Mrs Elisabeth Ofosu-Adjare, Ghanaian Minister of Tourism, Culture and Creative Arts says African leaders are poised and capable of addressing the challenges to continue to attract Foreign Direct Investment (FDI). She said it was for this that they had developed the tourism sector on the continent.
The Minister was speaking as a panelist on the challenges in investing in Africa at the 7th Edition of the Tourism Investment Forum for Africa (INVESTOUR), Madrid, Spain. The forum is to deliberate on ways to promote the development of sustainable tourism in Africa within the framework of FITUR 2016. The INVESTOUR in particularly, provided a platform for tourism leaders and stakeholders to encourage exchanges on investment and business opportunities in the Africa region.
She said African leaders need to promote and strengthen national inter-ministerial, sub-regional and regional dialogues and exchanges on the subject matter. The issue, however, is how to address some of the major challenges that the African continent face so as to create a friendly, trustworthy investment environment that makes African countries an attractive investment destination for global investors and there are huge potential of Africa´s tourism sector as an economic and social driver cannot be disputed. The quest to position Africa as a valuable, competitive and trustworthy investment environment also requires critical conditions to be worked on.
“Such conditions include ensuring political stability and social cohesion within our respective countries,” The Minister added.
She said as part of promoting investment in the Ghana, Government established commercial courts otherwise known as Fast –Track Courts to expedite action on business cases. The “fast track” courts, which were automated divisions of the High Court of Judicature, were intended to try cases to conclusion within six months as Ghana recognized that attracting FDI investment requires an enabling legal environment, hence the passage of laws to encourage foreign investment and replaced regulations perceived as unfriendly to investors.
The Ghana Investment Promotion Centre Act, 1994 (Act 478), governs investment in all sectors of the economy except minerals and mining, oil and gas, and the Free Zones. The law further delineates incentives and guarantees that relate to taxation, transfer of capital, profits and dividends, and guarantees against expropriation. Ghana’s investment laws protect investors against expropriation and nationalization, the statement said.