COME INVEST IN GHANA

AS part of the strategy to speed up national development, our governments, since the inception of the Fourth Republic, have put in place mechanisms to attract foreign direct investment (FDI).
The Ghana Investment Promotion Centre (GIPC) was set up to facilitate the smooth registration of foreign businesses that want to operate here and to assist them to gain a firm foothold on the local terrain.
The government has also made it possible for investors to spend a minimum time to process their registration documents to commence business. The law has also made it possible to repatriate profits after tax and other corporate obligations, as well as special regimes for those who want to invest in certain sectors of the economy.
The creation of free zone enclaves for foreign companies to produce goods for export is another area that must be exploited to advantage.
All this is being done because of the realisation that reliance on local capital alone cannot bring about the rapid social and economic transformation that the country needs to bring about a qualitative change in the lives of the people.
The invitation extended to the international business community by the President of the Ghana National Chamber of Commerce and Industry, Mr W. A. Krofah, in far away Istanbul in the Republic of Turkey must be seen as another effort to push ahead the national agenda of making Ghana an investment destination for foreign businesses and the consequent transformation of the economy and the industrial environment of the country.
The country abounds in many raw materials that can be harnessed and transformed into value-added products that fetch substantial foreign exchange on the international market. This demands the joint efforts of local and foreign entrepreneurs.
The expectation also requires, on the one hand, a workforce that is skilful and reliable and a wage policy which is competitive on the international market, on the other, to support any investment drive.
Ghana’s democratic credentials have received international acclaim and this has created a stable environment conducive for good business. What we need to do now is spread the message and remove any doubts still lingering in the minds of those who may think that bottlenecks still exist to frustrate investment drives.
It is also necessary to call on the local business community to be proactive and venture out to seek foreign partners.
Turkey, China, South Korea, India and other emerging economies offer the best bet to do business for mutual returns and it is, therefore, significant that Mr Krofah used the platform in Istanbul to invite businessmen and women to Ghana. We hope there will be a follow-up to such visits to consolidate contacts made in the first instance.
The DAILY GRAPHIC urges Ghanaian businessmen and women to take advantage of every international trade exposition to advertise Ghana’s vast industrial potential to their foreign counterparts.
In a few years’ time Ghana will become a prime oil exporter and the time to start preparing for the resultant economic boom is now! The investment climate is good and entrepreneurs are invited to take full advantage of it.