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More investment needed to push Ghana’s growth – CGCC

By D.I.
Laary, GNA

Accra, July 29, GNA – Mr Frederick Attakumah,
President of the Canada-Ghana Chamber of Commerce (CGCC), has praised the
country for maintaining stability and becoming an important investment
destination in Africa.

The Chamber President, however, said more
efforts are required to woo additional investments from abroad in order to meet
its socio- economic growth objectives.

Mr Attakumah was addressing the business
community at a Power Breakfast event organised by the Chamber on promoting
partnerships with foreign investors.

The meeting was on the topic: “Promoting joint
venture partnerships with foreign investors.”

“Ghana, as a country, has largely met the
basic requirements of being a stable and important investment destination in
Africa but needs to attract further investments, both locally and foreign, in
order to achieve its socio-economic growth and development objectives,” he
said.

He said both government and the business
community should refocus on the opportunities presented by joint ventures as
“we seek to speed up on our economic development journey.”

He lauded various government initiatives
including Ghana Diaspora Homecoming Summit and the upcoming Ghana Investment
Summit.

“We believe, [these initiatives] lead to
outcomes whereby strategic investments can be made in areas that will radically
transform our economy while yielding the desired returns,” Mr Attakumah said.

The Planting for Food and Jobs initiative, he
said, saw a major boost from the Government of Canada a few weeks ago to the
tune of C$ 125 million in the Modernizing Agriculture in Ghana programme. 

“The One District One Factory Policy, which
seeks to push the country further up the industrialization curve, is yet another
major policy effort the Government has commenced work on,” he said.

He said the extractive sector, particularly,
oil and gas and mining (bauxite) also have the potential to positively impact
the business sector.

“All of these initiatives…present unique
opportunities for Ghanaian businesses to effectively participate on their own,
should their capabilities permit, or do so in partnership with foreign
investors through joint ventures,”

“The potential benefits of complementing of
individual strengths, sharing of risks and rewards, transfer of technology and
growth of local equity over time are quite well known.

The Canada-Ghana Chamber of Commerce was
established to provide an outstanding platform for growth and development of
the businesses of its members and the Ghana business community.

President of the Private Enterprise Foundation
(PEF) Nana Osei Bonsu called for a review of the minimum threshold for
strategic investors in Ghana to allow indigenous people to qualify and enjoy
the incentives associated with it.

He said the $50 million investment required
for one to qualify as a strategic investor was also unfavourable.

“How many Ghanaians have that kind of amount;
we don’t have it but we also need to enjoy the incentives to grow so that
threshold must be reviewed,” he said.

Ms Heather Cameron, High Commissioner of
Canada, said successful joint ventures offered access to new markets and
distribution networks, access to greater resources, including specialised
staff, technology and finance, and sharing of risks and costs.

She said Canada has much to offer in terms of
financial investment, technical expertise, specialized equipment, services and
training.

“We believe that there is untapped potential,
in all parts of the natural resource and energy sectors, [hence the need] for
further collaboration between Ghanaians and Canadians to develop these sectors
sustainably for long term economic and social development.”

GNA

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