Why Foreign Investors Are Coming but Not Staying

In: Business and Management

Submitted By winston
Words 2138
Pages 9
Feature Article of Friday, 26 October 2001
Columnist: Frempong, Kwadwo
Why The Foreign Investors Are Coming But Not Staying.! by Kojo Frempong
Ghana has been seen as one of the safe havens in Sub-Saharan Africa and the world. The recent peaceful political transition from the National Democratic congress to the New Patriotic Party, was a great boost to investor confidence. The ex- president of Ghana Jerry Rawlings started an impressive tour of the world with the view of convincing investors to Ghana. Investors of all shapes and colours came to Ghana but little or no new big investor stayed or came again?!
It was not surprising when a minister of State in President Kuffour’s government expressed surprised at the above. Ghana has a very serene atmosphere, good investment climate, political stability, human resource, market oriented economy, Great investment code that allows almost 100% repatriation of revenue, yet we are drawing blank, so what and where lies the problem?

How many made in Ghana goods do you see in US markets, EU or East-Asian markets? Ghana’s chocolate the Golden Tree has won many trade show awards as the best chocolate why don’t we see in Europe or America? The reason is the problem of market accessibility, period! If Goods labelled “made in Ghana will have difficulty entering US, and European markets why should the investors come? Am sure we know of the trouble Banana growers in Ghana are going through before they get the product to Europe? Ghana has almost no quota and market access and so the Ghana growers must by Quotas from another country to have the chance to sell the Banana. The EU is giving all Least Developed countries free access in their initiative EBA ie, Everything but Arms , The EU’s “everything-but-arms” package of ‘tariff-free, quota-free’ market access for products from the LDCs - excepts not only arms, but three of the six…...

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