Chamber of Commerce woos investors to overlook economic drawback

Although Ghana’s economy is going through tough times, it remains conducive for foreign investment, Seth Adjei-Baah President of the Ghana Chamber of Commerce and Industry (GCCI), has said.

Speaking at the second International Building and General Trade Exhibition in Accra, he implored Turkish exhibitors and investors not to be discouraged by the current economic challenges that the country is facing but rather take advantage of the huge opportunities that exist in some key sectors of the economy to push the growth of both economies.

Mr. Adjei-Baah said despite the current economic drawbacks, which include the continued depreciation of the cedi and erratic power supply, Ghana’s business environment is still conducive and supportive of foreign investment, and that the private sector is working in tandem with government to overcome the challenges.

“Ghana’s economy has a lot of trade and investment opportunities that business operators and potential investors from Turkey can take advantage of, especially in the areas of agriculture and agro-processing, infrastructure and real estate development, tourism and oil and gas, just to mention a few.

“Despite the current challenges, the business environment in the country remains relatively supportive of foreign investment. Our vibrant and diversified market economy coupled with the positive political atmosphere makes it attractive for strong trade relations.

“Ghana and Turkey continue to enjoy some very useful economic relations as trade and investment has been on a consistent increase, and I’m hopeful that the outcome of this exhibition will be an important step towards the development and growth of our countries,” he said.

Ghana is currently Turkey’s third largest trade partner in sub-Saharan Africa after South Africa and Nigeria, a viable partnership that has ensured a consistent surge in bilateral trade volumes over the last three years, rising from US$344 million to the current US$500 million.

Mr. Adjei-Baah said the figure is expected to hit US$1billion by 2015 on the back of an anticipated increase in trade and investment between the two countries.

Turkish Ambassador to Ghana, Senturk Uzan said Turkey is poised to improve its economic development ties with Ghana to promote business growth and employment creation.

“Ghana has a strategic location with a stable political environment which is good for bilateral trade. We anticipate that this exhibition will help to forge a profitable business relationship that will be to the benefit of both countries,” he said.

The four-day exhibition is being organised by Mekur International Fair Organisation of Turkey in partnership with MBC Company Limited Ghana.

It has pooled together about 30 Turkish companies to showcase Turkish building and construction materials, food, agricultural and chemical products and furniture.

Other products on exhibition include electronic and electrical appliances, fashion, cosmetics and personal care products, cleaning materials and home decor.