Ghanaians in Italy hold a National Conference

Reggie Tagoe reports from Torino on a recent conference on investing in Ghana for the Ghanaian community in Italy and Italian investors.

The two-day event was focused on Investments in Ghana for the Ghanaian community in Italy and Italian entrepreneurs who want to invest in the country.

A delegation from Ghana to the meeting was led by Hon. Kwaku Agyeman-Manu, Ghana’s Deputy Minister for Trade and Industry. Other members of his team included Robert Ahomka Lindsay, Chief Executive Officer of Ghana Investment Promotion Centre (GIPC); Oppong H. Boateng, District Chief Executive of Sekyere West and Augustine Otoo and Kofi Addo from the GIPC and the Ministry of Trade and Industry respectively.

Also present were two Diplomatic Officers from the Ghana Embassy in Rome, Jonathan Bartels-Kodwo, Minister and Head of the Consular Section, and James K. Nyasembi, a Minister-Counsellor.

The Conference was chaired by Bartels-Kodwo who began by expressing his gratitude to the Ghana delegation for coming to Italy and also thanked the Council of Ghana Nationals Association in Italy (COGNAI) for coming up with the idea of the event, in collaboration with its sponsors.

The Chief Executive Officer of the GIPC, Robert Lindsay, gave an extensive presentation on setting up business investments in Ghana and how Ghanaians abroad and all other investors can invest in Ghana’s economy through the GIPC.

Speaking to over 300 participants, he cautioned them about investing in Ghana through family members or people who claim to have the ‘right connections’ to help them establish business in Ghana.

"We at GIPC are capable of handling every aspect of your plans in setting up business when you arrive in Ghana," he advised, as he comprehensively and convincingly made clear in his presentation by covering many areas about investing in Ghana.

"There are 5 key areas where we try to help people establish their business in Ghana," he said. "One, we initiate and support measures that will make the investment climate better for businesses, both domestic and international. We look at taxation, immigration or any other thing that has to do with investment and ensure that the investment climate is good for the investor.

"Two, we promote investment inside and outside Ghana and we do that by going out and sharing the opportunities with business people around the world and inside Ghana. Three, we are taxed to collate, analyse and bring together all trends and analysis to show the performance of our investment community in Ghana with the point to helping them register with GIPC, to ensure that the climate and whatever we are doing meet the needs of our economy.

"Four, we also spend a lot of time on the centres which are managed by us and not by the Ministry. We encourage you when you come to Ghana to visit the Ministers but investment processing is not done by the Ministries. Ministries do the strategy and policy, we at GIPC execute the policy and strategy.

"There is hope for Ghana and other people outside our country have recognised the massive potential we have. Opportunities are now glaring and people are coming to Ghana to invest."

"Five, we are there to hold your hand as you think about investing in Ghana, when you invest in Ghana and after you’ve invested. Our mandate covers everything from giving you a permit to operate in Ghana and, if there are tax incentives, we are the agency that gives you those incentives because we work closely with Customs and Excise", he told them.

The GIPC Chief also explained to the participants, which included some Italian entrepreneurs, a wide range of investment opportunities such as crop production, poultry production - under Agriculture, livestock feeds and fishmeal, packaging; under Agro Processing, Agri-Business, agricultural estates, irrigation and storage facilities. Hotels coach services, car rentals, beach, lake resort developments served as examples under Tourism. Also mentioned in his presentation were Information & Communication Technolgy (ICT), about which he highlighted the production of electrical and electronic products, manufacture and assembly of computer equipment and added services including tranportation, financial, health and education.

Robert Lindsay also gave the participants reasons why they should locate their business in Ghana. “Ghana is among the top 10 performing countries in the world and the first in Africa (Doing Business in 2008 – World Report),” he pointed out, adding the country has increased its revenues, reduced inflation and reduced interest rates and enjoyed political stability and a multiparty democracy since 1993.

Concluding his presentation, he noted that the registration of a business in Ghana through the GIPC can be done in a day and that a Registration Certificate can be issued after 5 days. Within 82 days of arriving in the country, an investor can start business. The Chief Executive Officer of GIPC also indicated his organisation does not engage in any acts of corruption and that any evidence of such malpractices are dealt with severely.

The Deputy Minister for Trade and Industry, in turn, updated the participants on the current economic situation in Ghana, urging his compatriots to take advantage of the current boom for doing business in the country and to come and invest.

"The discovery of petroleum in Ghana, whose benefits will begin when drilling starts in 2010, has, among other factors, brought many business opportunities to Ghana and you must not wait till 2 years from now, because you will be left behind," he advised, adding that, despite the oil find, Ghana has learned a lot from the Nigerian example and will not allow its other industries to collapse. He pointed out that the government is actively looking for investment in its agriculture sector, among others, and offering good tax concessions.

"There is hope for Ghana and other people outside our country have recognised the massive potential we have. Opportunities are now glaring and people are coming to Ghana to invest," he said, adding: "my Ministry is trying to ensure that we have an enviroment within which business can be done easily and smoothly and without too many challenges."

"Those of you living abroad seem much more exposed than those of us in Ghana in terms of technology....to how businesses are run, your attitude and ability to comply with laws.."

He pointed out that Ghana has managed to prepare its economy to receive foreign investors, as well as Ghanaians in the diaspora who want to go back home with good investment plans.

“We are also looking for partnerships. Those of you living abroad seem much more exposed than those of us in Ghana in terms of technology; from the machines you can use for poultry and food processing among others, to how businesses are run, your attitude and ability to comply with laws. We have moved from things we could not easily dream about seven years ago and we are getting closer to where we want to be,” said the Hon. Minister.

He reiterated an earlier point that there is no better place to invest in Africa now than Ghana and says Ghana is different because there is peace in the country, it has laws that protects investments, and has incentives that enable it to attract outside investments into the country. Furthermore, after paying taxes, whatever money the investor makes in Ghana can be transfered outside the country without difficulty.

A presentation was also made by Oppong H. Boateng, the District Chief Executive of Sekyere West. He informed the participants that there is an ongoing land reform project in Ghana, called ‘Land Association Projects’, where the Government is trying to acquire large areas of land all over the country to designate as ‘land banks’ for investors. "The government is also encouraging traditional chiefs to use land as equity shares in whatever investment they go into," said the Sekyere West District Chief Executive.

A representative of International Organisation for Migration (IOM), Tana Anglana, presented a report on ‘Financing and Support to Immigrant Workers’. She also mentioned the formation of a Women’s Organisation in West Africa to help in the socio-economic development of the region.

For many participants who asked questions, their major concern was about security, the implications of a change of government, consistent electrical power supply, bureaucratic tendencies and the granting of loans and land acquisition in the setting up of business in Ghana. These questions were expertly handled by the Chief Executive of GIPC, Robert Lindsay, and the Hon. Minister, Agyeman-Manu.

A day earlier, the delegation and diplomats from the Ghana Embassy had met Italian and Ghanaian entrepreneurs in Rome for a similar forum. There, 16 Italian companies representatives were present and participants were taken through why they should invest in Ghana and and the various steps involved. Present at that meeting were Dr. Michelle Dell’Utri, Councillor on Promotion, Co-operation and International Relations of the city, Torino, Guido Balotta, Secretary General of the Chamber of Commerce, Torino and Giovanni Maria Ferraris, Council member of the City Council in Torino.

For more information on investing in Ghana:  www.gipcghana.com