组委会新闻中心_News Center_China International Fair for Investment & Trade (CIFIT)

MR.CHAIRMAN,
YOUR EXCELLENCY, THE MINISTER OF COMMERCE OF PEOPLE’S REPUBLIC OF CHINA,
MY COLLEAGUE MINISTERS FROM AFRICA,
YOUR EXCELLENCY, THE GHANA AMBASSADOR,
DISTINGUISHED MEMBERS OF XIAMEN CHAMBER OF COMMERCE,
DISTINGUISHED CHIEF EXECUTIVE OFFICERS OF CORPORATE CHINA,
CAPTAINS OF INDUSTRIES,
LADIES AND GENTLEMEN,

　　I deem it a great honour to be offered this platform to address such a distinguished gathering of Government officials, business executives, investors, and other very important personalities at this International Investment & Trade Fair in Xiamen, China.

　　Let me take this opportunity first of all to join the earlier speakers to thank all those who contributed in diverse ways to the organization of this Forum. On behalf of the Government and people of Ghana and my own behalf, I wish to express our sincere gratitude to the Government and people of China for the invitation and the warm reception accorded us in this beautiful city of Xiamen.

MR.CHAIRMAN,
　　I am pleased to note that Ghana and China have maintained very cordial political, cultural and economic relations for several decades. Our cooperation in the area of trade and investment has been very good. Indeed, the total value of trade between Ghana and China has been increasing steadily from US$117.86 in 2000 to US$542.80 in 2006, an increase of almost 40%. China is a major trading partner and continues to be a major source of foreign direct investment in Ghana.

　　Chinese investments in Ghana have increased over the last five years making China one of the leading sources of foreign direct investment into our country. Between September 1994 and December 2007, the Ghana Investment Promotion Centre registered 336 projects of Chinese origin. Some of these projects are either wholly Chinese-owned whilst others are in joint venture collaboration with Ghanaian or other nationals in all sectors of the economy. The Projects are classified under the following sectors:
? Liaison - 6
? Export Trade - 7
? Agriculture - 9
? Building & Construction - 17
? Services - 47
? Tourism - 52
? General Trading - 81
? Manufacturing - 117

　　I am of the firm conviction that this Fair will strengthen the existing ties between our two countries and also provide a good prospect for more effective partnership between the Ghanaian private sector and its Chinese counterparts here in Xiamen.

　　MR.CHAIRMAN, LADIES & GENTLEMEN,
As we look back into our immediate past, I am pleased to say that government has over the past 7 years succeeded in laying a solid foundation by implementing policies and programmes that have significantly transformed the economic landscape of our country and created the necessary enabling environment for the private sector to thrive. In 2007, the outcome could simply be summarized as remarkable if not excellent:

a.A stable currency, characterized by an impressively low record of depreciation of less than 4% per annum.
b.Reduction in inflation from 40.5% at the end of 2000 to an average of 11% in 2007.
c.Positive economic growth trends fuelled by increased economic activity, leading to 6.7% GDP (3.7% in 2000).
d.Improvement of Foreign exchange reserve position from 3 weeks import cover to 4 months.
e.Reduced cost of investment loans as incentives for stimulating investment in support of private sector led growth.
f.Growth in aggregate investment, especially in energy and infrastructure.
g.Real interest rates that enhance effective mobilization of savings and make credit affordable to the private sector.
h.Reduction in corporate income tax, and increase in the minimum income tax threshold to the level of annual minimum wage.
i.Increased availability of domestic credit to the private sector.
j.Relatively stable real exchange rate that promote international trade.
k.Growth in private fixed investment as a proportion of GDP.

　　Our efforts have received international recognition and commendation. Thus the World Bank Doing Business Survey Reports for the past two years have ranked Ghana among the top reformers in Africa

MR.CHAIRMAN,
　　I am pleased to indicate that, Ghana is now ripe for doing business and there are a number of compelling reasons why Ghana is an investment destination of choice.

　　1.Ghana is an island of peace in Africa with a stable political environment, which is underpinned by strong institutions of democratic governance. This guarantees not only the rule of law for investors but also enhances their personal safety and security.

　　2.Ghana is often also cited as a model of economic success by international development agencies, having built a sound macroeconomic framework, on the basis of which an accelerated growth programme has been launched. Our modest economic achievements are reflected by the recent sovereign credit rating of B+ by Standard and Poors.

　　3.As a country we can also boast of skilled and highly trainable manpower resources, a compliment which is acknowledged worldwide. In addition, wage rates are amongst the most competitive in the developing world.

　　4.In respect of infrastructure, Ghana has two well functioning sea ports, an international airport with high certification for security clearance, a reasonably well developed network of urban, trunk and feeder roads, which are currently being upgraded; a mixed profile of good hydro and thermal energy sources and last but not the least, a telecommunications infrastructure both fixed and wireless, which in terms of per capita density, is one of the most developed in West Africa.

　　5.In addition, Ghana has the advantage of proximity to strategic markets in Europe and the USA and is also considered as the gateway to a sub-regional market of about 280 million people.

　　6.One of the special attributes of Ghana which investors from all over the world have consistently acknowledged is the hospitality of the Ghanaian people and the social cohesion which is a characteristic feature of the country.

MR.CHAIRMAN,
　　Consistent with our vision of developing our rural communities and bringing them into the mainstream of national economic activities, we are pursuing a programme known as the District Industries Programme (DIP). The Programme is facilitating the establishment of at least one commercially viable project in each of the 168 Districts in Ghana, in the medium term. Business plans and profiles are currently available on the projects that have been identified for the districts. Private Sector investors are invited to partner with District Assemblies, Local communities and other strategic investors in these projects. These and other programmes/projects seek to promote value-addition. The private sector drives the process, while the Government facilitates and provides strategic policy direction.

　　Closely related to the DIP is the Sub-Contracting And Partnership Exchange Programme, which involves the out-sourcing of non-core activities of large local and international firms to local small and medium enterprises. This will enable small and medium enterprises to become more competitive and move up the supply chain.