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Ghana抯 President Says Despite Ebola, Africa Remains Best Destination For InvestmentFriday, September 26, 2014 > 10:33:35
In spite of the economic challenges and threats of diseases currently affecting the Africa, Ghana’s President John Dramani declared, in an investment dialogue and networking luncheon at the New York Stock Exchange, that the continent still remains the best destination for investment.
The Luncheon, which was a forum for among other things the sharing ideas and experiences in economic development, was attended by African Heads of states and members of various stock exchange players. It was one of Dramani’s stops in his 10-day official visit to the United States.
The President, whose country, Ghana, faces its toughest economic challenge since the turn of the millennium, said African countries were still the best bet for investors despite the economic deficits in some and crises in others like the Ebola outbreak currently ravaging Guinea, Liberia and Sierra Leone.
He explained that given the fact that most markets in Europe, Asia and the Americas were choked up in terms of investment and job creation, it was only Africa that had the capacity to open more centres to synchronize world trade.
Africa, home to 6 of the world’s 10 fastest growing economies and with a rapidly expanding middle class and a largely untapped human and mineral resources, is the new hive for global business and investment establishments.
However, Ambassador Maged Abdelaziz, Special Advisor to the United Nations Secretary on Africa, sounded the need for an upping of inter and intra Africa trade, describing it as a necessity to speed up economic growth in the continent.
Intra-Africa trade at 10 percent is the lowest globally in comparison with trade among the EU-27 at 70 percent, 52 percent for Asian countries, 50 percent for North American countries and 26 per cent for South American countries.
Abdelaziz said already the continent was suffering a deficit of over 60 percent and in bridging that gap there was the need for intensive economic cooperation among member countries.
“Africa is on the move and poised for economic growth and all that they need to achieve is commitment from their leaders in the continent,” he said.