Ghana Is The Most Safe For Investment - Veep

The Vice President, John Dramani Mahama has once again given the strongest assurance to investors that Ghana is the safest place to invest in within the sub-region. He said government was aware that investors easily shy away from countries, whose legal systems, in particular, were not protective of investments, and that was why the Ghana has adopted various all the legal systems that protect and guarantee local and foreign investments. Mr. Mahama said this on July 8, 2010 at the UK – Ghana business investment forum in London.
He sighted for instance the GIPC Act 478 of 1994 that provides maximum guarantees to all enterprises against expropriation and further allows for the transfer of dividends through authorized dealer banks. He also sighted the bilateral Investment Promotion and Protection Agreement (IPPA) and the Double Taxation Agreement (DTA) of the UK, which Ghana was a signatory and currently reviewing the country’s investment code, which already offers attractive investment incentives.
Speaking under the theme “”Enhancing Economic Growth through Competitiveness, Diversification and Infrastructure Development”, Mr. Mahama said the government recognizes the importance of competition, diversification and infrastructure development in economic growth and the attraction and retention of Foreign Direct Investment and that is why it is imperative for government to do everything within its power to ensure that investors whose contribution to the national economy are enormous are protected and promoted.
He said in 2009, in the wake of the world financial economic crisis, Ghana was able to record an amount of US$ 551.30 million and during the first quarter of 2010 the country has registered projects with the FDI component of US$ 161.34 million, which represents an increase of over 800% for the same period in 2009. He said these were as a result of the government’s commitment to making the investor a partner in development and progress, adding, “In this age of globalization and advancement in Information and Communication Technology, it becomes even more imperative that we develop strategic relationships with our trusted partners in an effort to take full advantage of the vast opportunities available for our mutual benefit”.
Mr. Mahama assured the investors that attended the business forum that Ghana, over the years, has put in great efforts and made sacrifices to create a market economy that is liberalized in accordance with the current global trend.
He urged the investor community to take advantage of the numerous investment opportunities that exist in Ghana, which includes but not limited to the oil and gas sector, energy infrastructure development, agro-processing, manufacturing, tourism, real estate development and information and communication technology.
Ghana high Commissioner to the UK Prof. Kwaku Danso-Boafo in his welcome address said Ghana was poised to receive the genuine investors and expressed the hope that the forum will open Ghana’s investment potential to the rest of the world.
The Chairperson of Africa matters limited Baroness Lynda Chalker commended Ghana for taking a giant stride to invite investors, and expressed her pride in associating with Ghana.



Story: George Azirigo
08/07/10