Accra (Greater Accra) 26 May '99

African nations have been asked to take concrete steps that would make them ready for the benefits to be derived from new initiatives by the United States for increased trade and investment opportunities.

Professor Modibo C. Ocran, a Foreign Investment Lawyer at the University of Akron, Ohio, USA, said unless Africa prepares itself at the national, international levels and within existing regional economic and social groupings, it would forever be relegated to the background.

He made these points at the opening of a three-day seminar on "Securities Transaction and Foreign Investment - Trends in International Regulations"

organised by the Ghana Stock Exchange (GSE) as part of its programme of equipping investment practitioners and players on the securities market.

It is being attended by about 20 participants from the Securities Regulatory Commission, Bank of Ghana, Ghana Investment Promotion Centre, commercial banks, financial analysts and stock brokers whose operations cover international business.

Topics being treated include linkages between trade and investment regulation, gaining access to the US securities market as a foreign issuer and securities regulation.

Prof. Ocran said: "Africa must get prepared within the existing economic groupings such as ECOWAS, UEMOA and others, in order not to be left at the periphery as has always been the case".

He expressed regret that for so long, some people have been satisfied with being at the periphery of global activity, and said, "it is time Africa takes the centre stage and proves her worth".

Prof. Ocran said Africa needs to develop its machinery and institutions to the stage in Europe just before their integration if it should be taken seriously in global economics.

He said for so many years Africa has entered negotiations and come out the loser because she lacks the appropriate manpower with the skill to make her case.

"The only way out is to make her human resource base skillful as well as maintain a sustainable ground for continuous training".

Looking back at the just-ended Fifth Africa-African American Summit in Accra, Prof. Ocran said:

"It was not much the racial levelling of things, but essentially Africa and Africans making maximum use of the Africa Growth and Opportunity Act which seeks a free trade area for Africa, though not on the scale of the North America Free Trade Area.

"It envisages, a series of negotiations which requires a certain amount of skill," he said.

Mr Yeboa Amoa, Managing Director of GSE, emphasised "the place of knowledge and information" in ensuring successful breakthroughs into international markets.

"It is in this direction that the Exchange has come up with this seminar which is to equip the practitioners in the field on what they should know and how to apply it".

Mr Amoa said with the African-African American Summit over, there will be need for the building of more bridges, especially those who made business contacts and will need to follow up.