In fulfilment of its mandate to promote investment opportunities in Ghana, a 50-member delegation led by the Ghana Investment Promotion Center (GIPC) has just ended a four-day investment tour at the 7th Tokyo International Conference on African Development (TICAD 7) held in Japan.
The Ghanaian entourage, mainly made up of CEOs from the private sector, were drawn from various sectors including Agriculture, Manufacturing, Financial Services, ICT & Manufacturing, participated in various forums and interacted with their counterparts in Yokohama in a bid to establish business relations between both countries.
During the Invest in Ghana Session organised by the Centre and held on the sidelines of TICAD 7, the Chief Executive Officer of GIPC, Mr. Yofi Grant emphasized that as one of fastest growing economies in the world, Ghana has enormous investment and business opportunities to offer the investor community in Japan. He further touted government’s policies aimed at attracting and providing incentives for investors, which are currently yielding positive mutual results.
“The Ghana Beyond Aid agenda is looking at building a wealthy society, inclusive of all its stakeholders, partners and sustainable with an empowered people and a resilient economy,” he stated. The session was organized to bring together Japanese businessmen and women interested in doing business in Ghana and provide a networking avenue for the Ghanaian delegation attending TICAD 7.
Some Japanese companies currently operating in Ghana such as Yedent Agro Group/Ajinomoto Foundation, Marubeni Corporation, Itochu Corporation and Union International & Co also shared testimonials on the business climate in Ghana and encouraged potential investors to consider investment packages being offered by the government of Ghana.
A considerable number of Ghanaian investors who were present at the event hinted that they were generally impressed with the outcomes of their interactions with their Japanese counterparts and look forward to closing business deals within a few months. Some of the companies present were William Pitt Construction, Wad African Foods limited, The Fort Group, Midwest Company Limited, KOS Group Limited, Jilcon Construction & Petroleum Limited, Alpha Samuelson Company Limited and Gekad Construction Limited.
The Japan External Trade Organization (JETRO) facilitated the private sector engagements at TICAD 7 which provided the platform for country exhibitions and Business to Business meetings for all 54 African countries in attendance.
Field Visits
While in Japan, the Ghanaian business delegation visited Nippon Signal Company Limited, a Transportation Technology Company which has contributed to Japan’s transportation system, especially railway.
The group also toured the premises of Sakai Heavy Industries Limited, a Japanese company engaged in the manufacturing and sale of construction equipment and outsourced industrial machinery. Shimizu Corporation, another Japanese company specialized in general construction, architecture, civil engineering and property services was the final tour destination for the Ghanaian investors.
The essence of these trips was to familiarize themselves with business opportunities and operations in Japan and explore possible collaborations for the future.
Ghana – JETRO MoU
As part of efforts to promote and deepen Ghana-Japan trade relations, JETRO signed a Memorandum of Understanding (MoU) with the Government of Ghana to set up an office in Ghana.
The Chief Executive Officer of JETRO, Mr. Nobuhiko Sasaki and the Minister of Foreign Affairs and Regional Integration, Hon. Shirley Ayorkor Botchwey signed on behalf of JETRO and the government of Ghana respectfully and witnessed by President Nana Addo Dankwa Akufo-Addo.
JETRO is the Japanese government-related organization that promotes mutually beneficial trade and investment relations between Japan and the rest of the world.
Minister of Trade and Industry
Speaking at the Investment in Ghana event, Trade and Industry Minister Alan Kyeremanten reiterated Ghana’s position as the gateway to West Africa and a conducive investment climate in Africa.
He encouraged the Japanese investors to take advantage of innovative and transformative projects in Ghana such as Planting for Food and Jobs, One- District- One- Factory (1D1F), Digitization Projects and other strategic economic development programmes introduced by the Akufo- Addo administration.
Government Delegation
Present at TICAD 7 in Japan was a high-profiled government delegation, led by H.E Nana Addo Danquah Akufo-Addo – President of the Republic of Ghana, Minister for Foreign Affairs and Regional Integration – Hon. Shirley Ayorkor Botchwey and Trade and Industry Minister – Alan Kyeremanten.
The others were Minister for Works and Housing – Hon. Samuel Atta Akyea, Minister for Roads and Highways – Hon. Kwasi Amoako-Atta, Minister for Education – Hon. Matthew Opoku Prempeh and Heads of selected state institutions.
About TECAD
The Tokyo International Conference of African Development (TICAD) is an initiative of the Government of Japan to promote Africa’s development, peace and security, through the strengthening of relations in multilateral cooperation and partnership, particularly with the country.
It is co-organised by the United Nations, United Nations Development Programme (UNDP), the World Bank and the African Union Commission (AUC).
It is an assembly of African heads of state and government, as well as international organisations, donor countries, private companies and civil society organizations.
The meetings were initially held every five years in Japan, until 2016 when it was revised to be held every three years and hosted alternately in Africa and Japan. The 7th Edition was held in Yokohama, Japan from 27th – 30th August 2019.