Ghana is the safest place to do business in the Sub-Region - Veep tells Iranians
Foundation urges insurance Companies to improve image
Accra (Greater Accra) 06 July 2002- Vice President Aliu Mahama on Friday urged Iranian investors to take advantage of the opportunities in the agricultural and mining sectors of the economy for the mutual benefit of Iran and Ghana.
Vice President Mahama, who was addressing members of the Iranian Chamber of Commerce when they called on him at the Castle, Osu, said their investments would be fruitful and safe. The four-member delegation, led by its President, Mr Ali Naghi Khamoushi, is on a trade and investment tour of the Sub-Region. They arrived in Ghana last night for a four-day visit.
Vice President Mahama said: " Ghana is the safest place in the Sub-Region. The government is implementing an agenda that would ensure the growth of businesses. “We are not just blowing our horn, but anybody in the Sub-Region would attest to the fact that Ghana is the best place to do business," he declared.
He urged them to explore the opportunities in agriculture, mining, forestry and light industries for direct investment and joint partnership with Ghanaians. Vice President Mahama commended the Iranian government for its support to Ghana, particularly in the educational, health and agricultural sectors. "Iran has established an Islamic University and clinics in Accra and has also been assisting farmers in the Northern Sector, " he said.
Mr Khamoushi, who described the tour as the first of its kind, said his country was committed to doing business in Africa. He said Iran considered Ghana as a strategic partner in the Sub-Region, adding that, his delegation was impressed with its observations so far.
Mr Khamoushi called for the harmonisation of trade regulations and tariffs between Ghana and his country to facilitate business. He invited the Vice President to visit Iran with a Ghanaian business delegation as a follow-up to his delegation's visit.
In an interview, Mr Wilson A. Krofah, First Vice President of the Ghana Chamber of Commerce, who accompanied the delegation, said Ghana had a lot to benefit from an oil-rich country such as Iran with a thriving business and solid manufacturing base. "We are encouraging them to invest in agro-processing, especially in adding value to cocoa and the furniture industries", he said.
Mr Krofah said Iran was being encouraged to establish a bank in Ghana to facilitate transactions. "Iran is not a member of the World Trade Organisation, of which Ghana is a member, therefore, the two countries must develop a trade agreement for their mutual benefit," he explained.
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Accra (Greater Accra) 06 July 2002- Dr Osei Boeh-Ocansey, Director General of the Private Enterprise Foundation (PEF), on Thursday said poor service delivery, especially in payment of claims to clients had contributed to the negative public perceptions about the insurance industry.
He said although there had been some improvement in the past decade, there was still the urgent need for insurance companies to work hard to reverse misconceptions among the people.
Dr Boeh-Ocansey, who was speaking at the re-launch of Metropolitan Insurance Company's policies in Accra, said although the insurance industry was a major source to pool long-term funds for industrial development they were yet to make any significant contribution in that direction.
The insurance companies had shown positions of stunted growth due to impractical policies, tax discriminations and other unhealthy provisions, he said. Dr Boeh-Ocansey asked practitioners to dialogue with PEF to help in removing some of the obstacles hindering smooth operations in the industry to pool resource and stimulate economic growth.
He expressed the hope that the re-launch of the new policies would refocus the company to deliver quality service to its clientele. Mrs Elizabeth Joyce Villars, President of the Association of Ghana Industries, said some insurance companies had not lived up to expectation of the public and expressed the hope that with time only good companies would survive in the now competitive environment.
Professor Kwaku Appiah-Adu, Board Member of Metropolitan Insurance, said the company had over the past few months paid over 1.6 million dollars in insurance claims to some of its clients. Mr Daniel Adu Mensah, Chief Executive Officer of MET, said the company would embark on a new strategic drive to build on its corporate position in the industry.
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Tema (Greater Accra) 06 July 2002- The Continental Seafood Exports, which has established a 1.5 million dollar plant to process seafood under the Free Zone programme for export, would soon be commissioned, Dr Asher Hakeny, Group Representative of Continental Group Corporation announced on Thursday.
He said the company would process fresh seafood and export to Europe, however, "our target is to enter the American markets in the shortest possible time".
Dr Hakeny was speaking to Mr Ishmael Ashietey, Minister of Fisheries and Mr Samuel Evans Ashong Narh, Tema Municipal Chief Executive, who paid familiarisation visit to the company, which is sited at Tema Light Industrial Area.
The company had initially employed 50 workers mostly girls, with two expatriates and intended to employ 100 more as the volume of production increased. Dr Hakeny said the production capacity of the plant was 12 tonnes per day, however, as a start, "we will produce 10 tonnes", adding we will procure our raw materials from Ghanaian fishermen.
The company has 60 metric tonnes installed capacity of cold stores and has a programme to bring in another machine. Dr Hakeny said in procuring their raw materials, the company would like to deal with fishermen directly and not through any middlemen and explained that this would enable the company to educate the fishermen on how to treat their fish catch, so that whatever fish they needed would be fresh for processing.
Dr Hakeny said the company would soon send samples of their products to their agents abroad to enable them to seek for markets and explore for more. The company's products for export would include full fish, fish filet, shrimps, lobsters and pawns and explained that they would be frozen and sent by air.
Mr Ashietey said the government was encouraging companies to add value to raw fish before export, so that they could get good prices abroad. "Ghana produces first class quality fish and that is why we embrace investors, who come to add value to fish before we export, since this can help to generate employment for the people," he said. Mr Ashietey urged the company to help the artesnal fishermen, who produced quality fish to sell directly to them so that they could get good price for their produce.
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Accra (Greater Accra) 06 July 2002
Currency Buying Selling
US Dollar 7,830.73 8,044.64
Pound Sterling 11,884.70 12,211.76
Swiss Franc 5,196.63 5,336.14
Canadian Dollar 5,105.55 5,242.45
Japanese Yen 64.96 66.71
S/African Rand 770.03 787.87
Euro 7,622.31 7,826.05
CFA Franc 11.62 11.93
Naira 68.02 69.88
ECOWAS/WAUA 10,222.48 --------
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