Flagbearer of the National Democratic Congress (NDC), Former President John Dramani Mahama has observed that the issue of local content appears to have incurred the displeasure of the business community.
He says the concerns of the business community centre on the varying and sometimes conflicting rules, for instance, on government policies on local and foreign ownership of businesses and joint ventures in a manner that should be mutually beneficial for foreign investors and Ghanaian businesses.
Many of these issues are not new and have existed in various forms for a long time, he noted.
“The fact that they persist reflects the failure of past reforms and the need for urgent action under the next NDC government, especially for the rapid and effective implementation of the 24-Hour economy policy, for which we expect between $5 billion and $10 billion in annual FDI, mainly in infrastructure and greenfield investments,” Mr Mahama said at the Distinguished Speakers Series on Foreign Direct Investments on Thursday, August 29.
He further stated that the Ghana Investment Promotion Centre has been the primary state agency responsible for coordinating investment promotion, with the Ghana Free Zones Authority playing a complementary role.
“However, having previously served as Vice President and chairman of the Economic
Management Team and later as president, I have a bird’s eye view of the overall economy and the challenges that affect different sectors and industries. I am acutely aware that not all issues affecting foreign direct investment and the business community in general fall under the Centre’s direct mandate.
“An example is fiscal and monetary policies, which affect the business environment but are
under the control of the Ministry of Finance and Bank of Ghana, respectively. Therefore, under the next NDC government, there will be both general and targeted policy interventions to create a sound environment for all businesses to thrive and to deal with
specific bottlenecks that impede the effective and efficient operation of businesses in Ghana. Providing specific incentives to foreign investors to help address our investment deficits quickly will form an integral part of the strategy to reset the economy and bring it back from the brink of collapse.”
Source: 3news.com
