Accra (Greater Accra) 15 April 2002-The head of the Overseas
Private Investments Corporation (OPIC), Dr Peter Watson, has said that good
governance, the right to property and respect for contracts are essential
ingredients that attract foreign capital to any country.
He said a strong entrepreneurial base without adequate property rights is a
disincentives to investments. Speaking in an interview after meeting top notch
business executives in Accra, on Friday, Dr Watson said Ghana has the capacity
to attract foreign direct investments.
The meeting was organised by Fidelity Discount House Ltd, to honour the
visiting team and create an opportunity for the members to interact with a
cross section of the Ghanaian business community. He said since 1975, the
members of OPIC have invested over $280 million in various financial services
and projects in the country.
Dr Watson led a team of fund managers looking for investments of one million
dollars and above in private sector projects. The group is on a three-Africa
nation tour designed to identify direct investment opportunities in African
countries.
OPIC-supported investment funds make direct equity and equity-related
investments in new, expanding and privatising companies in emerging market
economies. OPIC funds address the need for private equity in developing
countries and provide a catalyst for private sector development, and encourage
investment discipline in emerging markets.
Mr Edward Effah, the Managing Director of Fidelity, said in his presentation on
the economy that the private sector is ready to join forces with foreign
investors. He said the investment climate is very stable and friendly and pointed
out that what is needed is equity participation in local businesses. He,
however, cautioned that there are many pitfalls, depending on the industry that
is invested in.
GRi…/
Send your comments to viewpoint@ghanareview.com