The Private Investors Protection Agency (PIPA) has lauded president John Mahama on his frank admission on the state of the economy and enumerating very practical and bold suggestions to improve the situation.
According to PIPA, the president's thoughts on the transformation of the economy and investments were on point.
Delivering the state of the nation address to Parliament last Tuesday, president Mahama said: “The GIPC supported by the Ministry of Trade and Industry and the Ministry of Foreign Affairs and Regional Integration, has started embarking on aggressive Trade and Investment Promotion activities in the coming years”.
A release signed by Dr. Maurice Ampaw, Executive Director of PIPA said: "All these are good initiatives but PIPA would play its watchdog role to ensure that government’s vision for private investments particularly is achieved".
"PIPA will seriously monitor the Ghana Investment Promotion Council (GIPC), Ministry of Trade and Industry and the Ministry of Foreign Affairs and Regional Integration to keep them on their toes. We are herby calling on them to come up with practical programmes and policies to address the investment needs of the country.
"PIPA thinks that it is not enough to promote investments but as a nation, it is more important to protect these investors and nurture their initiatives. If investors are to come and stay then we as a nation need to review our laws and structures that make us a more competitive destination for foreign direct investment inflows".
The Agency however expressed worry about the 19% fall in monetary value of Foreign Direct Investments inflows from $5.6 billion in 2012 to $4.2 billion in 2013. According to the CEO of the GIPC this fall is characteristic of past election years.
"If this is true, then we have every reason to worry. Elections will be with us every four years. What we need are measures that prevent this downward trend in election years," the release stated.
"PIPA calls on government to pay particular attention to local investors and provide them with the needed support and attention for them to have confidence to invest in the economy in order to develop businesses that would lead to job creation".