The European Commission Vice-President in charge of Jobs, Growth, Investment and Competitiveness, Jyrki Tapani Katainen, says a number of companies within the European Union are seeking to invest in Ghana.
Speaking on Citi Breakfast Show, he said Ghana’s stable microeconomic environment has strengthened the country’s reputation in the eyes of international agencies.
“Ghana has been growing steadily especially this new approach. ‘Ghana Beyond Aid’ is a very attractive and interesting area of cooperation between EU and Ghana. Ghana has managed to stabilize the microeconomic environment, and this has strengthened positive reputation, now investors are looking at Ghana as a potential investment hub,” he said.
President Akufo-Addo since assuming office has reiterated his resolve to grow the country’s economy from one of dependence on foreign aid to independence and ensuring its development using local resources.
‘Insecurity is poison for economic development’
Jyrki Katainen also expressed worry over the many security challenges in West Africa saying it has been a great source of concern for the EU’s investments in the sub-region.
“Security issues are problems for the local people but they can create serious obstacles for international investors,” Katainen said.
He stressed that security challenges and threats spilling over beyond national borders was also another concern for the EU as it negatively affected economic development.
“Security issues in one African country usually go across borders and will start destabilizing the other countries so instability is poison for economic development and as there is an increasing number of countries investing in African countries, it’s becoming a topical issue,” Katainen added.