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Oct 21, 2013

Ghana needs to project and maintain right Image and Reputation to attract relevant and strategic FDI - GIPC


The Chief Executive Officer of Ghana Investment Promotion Centre (GIPC) Mrs Mawuena Trebarh says Ghana needs to project and maintain the right Image and Reputation of both the GIPC and the country as a whole order to attract more of the scarce Foreign Direct Investments (FDI) in the market.

 

It is therefore imperative to encourage the adoption of best practices in all aspects of business lives if the countries wish to attract the relevant and strategic FDI into the country.

In addition, the country needs to ensure that every investor and anyone else who influences decisions have only positive experience, where executions of commercial opportunities in Ghana are concerned.

Mrs Trebarh said this at the 13th edition of the prestigious Ghana Club 100 awards at the State Banquet Hall in Accra on Friday.

She said Good corporate Governance is also a necessary ingredient if companies want to be competitive in the global market.

It was on the theme “Promoting Good Corporate Governance and Innovative Entrepreneurship.

On the choice of this year’s theme, the GIPC Boss explained that it was important for Ghana to accept that there is a global yardstick with which standards of operation and practice must be set, and with “Good Corporate Governance and Innovative Entrepreneurship” it is important for the country to note that potential investors will always be interested in seeing evidence of a company that is not just successful in terms of client base and revenue but also in terms of operational and best governance practices.

The Gh.Club 100 was introduced in 1998 by the Ghana Investment Promotion Council (GIPC), the body that scouts for investments for the country, and had since remained a novel event that corporate Ghana looked out for on an annual basis.

Over the years, the GC 100 rankings have been dominated by multinationals and established brands in the country.

That is, however, beginning to wane as more indigenous businesses, especially the rural banks, make surprise entries into the club.

These banks, which operate mostly in deprived communities, have competed with the established companies for enviable spots on the list.

In this year's edition, for instance, about 20 of them were enlisted into the club, with some even displacing blue chip companies such as Guinness Ghana Breweries, Stanbic Bank Ghana Limited, GCB Bank Limited, Latex Foam Ghana Limited, among other corporate entities.

Some of the rural banks that made it into the list included the Amenfiman Rural Bank (35th position), Efiaseman Rural Bank (36th position), Lower Pra Rural Bank (41st position), Ahantaman Rural Bank (50th position) and Jauben Rural Bank (57th position).

In general, companies in the financial services sector dominated the list with over 60 entries

Special awards for innovation were also given to Kasapreko Company Limited, SOFTtribe and HPW, a fruit and agro-processing company.

In this special award category, PBC Limited, buyers of soft commodities, was adjudged the leader in the agriculture and agribusiness sector.

IPMC also maintained its position as the leader in ICT education, with the Amenfiman Rural Bank becoming the leader in the rural bank category.

Multipro Private Limited, importers of indomie, was adjudged the best entrant and MacDan Shipping Company Limited, the fastest growing company in 2012.

Goldfields Ghana Limited, which was number two on the list, was also adjudged the highest tax payer and largest company in the country in 2012.

The event was graced by former President Jerry John Rawlings, his wife, Nana Konadu Agyemang Rawlings, Mr. Paul Victor Obeng, a host of government appointees and captains of industry.

Source: GBC