SINO-GHANA BUSINESS – NEW HORIZONS
BY HON. PROF. MIKE OQUAYE - GHANA
Ghana was the first country in Africa to establish diplomatic ties with China late 1957. Chairman Mao Tse Tung and President Kwame Nkrumah were great friends. They fought for human emancipation. Ghanaians always feel at home in China, just as Chinese do in Ghana. This is my second visit to this great nation. And I send you best wishes from all our people.
Ghana’s economic relationship with China has seen wonderful strides recently. Projects include:
· The Bui Dam now under construction for almost $600m. I signed the original memorandum for Ghana here in China late 2005 as Minister for Energy.
· The Ghana backbone project for $30m which I signed with the Chinese Government and Huawei as Minister for Communications in 2006.
These and other developments have opened avenues in diverse ways. Today, Chinese companies have built stadia, roads etc in Ghana in the past few years.
Ghanaians pride themselves in saying that this West African nation of about 22 million people, is the best destination for investment in Africa. The country abounds in rich natural resources – gold, diamond, timber, manganese, cocoa, timber etc; and now, we have discovered oil in commercial quantities.
This is excellent. The Courts are independent and they do justice to foreigners and nationals alike.
- Registration processes are easy and transparent
- With $10,000, a foreigner can start a business and expatriate employment is generously allowed
- Agro-processing of our fruits, vegetables etc attract five-year tax holiday plus more.
- Plant and machinery are exempt from Customs Duty and can be repatriated to country of origin.
Key investment opportunities include:
· Agricultural Inputs, Technological and Support Services – Agro-processing (Cotton, Sorghum, Soya Bean, Oil Palm, Pineapples, Cocoa, Fruits, Vegetables)
· Information and Communications Technology
· Mining (Gold, Manganese, Bauxite, Salt)
· Tourism (Multi-Hotel Resorts, Lake and River Resort Development, Lodges, National Parks, Modern Convention/Event facilities, Provision of Complete Adventure/Ecotourism Packages)
· Services (Financial, Health, Educational)
· Energy (Gas, Coal, Wind)
· General Infrastructure (Agricultural and Industrial Estates, Roads, Railways and Ports)
· Real Estate Development
· Waste Management (Including Recycling of Plastic and Polythene Materials)
· Privitisation of State Owned Enterprises
· Petroleum and Mining Services
· Textiles and Garments
· Building materials of all types
· Household goods
There is free regime for trade in all commodities.
Ghana was one of the first nations to liberalise this sector. Today, all telephone companies have been privatized. China has helped open the hinterland access. The national backbone is great. Teledensity is at high peak. We are poised for international business process outsourcing. Indeed Keanvey Global Services Location Index (Nov. 2005) recognized Ghana as Number One destination in Sub-Saharan Africa.
Food, Clothing, Shelter
Opportunities abound in the Building Industry for the use of reasonable-cost materials for private and public buildings. Our cotton and jute need investors. We can have jute sacks from China for our cocoa products. Opportunities to process vegetables and fruits for the Global market abound.
Oil and Energy
· Renewable energy opportunities are plentiful. These include Solar, Wind and Rivers. Private energy generation is permitted.
· The Oil Industry provided fresh opportunities:
- environment, pollution
- protection of oil revenue
- training/attachment of personnel