Minister for Tourism, Culture and Creative Arts, Elisabeth Ofosu-Adjare, has said African leaders are poised to and are capable of addressing challenges and continue attracting Foreign Direct Investment (FDI).
She said it was for this that they have developed the tourism sector in the continent. The minister was speaking as a panelist on the challenges of investing in Africa at the 7th Edition of the Tourism Investment Forum for Africa (INVESTOUR) in Madrid, Spain.
The forum is to deliberate on ways of promoting the development of sustainable tourism in Africa within the framework of FITUR 2016. The FITUR International Fair is a global meeting point for tourism professionals, and the leading trade fair for inbound and outbound Ibero American markets with over 9,500 companies and tourism national organizations from 165 countries.
The INVESTOUR in particular provided a platform for tourism leaders and stakeholders to encourage exchanges on investment and business opportunities in the Africa region. She said African leaders need to promote and strengthen national inter-ministerial, sub-regional and regional dialogues and exchanges on the subject matter.
The issue, however, was how to address some of the major challenges that the African continent faces — so as to create a friendly, trustworthy investment environment that makes African countries attractive investment destinations for global investors.
She said the huge potential for Africa´s tourism sector as an economic and social driver cannot be disputed. She said the quest to position Africa as a valuable, competitive and trustworthy investment environment also requires critical conditions to be worked on.
“Such conditions include ensuring political stability and social cohesion within our respective countries,” she added.
The minister said as part of promoting investment in Ghana, government established commercial courts — otherwise known as “fast-track” courts — to expedite action on business cases. The “fast-track” courts, which are automated divisions of the High Court of Judicature, are intended to try cases to conclusion within six months.
She said the government of Ghana recognises that attracting foreign direct investment requires an enabling legal environment, hence the passage of laws to encourage foreign investment and replacing regulations perceived as unfriendly to investors.
The Ghana Investment Promotion Centre (GIPC) Act, 1994 (Act 478), governs investment in all sectors of the economy except minerals and mining, oil and gas, and the Free Zones. The law further delineates incentives and guarantees that relate to taxation, transfer of capital, profits and dividends, and guarantees against expropriation.
She said Ghana’s investment laws protect investors against expropriation and nationalisation.
Ghana’s tourism sector is participating in the 36th FITUR International Tourism Fair in Madrid Spain. This came after an impressive showing of Ghana’s tourism offerings at the 46th Vakantiebeurs Holiday Fair in Utrecht, Netherlands.