UK to Increase Investments in Ghana – Minister For Africa

The United Kingdom’s Minister of State for Africa, Harriet Baldwin, has re-affirmed the United Kingdom government’s commitment to increase her investment in Ghana and ensure greater economic harmonisation between the two countries.

Recounting the economic gains and significant strides aimed at formalising and improving the Ghanaian economy in the last few years, Harriet Baldwin, together with some government officials and business leaders of the UK pledged to bring new investments and increase existing UK investments in Ghana.

Minister Harriet Baldwin made this call at the second UK-Ghana Business Council (UKGBC) meetings held at the Lancaster House in London on Tuesday.

The first meeting of the UKGBC was held in Ghana on October 14, last year. Vice President Dr Mahamudu Bawumia is attended the meeting.

The overarching goal of the UKGBC is to match as closely as possible Ghana’s needs with UK’s expertise, financing and private sector support.

The meeting has been exploring new strategies and opportunities to enhance trade and investment between the two countries in areas of agro-processing, extractives, garments/textiles, pharmaceuticals, financial sector, fintech and cyber security.

Also, among others, UKGBC is tasked to explore technical assistance on standards and customs facilitation and work to identify and breakdown constraints to greater trade and investment

The government of the UK will bring substantial investments to help complete existing projects and undertake new ones such as the Kumasi Central Market phase two, Phase two of the Kumasi international airport, the 720-bed capacity maternity block at the Komfo Anokye Teaching Hospital in Kumasi, Vester, Blues Skies, Curist Pharmaceuticals, Amandi Power projects, the extractive sector, Volta Lake Water Transport projects, and many others.

Vice President Dr. Mahamudu Bawumia, on his part, lauded the UK government’s interest in increasing economic cooperation between the two countries, and pledged the support of the government of Ghana towards achieving mutually beneficial end.

“We are very happy with the UK government’s positive assessment of the progress so far made in Ghana in the last few years and her resolve to increase investments in Ghana, and we are prepared to partner you”, he said.

Dr. Bawumia said: “We are preparing to position Ghana as the financial services hub in West Africa and increasing our strategic alliance with the UK is indispensable since London is the largest financial services centre globally.

“We will continue to be prudent in the management of our economy, ensure inclusive economic development and provide the right environment for businesses, both local and foreign to thrive,” he added.

Some government officials present at the meeting included; Mr Alan Kyerematen, the Minister of Trade and Industry, Professor George Gyan Baffour, the Minister of Planning, Mr. Yofi Grant, the Chief Executive Officer, Ghana Investment Promotion Centre, and Papa Owusu Ankomah, Ghana’s High Commissioner to UK.

Mr Adam Afriyie, UK Prime Minister’s Trade Envoy, Ms.  Rachel Turner, Director for Economic Development and Europe, DFID, Mr Ian Walker, UK High Commissioner to Ghana were also present.

 Source: ghananewsagency.org

Africa Can Be Major Trading Hub — Yofi Grant

The Chief Executive Officer (CEO) of Ghana Investment Promotion Centre (GIPC), Mr Yofi Grant, has said that Africa has the potential to be a major trading hub in the world.

“This is a continent that has about 30 per cent of the world resources such as oil, gas, gold, diamond, bauxite, among others, which takes to develop and thus Africa will develop in the coming years”, he said.

Speaking at a breakfast meeting held by the American Chamber of Commerce, Ghana (AMCHAM) with the members of the National Black MBA Association (NBMA) in Accra last Friday, Mr Grant stated that by 2050, Africa could be the largest hub for trading in the world.

He added that measures were being taken to help reposition Ghana to become the leader of economic emancipation of the continent.

“Just as Ghana, some 60 years on, led the path for political emancipation of the continent, Ghana has once again repositioned itself to lead the economic emancipation of the continent,” he said.

Despite all the natural resources the continent was endowed with, he said, it remained one of the meagre continents and that was a wake-up call for Africans to speed up their developing process.

He subsequently commended NBMA for choosing Africa, especially Ghana, to partner the country to ensure growth and development.

“And for me, your coming by to identify that you got to do something for Africa is a natural calling and also a motivation because this is where you are coming from, if Africa makes it the world makes it”, he added.

Overdependence

Mr Grant stated that Africa had depended on other continents for long and it was time to relook the future of Africa and work towards being independent.

“Despite Africa being a rich continent and Ghana being rich in resources, we have depended too much on handouts, after gaining independence, Ghana is still grappling with basic things we should have moved away from,” he said.

He added that Ghana beyond Aid was government’s strategic decision to deal with Ghana’s overdependence moving forward.

“We are probably too comfortable with where we are, which is preventing us from exercising our energies into developing ourselves.

We, therefore, came up with Ghana Beyond Aid to use our own people to bring development to set a pace for Africa to move away from aid to trade ”, he said

Policy initiatives

Mr Grant said that the government was working on new policies to fulfil the objectives set by the government.

He stated that when these policies were successfully implemented Ghana would move from exporting raw materials and resources and come into a value addition production which would help Ghana move away from borrowing to growth.

He added that the government was committed to achieving its Ghana Beyond Aid goals.

Source: graphic.com.gh

GIPC signs MoU with German-African Business Association

The Ghana Investment Promotion Centre (GIPC) has signed a memorandum of understanding (MoU) with the German-African Business Association (Afrika-Verein) to co-operate with the objective of fostering bilateral trade and investment between Germany and Ghana. Both sides under the MoU will among other things, agree to regularly identify specific projects to be pushed and supported by both parties on business and political levels.

The signing of the MoU was conducted on the sidelines of the third German-African Business Summit (GABS) held from 11th to 13th February 2019, at the Kempinski Hotel Gold City in Accra. The Chief Executive Officer (CEO) of GIPC, Yofi Grant, signed on behalf of the Centre while the CEO of the association, Mr Christoph Kannengiesser, signed on their behalf.

The summit which was centred on providing a platform for Small and Medium Scale Enterprises in Africa and Germany to explore business opportunities, brought together over 500 German and sub-Saharan African high-ranking business executives and government representatives.

The GABS is Germany’s signature business event in Africa, where top business and government leaders from Germany and Sub-Saharan Africa meet every two years to discuss and promote economic relations between Europe’s largest economy and the fastest-growing region in the world.

This year’s event was put together by the Sub-Saharan Africa Initiative of German Business (SAFRI).  The previous GABS was hosted in Nairobi, Kenya.

The GIPC has so far registered 174 projects from Germany from September 1994 to September 2018 with an estimated project value of $74,996,962.31.The projects are spread in the sectors of agriculture, building and construction, export trading, general trading, liaison, manufacturing, services and tourism.

Mr. Grant in his submission highlighted the purpose of the MoU being a platform to further deepen Ghana’s engagement with Germany and further increase trade and investment for mutual benefits.

 He also mentioned that following the G20 Compact with Africa – Germany Ghana Investors Forum, held in Accra and Berlin in October 2018, the Centre will be undertaking an investment mission to Berlin this year to allow for German companies to meet, network, and partner Ghanaian businesses.

Afrika-Verein is the nationwide, cross-industry foreign trade association of German companies and institutions, interested in economic cooperation with the countries of the African continent. It promotes the exchange between German and African representatives from business and politics and in doing so, commits to a new image of Africa in Germany.

Source: myjoyonline.com

Naomi Campbell Eyes Ghana for Investment Opportunities

British model and businesswoman, Naomi Campbell has expressed interest to lead a group of investors into the country to scout for business opportunities. This follows a recent discussion between the model and the Ghana Investment Promotion Centre, GIPC during the World Economic Forum in Davos.

According to the Chief Executive Officer of the GIPC, Yofi Grant, the move when successful will see the model establish a business in the country which can serve other parts of the world.

“She is a very well connected businesswoman, through her I met some investors who are looking at other opportunities to explore in the country and also to put Ghana up on the World map.”

Yofi Grant was hopeful that the move is due to the favourable economic condition created by the government in the last two years.

“I am very hopeful and that is why I say, there is a bright future for every young man in this country looking at how the country is performing on the world stage and the various improvements we have made in our economic indicators” he added.

He made the disclosure in an interview with JoyBusiness after addressing a short ceremony to launch the 4th Ghana CEOs Summit in Accra.

About four hundred business executives and CEOs are expected at the event under the theme ‘Futuristic economy: technology-driven future of business and governance for economic transformation.’

Chief Executive Officer of the Ghana CEOs Network, organizers of the event, Ernest De-graft Egyir hinted that the summit will set the pace in the development of the roadmap for solving many of the technological challenges faced by the modern Chief Executive.

“Some questions which the summit seeks to provide answers to include the role of the modern CEO, how can government develop policies to meet the growing demand of the modern economic environment and among others” he noted.

 Source: myjoyonline.com

Business Opportunities Drive Ghana’s Investment, Tourism Potentials- Yofi Grant

Talks between the Ghana Investment Promotion Centre (GIPC), the Tourism Ministry and a group – mostly top film stars in London, United Kingdom – have progressed steadily aimed at developing a 400 acre film production facility in Accra.

The project is expected to begin this year and will come with first-class film studios to develop and train Ghanaians in the sector as Ghana marks the year of return, an event expected to bring investors and tourists to invest in the economy.

This is part of concerted efforts and policy direction by the GIPC and the Tourism Ministry to showcase Ghana to the international community and is geared towards boosting investment and employment opportunities in the sector.

The move will enable businesses entities and start-ups to leverage on the various business and investment opportunities in the industry. Aside from this, British businesswoman, Naomi Campbell will soon lead a group of investors into the country to explore the vast potentials for establishing businesses, and building the capacity of the youth to identify such opportunities and take advantage of them.

This development follows a recent discussion between Ms. Campbell and the Chief Executive Officer of the GIPC, Yofi Grant during last month’s World Economic Forum in Davos, Switzerland. Speaking to the Goldstreet Business during the launch of the 4th Ghana CEO Summit held in Accra, Mr. Grant said his outfit was determined to ensure that businesses, start-ups and the youth take advantage of the vast upcoming investment and business opportunities. “Tourism was seen as a luxury, but now it’s a lifestyle. When tourists come, they are not just coming to look. They eat, rent rooms, purchase artistic works and show interest in other important things.

All these are investments they are actually putting into the economy. So, the demand is there”, he reiterated. Meanwhile, the redevelopment of Accra Marine Drive Project is expected to commence in earnest to enable tourists and visitors coming to Ghana for the year of return have a feel of Ghana’s culture specifically with regards to the layout, design and facilities put up.

The masterplan of the project has been fused with the culture, modern technologies and infrastructure to express the country’s past through artistic works. One of the places that are expected to have a significant change in setting is the Black Star Square.

The project is estimated to cost around US$1.5 billion which will be privately developed. Developers have already secured funding for the project. The redevelopment will include building first-class hotels, conference and cultural centres along the stretch of beachfront. The project seeks to transform the seafront properties from Osu Christianborg Castle to the Arts Centre into a vibrant business hub.

 Source: Goldstreet Business

Ghana is Being Heralded as the Next Big Tourist Destination. Here’s Why

When some of the most well-known faces from the African diaspora arrived for a recent vacation in Accra, Ghana, it looked like just another gathering of famous people. Actors including Idris Elba rubbed shoulders with supermodel Naomi Campbell, TV sports presenter Mike Hill, and author Luvvie Ajayi.

Behind this meet-up of box office stars, fashion royalty and top creatives is a focused and ambitious strategy to make Ghana a major tourist destination. The country recently unveiled a 15-year-long tourism plan that seeks to increase the annual number of tourists to Ghana from one million to eight million per year by 2027.

Ghana’s travel industry is projected to raise $8.3 billion a year by 2027, plus associated benefits, according to the plan.

 Star power

VIP guests attended events chaired by Ghana’s President Nana Akufo-Addo, the architect of the plan to boost tourism and diversify the country’s economy through reaching out to its diaspora, while guests took part in conferences, festivities and trips across the country to discover its unique and sobering heritage.

The primary purpose of the festival was to forge closer ties between Ghana, the African continent and those of African descent living elsewhere.

It’s 400 years since the first African slaves were taken from countries like Ghana to mainland America, marking the start of the trans-Atlantic slave trade route. This timing is based on the first recorded landing of a ship carrying Africans in Virginia in August 1619.

An estimated 75% of slave dungeons on the west coast of Africa were in Ghana — millions of people were taken and transported on ships that departed from Ghanaian ports.

President Akufo-Addo’s Year of Return announcement pointed to Ghana’s tragic legacy as a reason for diaspora descendants to return and learn about this chapter of history. The celebrities who attended the Full Circle Festival were taken on guided tours of the slave dungeons.

“Every person of color needs to get on this pilgrimage,” said actor and co-organizer Boris Kodjoe who is of Ghanaian descent. “They need to experience this journey and get in touch with their emotional heritage, walk through the dungeons and see the ‘door of no return,'” he told CNN.

Marketing rockstar Bozoma Saint John — who has a series of marketing coups like Beyoncé’s halftime Super Bowl show under her belt — worked with Kodjoe, inviting 100 of the most influential members of the African diaspora to party with them at the festival over Christmas and New Year.

Saint John, who works for global media conglomerate Endeavor and previously had high profile roles with Uber and Apple Music, says the project is close to her heart.

“As long as you have melanin and you are seeking a return to Africa, it is a must,” she told CNN.

“I really felt that I wanted to show people the country I know and love. I take it as a personal mission and will use my professional weight to help the mission.”

Saint John says that returning members of the diaspora can expect joy on their trip to Ghana as well as moments of solemnity. Skyscrapers and restaurants feature prominently in her promotional material.

“All the fun things you can do in Nice, Bali, Ibiza, you can do here in Ghana too,” she added.

Year of return

The celebrity-attended Full Circle Festival was the opening act of a broader Year of Return, announced by President Akufo-Addo in September 2018.

Speaking about the year ahead at Washington’s National Press Club Akufo-Addo said Ghana would open its “arms even wider to welcome home our brothers and sisters in what will become a birth right journey home for the global African family.”

The Year of Return includes a music festival, an investment conference targeting diaspora Ghanaians, and the Right to Return initiative, encouraging African-Americans to seek citizenship in Ghana.

This year-long initiative builds on a long tradition of looking outwards.

Ghana, the first sub-Saharan African country to win independence from colonial rule, has a history of pursuing ties with Africans overseas. It dates back to the country’s first President Kwame Nkrumah, whose vision of pan-Africanism included alliances with diaspora communities.

Nkrumah enjoyed warm relations with African-American icons such as Muhammad Ali and Malcolm X, who both travelled to Ghana to meet him. Writer Maya Angelou spent time in the country after its independence and civil rights leader W.E.B. Du Bois is buried in Accra.

Ghana has also sought to incentivize diaspora returnees through legislation such as the Right of Abode law of 2000 that allows people of African descent to apply for the right to stay in the country indefinitely.

It was followed by the Joseph Project in 2007 that encouraged Africans in the diaspora to return, officials have compared it to Israel’s Law of Return that allows Jews to become citizens.

These initiatives have had some success. An estimated 3,000 African-Americans had permanently settled in Ghana by 2014.

By the time Saint John is finished with marketing Ghana to the world, she is hopeful it will have knock-on impact across the region and wants to reshape people’s perceptions.

“We are going to use Ghana as a gateway to the rest of the continent,” she said.

“There are beaches in Kenya as well as snow-capped mountains. We need to tell the story of all the amazing opportunities Africa has to offer.”

Source: edition.cnn.com

Ghana to Host Third German African Business Summit

Ghana will host the Third German-African Business Summit (GABS) from Monday, February 11 to Wednesday, February 13 in Accra, to provide a platform for Small and Medium Scale Enterprises in Africa and Germany to explore business opportunities.

The GABS is Germany’s signature business event in Africa, where top business and government leaders from Germany and Sub-Saharan Africa meet every two years to discuss and promote economic relations between Europe’s largest economy and the fastest-growing region in the world.

GABS is to be organised by the Sub-Saharan Africa Initiative of German Business (SAFRI), which serves as a voice of businesses to policy makers in Germany and Sub-Saharan Africa, chaired by Professor Dr. Heinz-Walter Große, the SAFRI Chairman. The previous GABS was hosted in Nairobi, Kenya.

At a news conference in Accra on Thursday, Mr Christoph Retzlaff, the German Ambassador, said more than 500 German and sub-Saharan African high-ranking representatives from business and politics would attend the summit, which is expected to be graced by President Nana Addo Dankwa Akufo-Addo.

In addition more than 350 German and African companies, 16 German ambassadors from some African countries as well as government representatives from Ghana, Equatorial Guinea, Benin, Liberia, Nigeria, Tanzania and Togo would participate in the summit to be held in Accra.       The summit would focus on new opportunities as well as learn from experiences of German-African business relations.

Mr Retzlaff said the summit would provide the opportunity for German businesses to invest in Africa, while creating jobs and transferring technology to the Continent. Currently, Germany exports 14 billion dollars volume of goods to Africa and imports 12 billion dollars of goods yearly.

Mr Michael Blanks, a member of the German Industry and Commerce (AHK) Delegation, said the summit would be the biggest ever German Africa event to be hosted in Ghana, which was one of the fastest growing countries in the world.

He said both the big and small companies would be featured at the three-day summit, and that particular focus would be on the SMEs, with its young entrepreneurs and young businesses.

He said companies that were dealing in vehicles, cables, pharmaceuticals, transport and logistics would also participate, and expressed the hope that such companies would take advantage of Ghana’s promising and growing population to enhance businesses.

Mr Blanks said he expected that out of the summit would emerge the “foundation of long-standing business relation that would lead to strengthening ties in trade, investment and cooperation,” which is a win-win situation for both Ghana and Germany.

Mr Philip Kuck, the Manager of German Desk, said as part of the activities for the summit, the Access Bank Ghana, the Delegation of German Industry and Commerce, and the German Development Bank KfW, would inaugurate the German Desk, a new service for German SMEs.

The German Desk would enable companies to gain access to financial support and solutions that combines all the products and services offered by Access Bank with the network and support industry and commerce.

The range of services extends from setting up a bank account through trade finance products and transaction banking to credit lines or investment financing for local companies wishing to acquire German equipment or export to Germany.

Source: ghananewsagency.org

Renault Plans to Establish Assembly Plant in Ghana

French multinational automobile manufacturer, Renault, Monday said it is considering the establishment of an assembly plant in Ghana.This brings to four, the number of vehicle manufacturers intending to put up assembly plants in Ghana.

German auto giant, Volkswagen, Japan’s Nissan and China’s Sinotruk hope to establish assembly plants in the country.

Fabrice Cambolibe, the Vice President and Chairman of the Africa-Middle-East-India (AMI) Region at Renault, disclosed this when he called on President Nana Addo Dankwa Akufo-Addo at the Jubilee House in Accra.

He told President Akufo-Addo that Renault had studied keenly the business climate in Ghana adding; “We will see if our capacity to bring our products to this country are marching with your policy and, if it is okay, we will be delighted to do that.”

“I have noticed a lot of values in the country, and they are very important to us. I hope that we will be able to concretize it in a really hard project, not a short-term project, but a long-term project, and if everything is matching, we will come back to you as soon as possible.”

President Akufo-Addo welcomed the news by the French automaker to establish in Ghana, saying it is an indication of the confidence the world has in the country’s economy and the business-friendly policies the Government had instituted over the past two years.

Ghana, he said, with its geographical location and sound economic policies and outlook, was the most ideal country in West Africa to establish an assembly base.

Noting that Ghana had now become the largest recipient of Foreign Direct Investment in West Africa, the President said Renault could not have picked a better location to pitch camp.

“We are the second largest economy in West Africa. So there are lots and lots of reasons why Ghana is a well-positioned place for you.

“We are looking upon ourselves as the gateway to West Africa, to a market of some 350 million people, which is scheduled to go up to 500 million people by the year 2030. So we think that it will be a good place for you to make it,” the President said.

Renault was established in 1899. The company produces a wide range of vehicles including cars and vans, trucks, tractors, tanks, buses/coaches and auto rail.

In 2016 Renault was the ninth biggest automaker in the world by production volume. By 2017, the Renault–Nissan–Mitsubishi Alliance had become the world’s biggest seller of light vehicles, bumping Volkswagen AG off the top spot.

 Headquartered in Boulogne-Billancourt, near Paris, the Renault group is made up of the namesake Renault Marque and subsidiaries, Alpine, Automobile Dacia from Romania, Renault Samsung Motors from South Korea, and AvtoVAZ from Russia.

It has a 43.4 per cent controlling stake in Nissan of Japan, and a 1.55 per cent stake in Daimler AG of Germany (since 2012, Renault manufactures engines for the Daimler’s Mercedes A-Class and B-Class cars).

Renault also owns subsidiaries RCI Banque (automotive financing), Renault Retail Group (automotive distribution) and Motrio (automotive parts). It has various joint ventures including Oyak-Renault (Turkey), Renault Pars (Iran). The French Government owns a 15 per cent share in Renault.

Source: ghananewsagency.org

Ghana Tunisia Deepen Trade Relations

Ghana and Tunisia have pledged to deepen trade relations and increase business partnership between the two countries for their mutual benefit. The commitment came at the maiden edition of the Ghana-Tunisia Economic Forum, which also served as a platform for Tunisian companies and their Ghanaian partners to explore opportunities in both countries.

Mr Mike Badu-Aboagye, the Chief Executive Officer (CEO) of the Ghana National Chamber of Commerce (GNCCI), said the forum sought to enhance the bilateral relations between both countries. He said Ghana was open to business as the government was keen to supporting the industrialisation agenda, and that, there was the need to increase trade between Ghana and Tunisia. Mr Carlos Ahenkorah, a Deputy Minister of Trade and Industry, said government was pursuing a ‘Ghana beyond Aid’ through a robust manufacturing industry, adding that, no country could develop without industrialisation.

Mr Ahenkorah said the Akufo-Addo-led administration’s interest to make Ghana an industrial hub in the region was without compromise, which had resulted in the development of a 10-point industrialisation agenda. He said as part of the agenda, the government was committed to building an industrial park in every district to support investors, who faced challenges with business establishment through land tenure problems. Mr Ahenkorah urged the Tunisian businesses represented at the forum to take advantage of the wide range of business opportunities in the country and increase their presence.

On his part, Mr Hatem Ferjani, the Secretary of State for Tunisia Foreign Affairs in charge of economic diplomacy to Ghana said the reality of the maiden Ghana-Tunisia Economic Forum was a reaffirmation of the existing bilateral relation between the two nations over the past 60 years. Mr Ferjani, said the economic relation between the two nations would largely benefit from the forum, adding that, his country had considered building a direct shipping line from Ghana to Tunisia.

He urged Ghanaian investors to consider investing in Tunisia either through joint corporations or Public-Private Partnerships. Mr Yofi Grant, the CEO of Ghana Investment Promotion Centre, took the participants through the many business opportunities available in Ghana, urging them to invest in the country for greater benefit. Mr Grant said Ghana was well positioned to host business entities who were interested in investing in the energy, agriculture, manufacturing, hospitality and tourism sectors.

He said there was the need for the two countries to work together towards bringing mutual benefits to not only Ghana and Tunisia but Africa as a whole.

 Source: ghanaweb.com

Government Unveils 70 Million-Dollar Turbines for Bridge Power Project

Government, in collaboration with the Hungary Government, on Monday unveiled a 70 million-dollar General Electric (GE) turbines built in Hungary for the first stage of the 400-megawatt bridge power project in Tema.

The Bridge Power is being developed by the Early Power Limited Consortium, made up of Sage, a Ghanaian energy firm, Endeavor Energy, a leading independent power development and generation company focused on Africa, and General Power, the world energy leader.

Mr Robert Ahomka-Lindsay, the Deputy Minister of Trade and Industry, said the bridge power would be the biggest power plant in the country after the Bui Dam, providing a significant portion of the country generating capacity with more than 400 megawatt of efficient and combined cycle power.

He said the project would enhance the country’s energy security fuelled by Liquefied Petroleum Gas (LPG), natural gas or diesel and would be responsible for importing its own fuel.

He explained that the first phase of the project would use five GE TM2500 gas turbines and one purpose-built GE steam turbine in a combined cycle gas turbine configuration that would collectively generate 202 megawatt of power.

The Deputy Minister said the phase two of the project would add over 200 megawatt through four GE LM6000 gas turbines and one purpose-built GE steam in a combined cycle gas turbine.

He said Hungary supported the bridge power project with financing through the Hungarian Export and Import Bank and would provide an additional investment of multi-million dollars worth of equipment as part of the phase two of the project.

Mr Ahomka-Lindsay said the project would include infrastructure to import, store and transport LPG, adding that the fuel import infrastructure would be handed over to the Tema Oil Refinery and open to multiple users, which would significantly increase the country’s LPG import capacity.

He said the project would create jobs for the citizenry, provide the needed electricity and have an immediate positive impact on the running of schools, factories, offices, and other local businesses.

Mr Andras Szabo, the Ambassador of Hungary to Ghana, said Hungary’s role in the bridge power project was part of the Central European Nation’s commitment to trade and development with Ghana to advance its goals for industrialisation, leading to the creation of jobs.

He said recognising the great potential of mutual benefits in 2016, Hungary re-opened its embassy in Ghana after a 30-year absence, adding that a priority task of the embassy was to stimulate the exchange of information and to deepen cooperation between the two countries in energy and infrastructure among other things.

Mr Yofi Grant, the Chief Executive Officer of Ghana Investment Promotion Centre, said the initiative formed part of government’s agenda of “Ghana Beyond Aid”, through constructive partnership.

He said the country had made a remarkable achievement through innovation and creativity and there was the need to add value to the raw products to be competitive in the world market.

Source: peacefmonline.com