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Giving the right support to investors to come to Ghana

Article - July 29, 2014
Ghana’s business-friendly environment successfully encourages domestic and foreign private sector investment
LABADI BEACH HOTEL IS CONVENIENTLY LOCATED BETWEEN ACCRA AND THE KOTOKA INTERNATIONAL AIRPORT AND SITS BACK ON ONE OF GHANA’S MOST BEAUTIFUL AND POPULAR BEACHES
Back in 2007, a drillship operated by upstart Dallas-based Kosmos Energy plied the Atlantic Ocean’s rolling waves, miles outside the view of Ghana’s golden beaches, in what most in the industry viewed as a long-shot gamble at best. Nearly seven years and 700 million barrels of oil reserves later, Ghana continues to extend an open hand to investors with a plan and vision.

Ghana’s leadership understands that its continued success hinges on participation in the global economy, so it has worked to create an attractive investment climate.

"I think most of the U.S. companies are coming to a point where they need new areas to expand and the best place is a country that has good infrastructure, good support in terms of laws and is peaceful Ghana qualifies for all of these and more”

HENRY K. OFORI
CEO of Hydrocol Energy

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"The country is ruled by law and not by the discretion of individuals. The democratic institutions have been equally tried and tested. Ghana has come of age and it is a democracy”


GEORGE BLANKSON,
Commissioner General of Ghana Revenue Authority (GRA)
“Any astute international investor, as well as the domestic business community, will always recognize an opportunity and pursue it,” says Mawuena Trebarh, CEO of the Ghana Investment Promotion Center. “As a nation we want to ensure that those investments translate into development – development being more economic opportunities, more jobs, more infrastructure that allows and improves the ease of doing business.”

The government has also placed significant resources at the disposal of firms wishing to do business there. “Any investor who is coming into the country knows that they will be provided with information that lets them make an informed investing decision,” says Mrs. Trebarh. “Questions they may have, dates they may require, people they may need to meet, clarity on the laws, on access to utilities, you name it – we will be there to offer that service.”

This focus has helped Ghana make such impressive gains in foreign direct investment, which in turn has fueled further growth opportunities, particularly in big infrastructure projects. “Because our focus is on strategy, on strategic investors, we’ve been able to leverage the positive elements of the Power Africa initiative in our interactions through the U.S. Embassy here in Ghana – in our own very targeted efforts to engage with major North American players in the power sector,” Mrs. Trebarh concludes.

Investors should know that Ghana adheres to international legal standards and also guarantees stability in terms of its tax policy. “For investors, certainty is important,” says George Blankson, Commissioner General of the Ghana Revenue Authority. “The laws are stable, and you will be able to predict tax liabilities over the next four, five or six years, and all of this is guaranteed by law. That is what gives confidence to investors.”

The government has also made itself available up to the very highest levels, “It is very crucial for investors who will come to Ghana to be able to understand that the government is willing to support them and give them the confidence including the Ministry of Finance and the Office of the President,” says Henry K. Ofori, CEO of Hydrocol Infrastructure.

Ghana’s natural beauty and expanding tourism and hospitality industry adds yet another draw. The Labadi Beach Hotel, located in Greater Accra on one of the country’s most popular beaches, lovingly embodies Ghana’s blend of beauty, nature, tradition and modernity. Renowned for its hospitality, cuisine and attention to detail, Labadi Beach Hotel offers a warm reception to guests, who can enjoy not only modern amenities, but a certain exclusive serenity in the hotel’s lush landscaped gardens and access to a private beach. Moreover, the hotel’s brand new, state-of-the-art conference center allows for meetings in a magical setting.

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