Ghana woes UAE investors

The Ghana Investment Promotion Centre has signed a memorandum of understanding and cooperation agreement with Dubai South of the United Arab Emirate (UAE) for three projects aimed at promoting trade and investment in Ghana.

Dubai South is the UAE's largest single urban master development focusing on an aviation and logistics ecosystem that houses the world's largest airport.

The agreement was signed in the Abu Dhabi Hall, Business Connect Centre Expo Grounds

today, October 14, 2021 during the opening of an international business and investment exposition in the capital of the UAE, Dubai which is scheduled for October to March 2022.

The six-month event dubbed: "EXPO 2020 Dubai" will showcase the business and investment opportunities in Ghana to the global business community, to attract Foreign Direct Investment into the country.

This year's event attracts more than 190 countries worldwide and over 30 million audiences to the commercial city of Dubai.

Although the event is dubbed “Dubai Expo 2020”, Ghana's theme is "Ghana: Limitless Opportunities" and would enable ministers of state, government officials and private sector players to present and explain various business and investment opportunities available in Ghana to a global audience.

Projects

Speaking before the signing of the agreement, the Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Mr Yoofi Grant said the MOU was for three projects and cooperation between GIPC and Dubai South.

The three projects, he said would comprise an e-commerce park for business around technology; a humanitarian park for humanitarian activities and non trade activities relating to security in the African sub region; and a perishable park for agricultural produce.

"E-commerce park because Ghana has become the centre of technology and a vehicle for trade and investment. Ghana is currently the regional headquarters for Twitter Africa. Ghana hosts the Google Artificial Intelligence Centre and is a major footprint for United Airlines", he said.

On the Humanitarian park, he said , "Ghana is centrally located and it is easy to rally around logistics that are non trade relating to security in the sub region and for other humanitarian activities."

The perishable park, he mentioned, was because Ghana was a major agricultural nation and a perishable hub will help create a market for agricultural produce such as vegetables and fruits.

10 reasons

Mr Yoofi Grant shared 10 reasons for investors in the UAE to consider investing in Ghana.

Ghana democratic governance and respect for rule of law, he said, was a good reason for any investor to invest in Ghana.

The ease of doing business in Ghana, establishment of the African Continental Free Trade Area (AfCFTA) secretariat in Ghana, the varse natural resources, human capital advantage, good geographical location that makes it easy to access the world, also makes the country the preferred destination for investors.

Other reasons investors should consider, he said, were Ghana's being named as one of the fastest growing economies in the world and a resilient economy, availability of trade logistics such as rail lines and road network, an enabling and competitive environment, and a great hospitality environment.

The Senior Advisor to President Nana Addo Dankwah Akufo-Addo, Mr Yaw Osafo Marfo said Ghana would take advantage of the expo to showcase the investment climate it possesses.

Today Ghana is best positioned to be the investment hub for Africa because the AfCFTA is located in Accra, Ghana and whoever invests in Ghana has a market size of at least 1,2 billion people and 54 countries."

Dubai ready

The Chief Executive officer in charge of logistics of Dubai South, Mr Mohsen Ahmad said the two countries share similar objectives and features.

He commended Ghana's President Nana Addo Dankwa Akuffo-Addo for the Ghana Beyond aid initiative.

"We are the hub of the region. We share similarity with Ghana with Ghana beyond aid focusing on investment, education and diversification of the economy, we are business friendly. There are great synergies that we can work together," he said.

He said the expo was too create an attract environment for small and medium enterprises and the UAE was ready to facilitate business and investments with Ghanaian businesses.