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Prime Minister Matteo Renzi

Italian Prime Minister expresses confidence in economy

The Italian Prime Minister, Mr Matteo Renzi, has expressed confidence in the Ghanaian economy saying that its stability will make Italy increase its investments in the country, particularly in agriculture.

Responding to a toast proposed by his host, President John Mahama, at a state dinner in his honour at the Banquet Hall of the Flagstaff House last Monday, Mr Renzi said, “I have a great impression about your country.”

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The dinner formed part of activities marking his two-day state visit to Ghana, being the first by an Italian Prime Minister.

In spite of the significant contribution of agriculture to the economy of most African countries, including Ghana, investments, especially in technology, infrastructure and the market development sectors, have not been encouraging.

Italy’s investments in Ghana numbered 118 at the end of 2015, which were in the manufacturing, construction and service sectors.

Mr Renzi said it was about time Italy turned to agriculture to generate real growth for the benefit of both countries.

He said the two countries continued to share a lot of things in common as they strengthened their co-operation. “Yes, a lot of things – a lot of ideas, a lot of agreements, a lot of business opportunities, a lot of exchanges in the cultural sector. It’s a moment in which a lot of our people can benefit from,” he told the gathering.

Eni project

Mr Renzi indicated that the huge investment made by the Italian Company, Eni Spa, in Ghana’s economy bore ample testimony to the confidence his country had in the Ghanaian economy 

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The $7 billion project, being undertaken by Italy's largest oil company, Eni Spa, in collaboration with Vitol Energy, will see the development of the Sankofa and Gye Nyame fields to provide enough gas to operate Ghana’s thermal power plants for 20 years.

“The investment is one of the biggest investments by Eni in the period,” Mr Renzi said.

Italy, a bridge

Touching on the migration crisis, which had led to thousands fleeing Africa and some conflict areas of the world to Europe, he said it needed to be tackled head-on.

He called for a strategy that would give opportunities to the people of Africa to develop their skills and talents at home to avoid travelling to Europe.

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Mr Renzi said Italy provided the bridge for Europe’s collaboration with Africa.

“Italy is a bridge. It’s not only a political bridge but also a geographical bridge between Europe and Africa, and it’s the time for Europe to be together with Africa.

“We must take a comprehensive approach for the global challenge in the times we live,” he said.

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President delighted

President Mahama expressed delight in the historic visit of the Italian Premier, saying it would further cement the cordial relations between the two countries.

He said a large number of Italian companies were doing well in Ghana, and added that he looked forward to the introduction of Italy’s renowned tomato technology in Ghana.

President Mahama, who had earlier held bilateral talks with his guest, said they discussed Italy’s support to the Small and Medium Enterprises (SMEs).

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He expressed gratitude to the Italian government for the support given to the Ghana Private Sector Development Facility, saying Italy recently disbursed the second tranche of Euro 550,000 under the facility.

On migration, he urged all partners to work towards the attainment of the five-point political declaration and the 16 concrete action plans agreed on at the Valetta Summit on Migration late last year, which were to be implemented this year.

President Mahama also encouraged Italy to rally to get the European Union (EU) to support troubled countries such as Libya to build stable and functioning governments.

The Italian Premier visited the Kwame Nkrumah Mausoleum and addressed Parliament before flying back home yesterday.

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