Story: Nana Sifa Twum, London

Ghana has ounce again allayed the growing fears of the international community on issues on oil exploration in the country.

Ghana’s High Commissioner to the United Kingdom, Professor Kwaku Danso Boafo, at a special meeting on Ghana’s economy and development with the Business Council For Africa, indicated that the nation is not banking all her hopes on the oil but rather still working acidulously to improve its traditional economic sectors to ensure maximum growth of the economy.

He also said that the nation will not divert the focus of the youth into oil activities but rather the nation has in place effective strategies to maintain the youth of the country in other useful economic ventures such as in agriculture.

The meeting which was called at the instance of the High Commissioner was aimed at briefing the international business community who have special interest in Ghana’s investment programmes on the way forward for the Ghana’s economy and their role especially at a time the nation will have oil in commercial quantity.
The Business Council for Africa is a group of over 350 companies and entrepreneurs having interests in West and Southern Africa, and closely linked with the EU.
Among other things the BCA assist members to transact business successfully in the West African sub regions, to the benefit of both members and the countries in which they are active.
It also engages in influencing and advocacy programmes where it propagates the views of members on improving the business environment in countries like Ghana to both local and offshore governments.
Participants at the one day meeting expressed various concerns about Ghana’s economy raging from government expenditure and control, the Chinese in the Ghanaian Economy as against the European’s contribution, prospective oil revenues, strength of currency, the cedi, hotel and tourism as well as transport and communications among others.
Professor Danso-Boafo said Ghana will continue to play her role as a hub of financial services in the sub region by pursuing vibrant and fruitful economic policies that will be of interest and benefit not only to Ghanaians but to the international business community as well.
He said Ghana is preparing towards achieving the strongest currency on the continent which will eventually strengthen the country’s position as the hub of financial service of the in the whole of the African region. He said Ghana will continue to play this role and strive hard to extend it beyond the region.
He noted that the main agenda of the Government of H.E. Prof. Evans Atta Mills is to build a “Better Ghana for All”. According to him, this is to be achieved by Government working in active collaboration with all stakeholders, particularly those in the private sector whose activities impact positively on the people of Ghana through job and income generating activities.
“In this regard, Government is very much committed to creating a good business climate to support private sector operators.” He added.
The High Commissioner said “in pursuit of our agenda for creating a Better Ghana, the first year (2009) of our administration was focused on stemming the tide of very severe macroeconomic imbalance that characterised the economy particularly at the end of the year 2008”.
He said the 2009 Austerity Budget implemented by the Ghanaian Government was aimed, among other things, at bringing under control excessive government spending and improving domestic revenue mobilisation.
Professor Danso-Boafo told the meeting that significant success has been achieved as indicated by specific macroeconomic performance recorded during the tenure of the NCD government.
This according to him this included a real GDP growth of 4.7% against a target of 5.9% the reduction of budget deficit from 14.9% GDP in 2008 to a provisional outturn of 10.2%, compared with the target of 9.4% for the end of 2009.

He also mentioned the lowering of inflation which stood at 18.1% at the end of December 2008 rose to 19.86% in January 2009 and peaked at 20.74% in April, 2009 as one of the achievements

The Chairman of the BCA, Mr. Peter Banner expressed satisfaction about Ghana’s economic achievement and said his outfit will pursue a vigorous investment drive in Ghana since “the place is safe and conducive for international investment.”s