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Friday, July 1, 2022

Sam Jonah calls for business-friendly legislation

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Mr Sam JonahBusiness mogul and one-time CEO of mining giant Ashanti Goldfields Company Limited, Mr Sam Jonah, says the ongoing constitutional

review exercise must be used to introduce business-friendly legislation.

Speaking on investment at a lecture series to mark the centenary celebrations of Adisadel College, Dr. Jonah said Ghana cannot sit back and expect investors to roll in if government does not play a lead role.

“In the new global order, Ghana has too clear competitive advantage in stability to attract investment. In this new era of globalization, our competitive advantage will come from our ability to implement investor-friendly policies and embark on aggressive strategies to grow and encourage local businesses,” he said.

“What I am advocating is a policy and attitudinal change that is informed by the position that investors don’t necessarily need Ghana; Ghana needs investors.”

Sir Sam Jonah, who now heads Jonah Capital, an investment firm based in South Africa, further advised Ghanaians to be cautious in their excitement about Ghana’s oil.

Comparing Ghana’s initial production capacity of 150,000 to Nigeria’s 2 million and Angola’s 2 million barrels per day, Mr Jonah said “Our find is relatively small and that one discovery does not make an industry. Secondly, the oil investors have quite a few options as to where in Africa to investor their funds. And therefore they should be courted and not treated with arrogance.”

He also wants politicians to stop meddling in the affairs of private businessmen, in order to inspire confidence in the foreign investor.

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