Book on attracting investment to Ghana launched

Accra, Aug. 21, GNA - A book to enhance Ghana's attraction as an investment destination of choice in Africa and to enable the country to draw a fair share of the global investment flow was launched in Accra on Monday with a call on the investment community to complement Government's efforts at accelerating economic growth. Mr Alan Kyeremanten, Minister of Trade and Industry, who made the call, said mobilization of both local and foreign direct investment was a key pillar to the country's economic take-off since there could be no growth without investment. But this could only be done through initiatives that improved the investment climate and built the necessary confidence in the investors. The "Blue Book" on best practice in investment promotion and facilitation, an initiative of the United Nations Conference on Trade and Development (UNCTAD), the Ghana Investment Promotion Centre (GIPC) and Japan Bank for International Cooperation contained a set of policy recommendations aimed at removing impediments that hampered the flow of Foreign Direct Investment (FDI) into the country. It listed 15 points of action that the country must work within a 12-month period to boost investment flow into the country.

These included reform of the duty drawback system; attraction of investment into new power generation; develop a land bank and establishment of a digital one-stop shop for investors. Mr Kyeremanten said as part of Government's effort to improve the investment climate the Investment Code was being revised while a Comprehensive Trade Sector Support Programme aimed to enhance the environment for engaging in trade and industry had been launched. Besides, the Government is also implementing the Medium-Term Private Sector Development Strategy. Mr Kyeremanten said the initiatives would complement the implementation of the measures outlined in the Blue Book to serve as a real catalyst for enhancing the attractiveness of the country as an investment destination. He said the implementation of the action plans would contribute to simplifying customs procedures, improve transparency in the investment regulatory framework and further boost investment promotion for wealth and job creation. In addition the expected improvement in the country's regulatory framework resulting from the implementation of the Blue Book recommendations could help to expand trade and investment cooperation with Japan for the mutual benefit of both countries. Ms Ruth Nyakotey, Acting Chief Executive, GIPC, said the general environment that pertained in a country was a key in the decision-making process of investors and expressed the hope that there would be constant review to stand the country in good stead for FDI. Mr Khalil Hamdani, an Official of UNCTAD, said the 15-action points did not require big financial outlay to implement. He said the action plan was not designed to replace any long-term objectives that the country had in improving on investment flow neither did it duplicate the effort of GIPC to review the investment code. Mr Masamichi Ishikawa, Japanese Ambassador to Ghana, said the Blue Book would send signals to potential investors that the country was working to remove all impediments to investors. Ghana is the first country in West Africa to have the Blue Book

on best practice in investment promotion and facilitation.