Veep calls for more foreign direct investment

Spread, September 18/2008

Story: Charles Benoni Okine

THE government has assured its development partners and investors that proceeds from HIPC have placed the country on a sound footing for a major economic take-off in the country.
Consequently, it said what the country required were foreign direct investments (FDIs), particularly in the areas of energy, railway, road infrastructure, as well as manufacturing, to move the country to the next level.
The Vice-President, Alhaji Aliu Mahama, said this when a 42-member investment delegation, led by the Parliamentary Vice-Minister of the Japanese Foreign Affairs, paid a courtesy call on him at the Castle, Osu, yesterday.
The visit is a follow up to the Fourth Tokyo Conference on African Development (TICAD) at which President Kufuor represented Ghana three months ago.
"Your visit is strong indication of how serious the Japanese government is to ensure that the outcomes and recommendations of TICAD IV are implemented as early as possible," Alhaji Mahama said.
He said the main aim of the TICAD process of promoting a vibrant Africa and its accelerated economic growth and diversification was a laudable one.
"The emphasis on support for infrastructural development, trade, investment, tourism and agriculture is in line with the development aspirations of Ghana and several other African countries," he added.
The Vice-President described as refreshing the recognition by TICAD of the important role of the private sector in promoting and financing economic growth in Africa.
He said measured against its might as the second biggest economy in the world, Japan’s FDI in Ghana was small.
"I, therefore, urge Japan to expand its FDI in the country, especially in some of the critical areas of energy, railway and road infrastructure and manufacturing," he said.
Alhaji Mahama affirmed the government’s readiness to assist any firm from Japan that was ready and willing to invest in the country.
He expressed the appreciation of the government to the government of Japan for the keen interest it had taken in the development of small and medium-scale enterprises in the country, including its effort towards the modernisation of the activities of industrial operators at the Suame Magazine in Kumasi.
Alhaji Mahama used the opportunity to invite Japanese investors into the oil and gas sector of the country, following the find of 'black gold'.
Mr Yasutoshi Nishimura, who led the delegation, described Ghana as the most democratic in the sub-region and noted that it was against that background that Japan was interested in working with it.
He said with the oil and gas find, Japanese investors were interested in coming to Ghana to help in different endeavours that would bring meaningful benefits to the country.
Mr Nishimura said Japan acknowledged the mineral resources that the country had and pledged its preparedness to help tap them for the economic good of Ghana.
He mentioned in particular bauxite, for which he said Japan was ready to provide assistance in carrying out further feasibility studies and the future mining of the mineral.
A Minister of State at the Ministry of Finance and Economic Planning, Dr Anthony Akoto Osei, said the country had braced itself to take advantage of the willingness of Japan to double its assistance to Africa in the next three years.
He said Ghana was stable and the economy had been placed on a sound footing with relief from HIPC and added his voice to the call by the Vice-President for more FDIs to facilitate a major economic take-off.