Ghana - Power, Agriculture and AIF 2010

While visiting Ghana for the first time in several years I was fortunate to have the opportunity to call on the President, HE John Atta Mills. It was good to continue our conversation started when CBC hosted him and his team for the Ghana Investment Forum back in May in London.

During my meetings with the President and several Ministers two main themes running through the government’s programme became apparent.

1)
Managing the proceeds of the newly discovered petroleum and gas reserves for growth and development. The President is inviting international investors to work with his government to develop the infrastructure that will make growth happen.

One of the Key restraints on Ghana’s growth and development is access to power. The county’s current capacity is around 2000 Megawatts, Ghana needs to produce around 5000 a year to match the demand. The Government is looking for investors and technology to help produce power from the country’s gas, petroleum and other sources including renewable, and in its delivery to the public.

2)
The second theme of government policy is on agriculture. The Government is determined to enhance production and encourage commercial farming practices, to take Ghana from a net importer of food to an exporter in the shortest time possible.

Ghana, having built on the solid base of democratic principles and an open economy, is fast becoming the model of a modern African economy. I am glad to see Ghana aiming high; to achieve its goal of becoming a middle income country by 2015 the country will have to achieve growth of between 8 and 10% a year and attract international investors to help bridge the infrastructure gap.

My advice to investors everywhere is to use Ghana as the window to Africa, and join us at our Africa Investment Forum in February next year as we hold it in Ghana for the first time.

Presidents Optimistic about African Future

Over the Weekend I was pleased to catch President Obama’s speech to the Ghanaian Parliament. The US President focused on many issues that I and CBC believe are important for the future prosperity of the African Continent.

President Obama spoke of Africa’s future being in African hands, “aid is not an end in itself. The purpose of foreign assistance must be creating the conditions where it is no longer needed”. He went on to talk of a Continent not only rich in natural resources, but also entrepreneurs where “cell phone entrepreneurs to small farmers, have shown the capacity and commitment to create their own opportunities”
This optimistic view of Africa is shared by HE Paul Kagame who I met last week while he was in the UK to speak at our Africa Business Forum. He commented that the only thing holding Africa back now was the lack of a vibrant business-public sector relationship. “We have the people, we have the recourses and we have proven that investing in Africa gives you the highest possible returns available anywhere in the world”.

I believe that Africa is well positioned to emerge from the recession stronger than ever, and am glad to see that there is a general consensus around the world, after all the continent is still displaying growth rates above the global average. There is a new confidence both within and outside the continent in the African future.