No Regrets For Investors – Mills

By Samuel Boadi

OPENING THE 7th Africa Investment Forum Tuesday in Accra, President John Evans Atta Mills has assured investors both within Africa and without who are desirous of investing in Ghana that they are welcome and would always be protected.

“I want to assure investors that they will have no regrets for investing in Ghana. We want investors especially in agriculture. We do not only need them for food security but to ensure sustainable jobs,” President Mills told participants at the well-patronised forum, organised by the Ghana Investments Promotion Council (GIPC) and co-sponsored by the Commonwealth Business Council (CBC) at the International Conference Centre.

It is themed: “Accelerating Intra African Trade and Investment.”

He indicated that his administration is bent on ensuring a reliable judiciary process, requisite labour laws, reasonable cost of doing business, absence of corruption, proper markets and above all political stability in Ghana.

According to him, he is prepared to pursue this with collaboration from all leaders in the sub-region so Africa could rise up to the challenge of turning the economic woes of its peoples around.

He therefore urged participants and prospective business partners to treat one another with the best of faith and honour. “Now is the time to help lift up our people from economic quagmire. Africa must look out for policies and regulations that will assist her take advantage of opportunities in other parts of the world…. And this must start with intra-African trade.”

President Hifikepunye Pohamba of Namibia, in an earlier address, mentioned that there was the urgent need for African countries to focus on adding value to their local products and establish mutually beneficial trade. Noting that Africa is in dire need of investments in the agriculture, manufacturing, infrastructure and energy sectors, he said the political independence of Africa would be meaningless if it is not accompanied by economic independence.

Though he stated that exports from Africa to Asia have witnessed some 50 percent growth, he said this is healthy since Asia is increasingly becoming a greater trading partner of Africa. He called for the redoubling of efforts to achieve economic integration and the removal of intra-state transportation obstacles and also the cumbersome customs regulations.

Ishmael Yamson, who co-chaired the forum, in a welcome speech, said though the global financial crisis, imported from the West, has disrupted capital inflows, there was still a leeway for African countries to redeem themselves from its shackles.

“Africa must define its developmental agenda.”

According to him, the current price of oil which hovers around $70 was still high adding by 2030; Africa would become populous as China, with reference from a study by the African Development Bank (AfDB).

“Intra-African trade is only 6 percent because all African countries do not look for trading partners,” adding the consequences of fragmentation are what we are paying for currently. “Africa should not be shy to exploit opportunities offered by China and India and our leaders will have to accept the challenge to grow.”

President Faure Gnassingbe of Togo also graced the event with a powerful business delegation as also was Dr Mohan Kaul, Director General of CBC and Dr Pascal Dozie, Chairman, MTN Nigeria.