Ghana presents $700mn investment proposals to Qatar food firm

“As Ghana has huge reserves of oil and gas, we believe that the experience of Qatar could be useful to us”

Gulf Times | Monday 3 May 2010

By Anwar Elshamy

Staff Reporter

A senior Ghana official yesterday called on Qatari investors to explore business opportunities in his country.

Ghana Investment Promotion Centre (GIPC), an agency under the office of the Ghanaian president, is seeking investments from Qatar to the tune of $700mn, mainly in food production, real estate and the energy sector, according to the centre’s CEO George Aboagye.

Speaking to Gulf Times, Aboagye said that Qatar’s ambitious food security programme, led by Hassad Food Company, could tap vast investment opportunities in the west African country.

“What Qatar is doing to ensure food security is amazing,” he said.

“I believe that Ghana has a huge potential for this kind of investments and that both countries could benefit,” Aboagye said.

During his visit to Qatar Aboagye met Hassad Food chairman Nasser Mohamed al-Hajri to whom he had presented investment proposals to the tune of $700mn.

“Hassad Food is an institution with which we should link up and work together to achieve food security for all. It is a well-established company and aims to  become an international food distribution agency.”

The official said that his country was seeking to modernise its agricultural production which, he said, relied mainly on the family unit system.

“We have a lot of water and land but we need to build dams to save wasted water. As Qatar is interested in food preservation and production, together we can create a win-win situation for both through grain and oil seeds production,” he said, noting that the Hassad chairman had promised to give him an answer in two weeks.

The official said that opportunities for co-operation between Qatar and Ghana could go beyond food security.

“Qatar has developed its oil and gas sectors and it is the world’s leading gas exporter now. As Ghana has huge reserves of oil and gas, we believe that the experience of Qatar could be useful to us.”

About other investment opportunities, he said Ghana’s reserves of bauxite, a type aluminium ore, could feed Qatar’s aluminium industry.

He also welcomed Qatari investment in Ghana’s real estate sector which, he said, would see a boom soon in view of the oil reserves discovered in the west African country.

“In Ghana we do not have a lot of luxury hotels. We need to build more five-star hotels because we expect a boom.”

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