Ghana is ready and open for business – Ofori-Atta to Japanese investors
Finance Minister Ken Ofori-Atta on Friday told Japanese businesses
that the current stable macro and political environment is an opportune
time for them to launch into the West African region using Ghana as the
hub.
“We are now combining politically stable environment with fiscal
consolidation and macro stability and we would like, therefore, to get
our traditional friends to be part of this exciting journey going
forward.”
He said the West African sub-region has a population of 350million,
which is expected to reach 500million in 20 years and a 1.5 trillion
GDP, likely to double in 20 years, therefore, Ghana was an ideal centre
for investors to pivot to other countries.
“The intention is for Ghana to become the regional maritime hub,
regional financial services hub, a petroleum hub, and attract all sorts
of multinational headquarters into our country,” he explained.
Mr. Ofori-Atta said these when he made a pitch for Ghana as an ideal
investor destination during a seminar attended by over 150 leading
Japanese businesses held in Tokyo at the end of a week-long visit to
Japan.
The seminar organised by the Ghana investment Promotion Centre, the
Ghana Embassy in Tokyo and the Japan External Trade organisation (JETRO)
was aimed at exposing Japanese business community to potential
Investment opportunities In Ghana.
Ghanaian companies and Japanese companies operating in Ghana, as
well as the Government delegation led by Mr. Ofori-Atta, on a week’s non
deal investor road show to Japan were also present.
In a presentation, Charles Adu Boahen, Deputy Minister for France
highlighted investment opportunities in sectors such as financial
services, ICT, Fintech, energy, transport and agribusiness etc.
He noted that Fintech was a key growth area where in 2017 alone,
there were about 34billion worth of mobile money transactions, which is
about 70% of Ghana’s GDP of 45 billion.
“It has really become the mode for transactions and transfers and
payment, we sort of leap frogged the credit card era and moved straight
to mobile payments and mobile money solutions. We have about 10million
mobile money customers and 38milion mobile subscribers. These are the
areas Japanese firms are good at in terms of technology,” he said.
Kingsley Ahenkorah, Deputy Minister for Trade, spoke on the Ten
Point Transformational Agenda, which included the government’s plan for
industrialising all 264 districts in the country under the 1DIF
programme.
He said the among other things, the programme aimed at creating
Jobs, enhancing resource potential in every district, creating import
substitutes and producing products for exports, as well as curbing rural
urban migration.
The Deputy Trade Minister said the government intends to make these
private sector led, saying “it is not a business for government to pump
in money, however If you want to secure your investment and require
government involvement, government is prepared to take an equity in your
business.”
Mr. Edward B. Ashong-Lartey, Director, Investor Services at the GIPC
gave an overview of the legal and regulatory framework for investors.
Some of the incentives include, full repatriation of dividends and net
profit attributed to investment and transfer of funds in respect of
servicing of foreign loans.
Earlier in a welcoming address, Dr. Katsumi Hirano, Executive Vice
President of JETRO said Japan/Ghana relationship had been very cordial
over the years and urged government to take steps to conclude and sign
the Bilateral Investment Treaty to open the way for Japanese companies
to comfortably invest in Ghana.
In attendance were the Minister for Roads and Highways, Akwasi
Amoako-Attah, Deputy Minister for Finance, Charles Mu Boahen; Deputy
Governor of Bank of Ghana, Dr. Maxwell Opoku Afari; Deputy Minister for
Health, Kingsley Aboagye Gyedu; Deputy Minister for Information, Kojo
Oppong Nkrumah and Deputy Minister for Trade, Carlos Ahenkorah.
Also present were officials from the Ghana Embassy led by Mrs.
Abigail Kwashi, the Charge d’Affairs and Professor Ameyaw Ekumfi, Board
Chair of Ghana Infrastructure Investment Fund.
No comments
Your comments and Encouragement are welcome