Chinese urged to invest in Ghana

Mutala Mohammed,Deputy Minister of Trade and Industry

Mutala Mohammed,Deputy Minister of Trade and Industry

Deputy Minister of Trade and Industry, Murtala Mohammed, has urged Chinese investors to consider investing in Ghana, as the country intensifies efforts to produce goods for the domestic and international markets.

He said that the government had put in place the appropriate framework to attract and support Foreign Direct Investment (FDI) in Ghana.

Mr. Mohammed made the appeal at a forum on Global Production Capacity and the Business Cooperation, at Wuhan in the Hubei Province of China.

The forum was co-hosted by National Development and Reform Commission of the People’s Republic of China, Ministry of Foreign Affairs of the People’s Republic of China and Hubei Provincial People’s Government in Wuhan, Hubei.

It created the platform for the discussion on the industrial strength of  Central China, and consideration of development plans and industrial layouts of relative countries, in an attempt to provide development opportunities and real benefits for developing countries.

China has this year, planned to invest an estimated $160 million in Ghana, mainly in the agriculture and energy sectors.

The bulk of China’s imports from Ghana were still primary products which include sheabutter, cassava chips and other agro-products.

Bilateral trade between Ghana and China had grown substantially since 2000, which currently stands at about $6 billion.

Mr. Mohammed stated that Ghana had human resource and good investment climate, and was ready to support other companies, particularly those from China to invest in Ghana.

Mr. Mohammed commended Chinese businesses operating in Ghana for their contribution towards development and economic growth and transformation.

He noted that Africa was safer than before to attract the necessary foreign direct investment to aid industrialisation drive of the continent.Director General, Department of African Affairs, Ministry of Foreign Affairs of China, Mr. Lin Songtian, noted that “ The frequent change of ruling parties in some African countries, leading to the problem of lack of stability and consistency of government policies, has affected industrialisation”.

He indicated the need for improvement in laws and regulations, preferential policies and government services to promote and protect foreign investment.

Mr. Lin explained that due to the long term exploitation and looting by some western colonisers, some Africans countries were reluctant to open the market to foreign direct investment.

Mr. Lin said China was committed to making concessional loans more preferential to African countries  under a win-win cooperation with these countries.

China, he explained, would work towards avoiding inefficient loaning which might cause new debt risks and fiscal burden to African countries.

Mr Lin said “China will follow the model of intensive development to ensure sound interaction between infrastructural construction and industrial development.

Additionally, he indicated that China would focus on the economic and social returns of projects and sustainable development, and ensure that the development of China-Africa production capacity cooperation proceeded in a safe, orderly and efficient way.

The Secretary of Communist Political Party Consultative Committee, Hubei Province Committee, Mr. Li Hongzhong, explained that the province had over the years championed China’s reform and ‘opening-up’ policies.

He said the province was desirous of attracting investment while encouraging investment in developing countries.

From David O. Yarboi-Tetteh, Wuhan, Hubei Province, China 

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