ACCRA, Feb 11 (NNN-GNA) — Ghana experienced healthy investment growth in 2009 despite the expected decline in investment flows to Africa, and the prospects for 2010 look even brighter, says President John Evans Atta Mills.

He said here Tuesday that although the general trend in foreign direct investment (FDI) inflow to Africa was expected to decline in 2009, Ghana experienced healthy growth, registering some 300 projects in the non-mining and petroleum sectors with an estimated flow of miore than 700 million USD.

Speaking at the opening of the three-day 7th Africa Investment Forum, President Mills indicated that the interest of Ghana would continue to reign supreme in relation to every investment decision taken.

Including total inflows into mining, petroleum and Free Zone operations, estimates showed that investments in Ghana in 2009 exceeded 2.0 billion USD and the prospects for 2010 looked brighter, he said.

Ghana was calling for more investment in the areas of oil and gas extraction and related services, infrastructure expansion, energy, agriculture and agribusiness, tourism, information and communication technology, manufacturing and financial services, he added.

Togolese President Faure Gnassingbe and Namibian President Hifikcepunye Pohamba, as well about 500 business and governmental leaders from Africa, Europe and Asia are attending the forum to brainstorm on how to improve capital flows to Africa.

Put together by the Commonwealth Business Council and the Ghana Investment Promotion Council (GIPC) on the theme “Accelerating Intra-African Trade and Investment”, the forum, being held outside South Africa for the first time, will also explore ways to improve investment and trade within Africa.

It comes at a time when most African countries are recovering from the shocks of the international financial crunch.

President Mills reminded African leaders that with the era of political independence over, what was necessary now was to lift the people out of the quagmire of poverty. The time had come for Africa to take advantage of existing global economic conditions to play a leading role in the world economy.

President Mills criticised the paying of lip service to investment promotion in Africa and explained that investment would only go to areas where it was most welcomed and he called on African countries to do more in the areas of transparency, reliability, supply requisite levels of labour, reasonable cost of doing business and ensure political stability.

President Mills called on entrepreneurs to invest more in Ghana’s agriculture, not only for food security but also to provide sustainable jobs.

Togolese President Gnassingbe dwelt on the current transformation on the African continent, and pointed out that the chunk of the world’s investment was expected to be directed to Africa and underlined the need for reforms and the removal of trade blocks to improve the business climate in Africa.

Namibian President Pohamba called for investment in human capital development and enhanced infrastructure. He said it was also necessary to diversify and strengthen the Continent’s economic shock absorbers and build synergies for increased intra-African trade.
– NNN-GNA

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