A Ghanaian Entrepreneur and Businessman, Mr. Paul Forjoe has expressed confidence in increased foreign direct investment (FDI) and in-flows into Ghana and other developing countries this year.
He noted the gradual but positive turnaround of the US and Chinese, coupled with the systematic economic recovery in Europe and Japan after the global economic meltdown in 2008, and said this gives hope for global economic growth in 2014.
Captain Forjoe, Managing Director of Mere Plantations Ltd. and a Director of Mere Power Nzema Ltd. — an independent power generating company, was sharing his thoughts on the economic outlook for 2014 in an interview with the media and also noted that the Ghanaian economy for 2014 should be bright and full of opportunity if government increases financial discipline coupled with foreign and local private sector investment.
He expressed the business community?s concern about the rate of increase in Government expenditure and the resulting large budget deficits over the last few years, which have led to high inflation and an unstable, depreciating cedi.
Captain Forjoe was however pleased to note a firm determination in the 2013/2014 budget to reign in government expenditure and cut waste from the public sector.
?Should the policy initiatives planned to raise revenue and curb waste in the Public Sector be implemented faithfully by government, we should expect a decline in governments borrowing and the rate of increase in its expenditure. This most certainly will have a corresponding positive impact on inflation and interest rates in particular, both of which indicators must continually come down if economic expansion and growth is to take place on a sustained basis for our economy,? he said.
He noted the current positive drive by government to encourage local content in the national, and said this should encourage Ghana?s private sector to go into joint ventures in the country?s growth areas — particularly the energy, aviation and natural resource sectors — to reap the benefits of government?s local content policy.