Trade Ministry strategises to lure investors

The Ministry of Trade and Industry (MOTI) is currently developing a scheme to attract investment in clear-cut areas of the economy and position the country to leverage its comparative advantage within the West African sub-region, Nii Lante Vanderpuye, Deputy Minister, has disclosed.

“We must be able as a country to leverage our comparative advantage within the West African sub-region to draw investors in certain clear-cut areas of the economy. For instance, Ghana has a huge potential to manufacture most of its imported consumables such as cooking oil, rice, meat, sugar and poultry.

“We have great potential for poultry. Some time ago, Ghana was a leading producer of the commodity in the sub-region. What we are missing is the ability to expand and increase local production.

“Government welcomes a strong Public-Private Partnership (PPP) to spur production and growth in these areas, as it has rolled-out various incentives to attract both local and foreign investors,” he said.

The Minister was speaking at a business forum organised by the Delegation of German Industry and Commerce (AHK) in Accra on how the country can attract foreign direct investments under the revised GIPC Act, and its consequences for local and foreign investors.

Mr. Vanderpuye called for strong partnership between government and private entrepreneurs to stimulate growth in key sectors of the economy, especially in the area of manufacturing.

He said the Ministry is determined and ready for Ghanaians and foreign investors who want to partner government to foster growth, and that it has put in place measures to curtail the bureaucracy that investors have to go through when making enquiries on investments.

Ruediger John, Ambassador of the Federal Republic of Germany to Ghana, commended government for creating a convenient business environment that serves as motivation for foreign investors.

“Ghana needs more foreign direct investment to supply its socio-economic needs, including infrastructure, and the country's congenial business environment is good news to investors.

“There is a lot of interest from German businesses who are eager to learn about the local business terrain for potential investments,” he said.

Mr. John also stressed the need for a vibrant private sector, as it is a sure way of creating jobs and will motivate the youth to stay and develop the country instead of migrating to seek greener pastures.

By: Patrick PAINTSIL