Dignitaries at the Otumfuo Investors’ Forum
Ghana’s economic future looks bright, as 31 envoys have expressed their preparedness to woo top investors from their respective countries to Ghana in order to expand the economy and create wealth for the people.
Virtually all the ambassadors, who attended the World Meets Ghana Investors’ Forum and Executive Dinner Ball at the Golden Tulip Kumasi City and Manhyia Palace respectively, promised to use their positions to help boost Ghana’s economy.
The historic programme was organized to honour the Asantehene, Otumfuo Osei Tutu II, as part of activities marking the 20th Anniversary of his ascension to the Golden Stool.
Envoys from the United States of America (USA), the United Kingdom (UK), Canada, India, Netherlands, France, Turkey, Japan, Zambia, Nigeria, Cote d’Ivoire and Niger, among others, were in attendance to make the two-day forum memorable.
The programme was organized by the E ON 3 Group, headed by young Ghanaian entrepreneur, Richard Ofori Atta, in collaboration with the Manhyia Palace – the official seat of the Asante King.
During the two days, the Minister of Finance, Ken Ofori-Atta, and top businessmen from Ghana and abroad discussed strategies to help accelerate national growth, especially the business sector.
Ghana Need Bridges
Professor Tal Edgars, Group Executive Chairman GBSH Consult Group Worldwide, who was the keynote speaker, said Ghana is currently well positioned to develop at ‘lightning speed,’ stressing the need for the state to work to attract more investors.
He also tasked leaders of the country to focus on marketing the business opportunities that abound in the country to the world so that business people worldwide would travel to Ghana and invest in ‘shovel ready’ opportunities that drive the Ghanaian economy to create wealth.
“So far, from geographical wealth, Ghana needs to give a compelling narrative to the world,” said the famous public speaker, who is respected across the world.
“Is it Ghana’s time and are we building more walls instead of bridges?” he quizzed.
Quality FDI
According to him, “Progress in developing countries can be achieved without either substantial levels of protection and large amounts of direct support, but through focusing on quality Foreign Direct Investment (FDI), Foreign Institutional Investment (FII) and non-resident Ghanaian investment, there is hope for Ghana.”
He implored countries like Ghana to focus on ‘proper strategies’ that would enable to them attract FDIs so that their countries would become strong economically.
Prof. Tal Edgars also recommended the immediate setting up of an Investment Promotion Agency (IPA) to target foreign investors and serve as a link between them and domestic economy, saying “provide access to credit by reforming domestic financial markets.”
Prof. Dr. Ambassador Edgars also suggested to Ghana to implement policies to open the market to allow FDI inflows, reduce restrictions on FDIs and provide open, transparent and dependable conditions for all kinds of firms – whether foreign or domestic – to attract FDIws.”
Bright Future
He predicted that Ghana would soon emerge as a mighty economic force in the world in the next 10 to 20 years, saying “Ghana’s tax code is replete with tax concessions that considerably reduce the effective tax rate for both foreign and local firms.”
“Just purely looking at the demographic trends and the recent policies would merit a certain allowance of belief that for the next 10-20 years, Ghana could be, and one could argue, should be, a productive, sustainable investment return economy at a time when the rest of the world is regressing.”
Slams Corruption
Ambassador Tal Edgars admonished Ghanaians to be patriotic by sacrificing for the state and shunning all forms of illegal practices, notably corruption, which has the potential of drawing the country backwards from the path of growth and prosperity.
Quoting from a famous Ghanaian patriotic song ‘Yen Ara Asaase Ni,’ he said, “Whether or not this nation prospers clearly depends on the character of the citizens of the nation. This idea of theft and corruption in accordance with the law is what we must deal against.”
Asantehene
The Asantehene, Otumfuo Osei Tutu II, described the government’s ‘Ghana Beyond Aid’ policy as one of the ambitious policies that the country had adopted in recent times, calling for active support from Ghanaians and the international community for the positive programme to succeed.
“It’s in this vein that we have welcomed the vision of the President for Ghana Beyond Aid. It is not a vision for the faint-hearted. It is bold. It is brave. But it is a vision that deserves support, not only from Ghanaians but also from all her friends across the globe,” the Asantehene said.
He said “the economy may not have performed to the optimum of expectation but even with all the shifts and turns on the political landscape, it has remained relatively resilient. It tells you that we have what it takes to break the mould of dependency and achieve the goal our leaders have set for us”.
Finance Minister
Speaking at the Investors’ Forum, the Finance Minister, Ken Ofori-Atta, enumerated the numerous positive policies that government had implemented its brief stay in political office to improve the economy and also attract investors to do business in the country.
On his part, the Ashanti Regional Minister, Simon Osei-Mensah, highlighted the key areas that businessmen can invest in the Ashanti Region and make profits.
He said the region can support all forms of businesses, especially in the agricultural sector.
From I.F. Joe Awuah Jnr., KumasiCaption