GHANA SHOULD INVEST IN BUSINESS INFRASTRUCTURE FOR INDUSTRIAL TAKE OFF
“Invest In Ghana” Campaign highlights the capability of Ghana as an emerging market and the value of sector industries in mining, agriculture, services, automobiles, trades, tourism and other potential areas investment in creating jobs and growth.
It has analysed by Property Catalogue investment arm that for Ghana to maintain growth, create wealth and jobs for the many, the country must invest in core business infrastructure such as communication and build more industrial estates, which will lead to specialisation of certain industrial sectors with associated services industry, modern economic and social structures in readiness for foreign direct investments.
Wealth, jobs and growth should be the top most priority of the government now, Ghana has the skills set ready for any major industrial take off, so reducing the proportion of government spend on education, investing in industrial infrastructure will prepare the country for industrial take off. These will in turn create more employment opportunities which will assist in absorbing excess graduate labour, the long term investment in education should be geared towards industry specific training or skills development as noted by Mr Sean Dyantyi of Property Catalogue.
As Ghana lacks business Infrastructure, investing in these business infrastructure is the way forward for an open economy like Ghana and these should put the country in a strategic position to attract more foreign direct investment.
With the world economy starting to show signs of recovery following difficult downturn in the past 6 to 7 years, a further injection of funds either by endogenous money supply by the Bank of Ghana, backed by foreign supply of money should be enough to increase growth, output and employment.
The construction sector investment should be geared towards provision of business infrastructure development side by side with the provision of housing and other social amenities. With every 1 Cedi spent on business infrastructure or construction generating 5 Cedi of wider economic activity.
The government should consider building a new industrial city such as Sao Paolo of Brazil and Mombai of India, this should follow the ideas of Dr Kwame Nkrumah’s industrial and urbanization development.
Foreign investments already makes a valuable contribution to the Ghanaian economy and “Invest in Ghana” Campaign seeks to encourage this investment which will lead to job creation and growth.
Mr. Sean Dyantyi from Property Catalogue has emphasized that re-investment and sustaining investment in core business infrastructure will help ensure the long term sustainability of the growth in the Ghanaian economy. Crucially, it will also support skills and employment in the major industrial sectors especially creating more jobs in the services sector.