Mahama calls for more liberalization of African economies

President John Mahama says Ghana is working towards reducing over-dependence on state run institutions to create pathways for private investment.

He is convinced the policy of liberalization is the way to go, especially on the African continent,

Citing Ghana's telecommunication sector as a clear example of successful policy of liberalization and deregulation, the president was of the opinion a lot of sectors would be positively transformed if the appropriate interventions are made.

"Just abandoning that whole state apparatus is one of the things that we have to promote. By deregulating, liberalizing, creating the congenial atmosphere for the private sector to put in investment has changed the face of telecoms across the whole of Africa.

"To have come from a country that had virtually, only 70,000 fixed lines to currently a country that has over 27 million mobile phone subscribers in a period of about 12 years is phenomenal and we can do that for energy, for the transport sector and almost any sector."

The president was speaking at a meeting of investors during the 3 G Forum in Copenhagen, Denmark.

He also touted Ghana's good governance credentials, saying, our commitment to the rule of law, respect of human rights are best practices which have attracted the private sector to invest and called on other African countries to emulate Ghana's example.

As part of a rather packed engagement in Denmark, participation on plenary session on various topics was imperative as it also served as a platform to market the various countries represented.

The discussion was to identify what stood in the way of major investments on the African continent.

Danish Trade minister Hogen Jensen said investors are willing to move into Africa but are often caught in the dilemma of risks; adding, it is imperative for government to create an investment friendly atmosphere.