Business News of Thursday, 18 October 2018
Civil society group, Alliance for Social Equity and Public Accountability, ASEPA, has painted a gloomy picture about foreign investments in the country.
The group has cautioned that Ghana risks losing a number of high profile foreign investors due to government’s disrespect for international treaty obligations.
A statement from the group signed by its Executive Director, Mensah Thompson claims quite a number of investors have packed out of the country with more expected to depart soon.
“Indeed for the past few months several foreign investors in the country have packed out and several others are on the verge of closing down their investments in the country,” the statement said.
It adds, ’’ASEPA can confirm that investors are now skeptical of investing in Ghana particularly because of government’s posture on the African court ruling in the matter between Alfred Woyome and the Republic of Ghana’’.
Read full statement from ASEPA
INVESTORS PACKING OUT OF THE COUNTRY BECAUSE OF GOVT’S LACK OF RESPECT FOR INTERNATIONAL TREATY OBLIGATIONS
Indeed for the past few months several foreign investors in the country have packed out and several others are on the verge of closing down their investments in the country.
Within the past few months there have been more job losses in the country than it has been recorded in a particular period.
This situation is not about to normalize soon as more job losses are in the offing mainly because of government’s apparent lack of respect for international treaty obligations it has signed unto.
ASEPA can confirm that investors are now skeptical of investing in Ghana particularly because of government’s posture on the African court ruling in the matter between Alfred Woyome and the Republic of Ghana.
Investors are now wandering what will happen to them and their investment if they stumble into a litigation with government of Ghana and they are not satisfied with the ruling of the domestic court.
What will be their fate? Will the government of Ghana respect the international arbitration?
If the government of Ghana is not respecting the mediation of the African Court even in a matter against it’s own citizen then what will happen to they foreigners?
With this dilemma brewing on the minds of investors, government is still not satisfied as the deputy AG is all over the place and not even being discrete about the illegality that is being perpetrated in the matter of Alfred Woyome V the State.
Deputy Attorney General Godfred Dame never misses any opportunity to speak unashamedly in the media about what he or government is doing in respect of this matter even in the existence of pending interim measure from the African Court.
What is so surprising is that today Godfred Dame is on radio saying that by Monday government would have completed the new processes it has started against Mr. Woyome, Really???
Godfred Dame as lawyer for the State just like any legal representative knows the duration of a case and can predict that by Monday government will finish the case?
What does Odame know that we the citizens don’t know?
And who even told Godfred Dame that when a case is still pending in court as lawyer you can run to the media every now and then to wine about it?
Where is the general legal council?
How long will they sit on the fence whiles Godfred Dame drags this nation into a legal cressendo?
When the President and the Vice President are always hopping on the next available flight to China,Europe and elsewhere begging for alms and begging investors to come here to invest,does it ever occur to them that one of the criteria investors look at when choosing a place to invest is absolute respect for rule of law and treaty obligations?
Well if we don’t speak up now,by the time we realise the over $400million dollars foreign direct investment we get every year would be reduce to nuts and there will be no jobs for over 5.4million Ghanaians working in
multinational companies in the country.
I dare say government is rushing through a litany of processes even though there is a legal obligation to respect the interim measure of the African Court, if government is so convince that it has a case,the only thing it has to do is to wait for the ruling of the African court in respect of this matter,because every action they take now could be annulled by the ruling of the African court and that is the African court in its wisdom granted an interim measure.
What government is doing will only constitute more grounds for Mr.Woyome to claim more damages against the State if the ruling comes in his favor.
The only problem is that those damages if it is incurred would be paid by Godfred Dame but by the State with your taxes.
With the pleadings of Godfred Dame at the African in May this year when he represented the State and admitted the jurisdiction of the African court to arbitrate this matter and still come back home and do exactly what is contrary to his pleadings in court,then Godfred Dame may be misleading the State to incur more losses and civil society and the good people of Ghana would not let him loose if he mislead the State into another judgement debt.