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02.06.2004 Business & Finance

OPINION: Why Ghana Still Lacks Foreign Investors

By K. Asante for Chronicle
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I was one of those people who had high hopes for NPP when it came to power in 2000.

Looking at the diverse educational background and experienceof its members, I had thought they would put the country on a sound economic footing in its first term.

Unfortunately, after almost four years, Ghanastill finds itself in an economic darkness. The president has made numerous foreign trips since he came into office, but foreign investments remain few in Ghana.

This is largely due to whom the President meets when he is on what heerroneously calls investment tour. Instead of holding meetings with business leaders in these countries, we see the President frequently meeting with the Prime Ministers. Just this week, I saw him with Tony Blair and other Presidents.

It is all well and good to meet these leaders but they don't bring in the foreign investments that the country desperately needs. What they do is increase our national debt by continuously giving us grants and loans with huge interest rates attached.

Sure, meeting with business leaders will not guarantee foreign investments without some basic infrastructurein place at home. We are about a hundred years behind in basic infrastructure like electricity, road, telephone and water.

I am not talking about the whole of Ghana, I refer to only the major cities like Accra, Tema and Kumasi.

Our airport has greatly been upgraded to international standard but that is not enough.

In fact, I believe that money should have been used to upgrade our electricity system instead.

I still continue to believe in this government and I hope they win a second term, but it is about time some of their policies, especially economic,changed. They have the most educated people I have ever seen and it is about time they put theit brains to use.

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