoing commitment to fostering a pro-business environment.

With descriptions of concrete investment opportunities and a step-by-step guide to establishing a new venture, the site signals to the world that Kumasi is open for business.

The Kumasi City Investment Promotion Unit (KCIPU), a division of the Kumasi Metropolitan Assembly (KMA), developed the site with support from the Regional Partnership to Promote Trade and Investment in sub-Saharan Africa, funded by the Government of Finland and implemented by the Millennium Cities Initiative of the Earth Institute.

The Earth institute hopes that the new website will increase public knowledge of the many advantages Kumasi offers investors, and thereby strengthen its reputation as a major commercial and transportation hub not only in Ghana, but also in West Africa.

KMA also believes that in this age when various regions, countries and cities are intensely competing to attract investment, the role that this Website will play in ensuring Kumasi becomes a preferred destination for both domestic and foreign investors should not be downplayed.

As the capital of Ghana’s most populous region, the Ashanti Region, Kumasi provides a large skilled and semi-skilled workforce, access to abundant natural resources, and good infrastructure. In addition, the city boasts an extensive commercial market -- including a northern regional (Ashanti, Brong-Ahafo, Northern, Upper East and West and portions of the Western Region) market of over 12 million people, a Ghanaian market of 24 million, and a Sahelean market of some 50 million.

At this time, concrete opportunities in agro-processing, manufacturing, real-estate and tourism exist, and established companies such as MASIG Natural Fruits Industries and Bamboo Bikes Limited seek partners. In June 2013, Kumasi will host an Investment Day to present these options in more detail.