Ghana named 4th best investment destination in Africa

Ekow Quandzie of Ghana Business News reports:

International investors have chosen Ghana as the fourth best country in Africa for investment, according to the Africa Business Panel survey 2011.

The survey, released in late June 2011, was conducted by the Africa Business Panel that sampled 800 business professionals in all the 53 economies in Africa .

The Africa Business Panel is made up of persons who work in the private sector for companies registered in and operating out of Africa. They are the senior managers, entrepreneurs or professionals that form the backbone of the business community throughout Africa.

According to the survey, international investors believe that Ghana’s economic and political climate persist to be stable citing Accra, the capital town, an attractive commercial centre to conduct business from with West Africa.

The country’s oil discovery was also said be a factor to investment attraction.

Ghana came behind South Africa, Nigeria and Kenya from first to third respectively, the survey indicated.

The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mr George Aboagye confirms the country’s ranking.

“Ghana has been selected as the fourth Best Investment Destination in 2011 in Africa by the international investor community,” Mr Aboagye said in GIPC’s Second Quarter 2011 Investment Report released today August 4, 2011, citing the Africa Business Panel survey 2011.

The survey cited Lourens van Niekerk, Senior Manager at Standard Bank, South Africa as saying, “Ghana’s economic and political stability persists as commercial oil production comes on stream for the first time. Trade with its neighboring giant Nigeria is key and Accra is an attractive commercial centre to conduct business from with West Africa.”

The Chief Executive Officer of Skill Enhancement Centre (SENCE) in Nigeria, Ogo Ibok, noted that Ghana is an emerging market, with a stable government.

“The country is attracting a lot of attention and with the recent oil activities there are vast opportunities for investors,” said Ibok.

Ghana recently ranked the 7th largest recipient of foreign direct investments (FDIs) in Africa at the end of 2010, according to the 2011 World Investment Report released by the United Nations Conference on Trade and Development (UNCTAD) on July 26, 2011. Investors brought into the country, an amount of $2.5 billion with oil seen as the main driver of inflows.