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Ghana: Investment follows Bush visit

Published date:
Friday, 07 March 2008

Barely a fortnight after the visit of President George Bush of the United States of America (USA) to the country, a U.S Trade delegation including twelve companies is in the country to seek investment opportunities.

The delegation led by Assistant Secretary of Commerce , Israel Hernandez, together with top Executives of the 12 companies is in to seek partners, agents and distributors in the area of design, telecommunications law, medicine devices, pharmaceuticals and packaging.

The twelve companies are American Plastics Technologies, Crestcom International, Edwards Angell Palmer and Dodge, EquipXP, FEECO International, Green Energy Solution Technologies, Hybas International, Intertrade, Lockheed Martin, Praxis Med International, SSC Medical Instrumentations and Technology Solutions for Africa.

At the opening ceremony in Accra on Monday, the U.S Ambassador to Ghana, Pamela Bridgewater commended the government for the enabling economic environment which has made the country attractive to U.S investors.

According to her economic cooperation between both countries has grown stronger in recent years since Ghana is increasingly becoming a key commercial and financial gateway to West African for the U.S and other foreign companies.

"We see renewed vigor to develop Ghana's economy for the benefit of all Ghanaians. Such measures include poverty reduction, educational enhancement and business promotion," she said.

The Ambassador further said many Ghanaian businesses are making tremendous marks within the regional markets and this is serving as an example to its neighbors in the sub-region.

The Ambassador indicated that private companies represent the broadening scope of business-to-business relationships between Ghanaian and American firms and hoped such relationships would help boost further trade opportunities between both countries.

"A vibrant Ghanaian economy and well-functioning internal and external trade markets can lift Ghana to new heights," She added.

The Minister of Trade and Industry, Mr. Joe Baidoo-Ansah, was glad the flood gates of investment and trade have been opened by the visit of the U.S President.

According to him the economic cooperation between both countries has been based on the Trade and Investment Framework Agreement (TIFA) and the African Growth Opportunity Act (AGOA).

The Minister indicated that currently the country is the sixth largest market in the sub-region and a major source of direct foreign investment for the U.S.

"However, given the present trend in globalization, countries must constantly seek new partnerships and linkages to remain competitive, traditional forms of relationships among nations need to be reappraised," he said.

The Assistant Secretary of Commerce, Israel Hernandez, called on the Ghanaian government to create a fair playing field for all investors who come into the country to do business.

He said with the current stable environment in Ghana many investors are likely to troop in and the onus is on government to create a fair environment for all who come into the country.

He said the delegation is in the country to invest in both Small and Medium Scale businesses as well as major companies and urged Ghanaian businesspersons to take advantage of their presence to create new business links.

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