Ambassador Stokes-Hayford encourages Italian investors to make Ghana their preferred destination
Ghana Investment Promotion Centre (GIPC) has presented to Italian entrepreneurs investment opportunities in Ghana.
At two separate meetings in Rome and Milan, under the theme: ‘Ghana – Country Presentation’, GIPC in collaboration with the Ghana Embassy in Rome, provided detailed information on various sectors open to foreign investment.
Industrialists, company representatives, co-operate bodies, banks and individual entrepreneurs attended the meetings.The meeting in Rome was attended by a strong delegation from the Italian Chamber of Commerce, the Italian Foreign Minister Dr. Franco Frattini, Ghana’s Minister for Foreign Affairs Alhaji Muhammad Mumuni and Ghana’s Ambassador to Italy Her Excellency Anita Evelyn Stokes-Hayford.
In an introductory remark, the Ghanaian Foreign Minister described Ghana as a hospitable country with a political climate which is favourable for foreign investments. Ghana, he pointed out, has enjoyed a stable multi-party democracy for almost two decades with continuous macro-economic stability. Investors will not regret doing business in the country, he assured.
Chief Executive Officer of GIPC, Mr. George Aboagye, who took the participants through the presentation with graphic illustrations, comprehensively, sold a compelling story about Ghana - enough to convince any investor to invest in the country.
He said that Ghana and Italy enjoy good relations, adding that Italy plays a key role in Ghana’s infrastructure development, particularly, in the energy and construction sectors. Mr. Aboagye said that there are great investment opportunities in the following sectors: Oil and Gas services; Energy; Infrastructure; Agriculture; Manufacturing; Tourism; ICT and Financial Services.
Ghana, he said, registered a total of 3,706 projects between September 1994 and March 2011 valued at about US$16billion. In the same period, a total of 106 Italian investments valued at US$174 million were registered in the country.
The delegation of GIPC officials headed by Mr. Aboagye, the Ghana Ambassador to Italy, Mr. Charles Baah (Minister and Head of Consular Section at the Ghana Embassy in Rome) and Mr. Simon Atieku (First Secretary on Trade and Investment at the Ghana Embassy, Rome) then headed for Milan the following day for another similar meeting.
Ambassador Stokes-Hayford said Ghana and Italy “have a long history of fruitful co-operation dating back to Independence era with Italian construction companies such as AB Sadelmi and Impregilo actively involved in the construction of Ghana’s Akosombo Dam in the early 60’s. Over the years, our relationship has blossomed into a dynamic one spreading into several areas of mutual interest including the newly discovered gas and petroleum sector.”
She added that Ghana has put in great efforts to create a liberalised economy. “The world is faced with threat of climate change, rising cost of food and increasing prices of petroleum products. This means, unless countries work together within the context of globalisation of trade and investments, our efforts will be fruitless. This is why we urge continuous collaboration not only between the governments of our two countries but also between the business communities of both countries. It is in this context that we are here today to tell the success story of Ghana and explain what Ghana has to offer as well as encourage prospective Italian businesses to explore Ghana as their preferred destination,” the Ambassador said.
In Milan, Mr. Aboagye told the meeting that Ghana offers to foreign investors tax holidays ranging from five to ten years depending on the chosen sector. Ghana also offers relief from double taxation, and allows full repatriation of dividends and net profits.
Mr. Aboagye stressed that Ghana’s investment laws provide guarantees against expropriation and nationalization.
Some Italian investors already doing business in Ghana, including Mr. Stefano Ramella who has been living in the country since 1974, spoke about their interesting experiences in the country and encouraged other investors to go to Ghana.
By Reggie Tagoe
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