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Ghanaian millionaire Sam Jonah shares how Ghana can attract investment
Sam Jonah highlights some things that must be considered to boost business growth and development in Ghana and Africa at large
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The former CEO of Anglogold Ashanti made the remarks at the opening of the 2018 annual New Year School at the University of Ghana.
The rich business investor stated that “attracting capital is like a beauty contest” and charged businessmen and women to first make their ideas attractive.
He then went on to enumerate some factors foreign investors consider before doing business with the Ghana and Africa at large.
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Political stability and business friendliness
The first thing I look out for before determining the destination of my capital is a safe, friendly and politically stable environment,” Mr. Jonah said.
He then went on to explain the neighbourhood effect and how foreigners see Africa as a single country and take decisions based on a one sided story. He explained how Anglogold’s prospects of attracting investments were shattered by news of the Rwandan genocide.
“Empirical data confirms that our [Ghana’s] investment promotion efforts were less successful during the turbulent days in our history than during the period of political stability… Ghana’s growth in domestic investment from25% of GDP in 1960 to as low as 9% in 1983.”
READ ALSO: Why 2018 Sub-Saharan Africa growth will be strong, and why there is still cause for concern
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Macroeconomic stability
The businessman added that, a stable and promising macroeconomic prospect gives investors confidence in projecting their returns and making informed decisions on their investments.
Good governance, independent and accountable institutions
He further stressed on the need for discipline in our systems. How agencies conduct public affairs. Strong institutions
He called for a right attitude and discipline in leadership as well as transparency in all national dealings. He stated the recent corruption allegation in the judiciary and legislature as setbacks to investment.
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“Nothing is more endangering to investment promotion than corruption. The presence of a fair and independent judiciary is a good motivation to investments,” Mr. Sam Jonah said.
He bemoaned the bad Land titling and administration system in the country and called for more stringent measures to address the challenges in our land tenure systems.
Again on the justice system, Mr. Jonah spoke against “legal gymnastic and unending litigation” which cripple investors and make them lose faith in the system.
Educational restructuring
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On education, Mr. Jonah recommended a critical look at the country’s current educational system. He urged educational agencies to assess the match between education and industry so as to readjust the system to solve trending socioeconomic challenges.
He lamented the lack of science and technology programmes in our institutions.
“We need to emphasize science and technology in our educational system… we must produce more knowledge workers for our sectors.”
Mr. Jonah added that, politicians should desist from politicizing businesses and thereby stifling business progressions when there is a change in political administration.
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