Lord Mayor of London, Alan Yarrow, says if Ghana will attract significant capital from foreign private from UK and other parts of the world, the country must resolve associated risks that come with investing in the economy.
The visiting Mayor of London said ensuring that effective laws are in place to protect investors can help the country boost its investment drive, despite the challenges facing the economy.
“This is a very competitive world now. Infrastructure in the next forty years is going to be greater than the last 4000 years. That means a huge competition for the extra dollar or extra pound and therefore that risk money is going to go to projects with the lowest risks and the highest returns”, the Lord Mayor of London said.
The recent global economic challenges have made it a bit difficult for Ghana to access cheap capital on the international market.
The situation has been compounded by recent unfavourable reports on the economy by some rating agencies.
Alan Yarrow observed that some of the key risks that Ghana must fix is corruption and the perception of corruption, as well as rule of law.
He said rules governing business transactions in Ghana “must ensure that the investor’s pocket is protected”.
“At the end of the day, the persons managing the money are not managing it for third party. They have a duty to make sure the money they are managing is protected as much as it possibly can be”, he said.
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