Relying on international capital market for development not sustainable – Alan
The Minister of Trade and Industry, Alan Kyerematen, has called for the promotion of private direct investment and exports in order to revamp the economy and overcome the effects of the current global economic shocks.
According to him, relying on the international capital markets for support and development is not sustainable, hence the need to create investment opportunities in other sectors of the economy.
This he believes will diversify the economy and make the nation less dependent on cocoa and gold.
He made these assertions at the 3rd Annual Investment Forum organised by the Ghana Free Zones Authority.
“We need to appreciate the fact that we cannot continue relying only on access to international capital markets, but we need to think seriously also about how we aggressively promote private direct investments, both domestic and foreign. For us, it is to look at the key areas or strategic areas for investment that would reboot our economy. “
He further called on the Ghana Free Zones Authority and all stakeholders to map out a strategy to ensure these recommendations are implemented to enable Ghana benefits from opportunities offered under the Special Economic Zones.
The Chief Executive Officer of the Ghana Free Zones Authority, Mike Oquaye Jr. highlighted the need for stakeholder engagements and called for collaborations in solving challenges which face industries under the enterprise.
“The essence of this forum is to come together to take stock and discuss issues of common interest to improve the operations of the free zones authority and enterprises as well as address any challenges you and I may be facing because of the pandemic and current worldwide economic situation”
In her remarks, the Presidential Advisor on Media and Strategic Communications, Oboshie Sai Coffie called on businesses to take advantage of the African Free Trade Continental Agreement (AfCFTA) to ensure Ghana’s prominence in the regional and continental value chain.
“It is important for Ghana to become a key part of the regional and continental value chains, not only to survive but also to make significant strides in the current world economic situation”.