Ghana has lost millions of euros from Italian investors due to cumbersome business registration processes that discouraged them from investing in the country.
As at 2015, the volume of Italian investment in Ghana hit 700 million euros.
Even though the figure grew substantially from 500 million euros in 2014, experts say the figure could have doubled if investors had faced less challenges in registering their businesses.
Speaking to Citi Business News after the launch of the Italian Business Association in Ghana (IBAG), the Vice President of the association, Nii Amaa Ollenu revealed that some of the processes involved in business registration scare investors.
According to him, Italian investors in Ghana are seeking to increase their investment portfolio in the country despite the challenges to improve trade and strengthen the relationship between the two countries.
“Any businessman who wants to venture into a particular business must understand and have the right guidelines since there is a learning curve that every business person must understand”, he said.
He maintained that investors have paid high cost for not understanding the registration processes, abandoning it mid-way.
“The association will organise workshop and explain the processes to our members. We will also bring in the appropriate people to educate and simplify the registration processes to us”, he said.
Mr. Ollenu further assured that the association will encourage Italian investors to partner with Ghanaian investors to improve the economy.
Encouraging Italian business owners to invest in the real sectors of the economy, the Italian Ambassador to Ghana Mrs. Laura Carpini stated that investment must improve the economy positively to make it effective.
She urged Ghanaian business owners to partner the association in their dealings to share ideas on how investment can improve the general economy.
By: Lawrence Segbefia /citibusinessnews.com/Ghana