18.03.2005 General News

Asantehene describes Ghana's investment code as friendly

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Kumasi, March 18, GNA - Otumfuo Osei Tutu II, Asantehene, has described Ghana's investment code as investment friendly since it contained a number of facilities that makes it possible for local businessmen to partner with foreign investors.

He said among such facilities is the establishment of law courts by the government to deal with business cases expeditiously to avoid any long periods of litigation.

The Asantehene made the observation when a team of investors in the cocoa industry from Singapore and the Netherlands together with a local partner and led by Susubribi Dr Krobea Asante, Asokorehene, paid a courtesy call on Otumfuo at his Manhyia palace last Wednesday.

The Asantehene noted that the government had been looking for foreign investors who are desirous to partner with local businessmen for investment drives in the country, saying, "and with your expertise in the cocoa processing sector, your presence will encourage farmers to produce more of cocoa".

Otumfuo Osei Tutu said investors who decide to process cocoa beans in the country for export would be undertaking a project which is "dear to our hearts" as they will be adding value to the commodity and will also help earn more foreign exchange for the country.

Susubribi Krobea Asante had earlier told the Asantehene that the investors were in partnership with Mr K.B. Nyantekyi-Owusu, chairman of the Natural Resources Development and Marketing Company and were out to establish a cocoa processing company at Asokore.

He explained that Duyris Cocoa Company of Netherlands who are manufacturers of cocoa machines and equipment, would supply the requisite equipment for the company while Petra Foods Limited of Singapore would be the technical and managerial partner of the company. The Asokorehene disclosed that in appreciation of the venture, he had allocated 10 acres of land for establishment of the factory, which he said would be fully established within the next 18 months.

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