Ghana is the safest place to invest in within the sub-region, the Vice President, John Dramani Mahama has said.

“Government recognises the importance of competition, diversification and infrastructure development in economic growth, as well as in the attraction and retention of Foreign Direct Investment (FDIs),” Mr. Mahama told investors at the just-ended Ghana Business Investment Forum in London–UK.
Speaking under the theme “Enhancing Economic Growth through Competitiveness, Diversification and Infrastructure Development”, he disclosed that in the wake of the global economic crisis, Ghana was able to record US$551.30 million; and during the first quarter of 2010 the country registered projects with an FDI component worth US$161.34 million, which represents an increase of over 800 percent for the same period in 2009.

He said government is aware that investors easily shy away from countries whose legal systems, in particular were not protective of investments, and that is why Ghana has adopted various legal systems that protect and guarantee local and foreign investments.

The Vice President explained that the Ghana Investment Promotion Centre (GIPC) Act 478 of 1994 provides maximum guarantees to all enterprises against expropriation, and further allows for the transfer of dividends through authorised dealer banks.

He indicated that the bilateral Investment Promotion and Protection Agreement (IPPA) and the Double Taxation Agreement (DTA) of the UK, of which Ghana was a signatory, and the current reviewing of the country’s investment code would offer attractive investment incentives.

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 globalisation 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 at the business forum that Ghana, over the years, has put in great efforts and made sacrifices to create a market economy that is liberalised 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 is not limited to the oil and gas sector, energy infrastructure development, agro-processing, manufacturing, tourism, real-estate development and information and communication technology.
Ghana’s High Commissioner to the UK, Prof. Kwaku Danso-Boafo, in his welcome address said Ghana was poised to receive 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 pride in her association with Ghana.

Source: B&FT