Direct investment into economy sure way to tackle current challenges – Trade Minister 

Alan Kyerematen

Trades Minister Alan Kyerematen says direct investment into the Ghanaian economy is the sure way of dealing with the current economic challenges facing the country.

Government has begun a debt exchange programme amidst a mounting unsustainable debt situation compounding the difficulties within the Ghanaian economy.

The debt exchange according to the finance minister, Ken Ofori-Atta is a necessary step to reaching a bailout with the international monetary fund.

The proposal however, has come under heavy criticism since it’s launch on Monday with labour groups threatening strike over the possibility of their pension funds suffering over the move.

Speaking at the opening ceremony of the third Annual Investment Week of the Ghana Free Zones Authority, on the theme: Championing Export-Led industrial growth; in the context of AFCFTA and World Trade, Alan Kyerematen said Ghana cannot continue to rely on access to the international capital market as a means to develop.

“If we’re going to put investment at the center of our development agenda then we need to appreciate the fact that we cannot continue relying only on access to the capital international financial market but we have to think seriously about how we aggressively promote private direct investments be it domestic or foreign,” he said.

CEO of the Free Zones Authority, Amb. Mike Oquaye Jnr Ghana currently has 217 active free zone enterprises. which have made export earnings of over US$27 billion employing about 33,000 people directly with over 31,000 being Ghanaians.

He however expressed concerns over some companies failing to submitted their quarterly returns and audited financial statements.

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“This lack of submission of quarterly returns is affecting the Authority’s accurate data for management reporting and decision making. Some of the companies also owe ground rent and some have not renewed their licenses.  I entreat the CEO’s to ensure that these anomalies are corrected in the ensuing year, so as to enhance our ability to be of greater service to all.”

The week long event is expected to bolster confidence within the industry in helping bring in more direct investment.

By Eric Mawuen Egbeta|3news.com|Ghana