Mr Sunil Mohinani, a Director of SARA (London), an affiliate of Poly Group of Companies in Ghana, has said Ghana's “socio-political and economic climate makes the country the most stable place to do business in the West Africa sub-region”.
In a speech at the annual Ghana Update Briefing for members of the West Africa Business Association (WABA) in London, Mr Mohinani praised the Government for being pro-business and pro-active in addressing potential weak links still existing in some sectors of the economy.
Delving into specific macro attributes, he said “the stable democratic environment, heralded by a series of free and fair elections and reflected by features such as vibrant parliament and tolerance for free press, provides a solid platform for investment”.
In relation to economic stability, he said, the pragmatism of embracing HIPC and the ensuing changes in the economy that had taken place in the country, coupled with high commodity prices in recent years and a weaker U S Dollar, had improved the environment for business.
On social stability, he said, the relative calm situation in the aftermath of the inevitable fuel price increases, reflected a degree of reality, a characteristic, common to Ghanaians in the face of severe challenges as a developing nation.
He said “Ghana's banking system has width and depth” with leading international banks making significant contributions and added that the recent entry of Standard Trust, a Nigerian Bank in Accra could probably be the first of several of such banks as a result of Nigerian's Banking Industry Consolidation Initiative.
The Poly Group of Companies operates in three core areas of activities, namely, manufacturing of plastic and packaging distribution of appliances and plastic and chemicals. Its flagship business in Ghana Poly-Products Ltd employs one thousand Ghanaians.