The Chief Executive Officer of the Private Enterprise Federation (PEF), Nana Osei-Bonsu has lashed out at government for what he describes as it’s over concentration on Foreign Direct Investments (FDIs).
He argues that most foreign investments in the country do not add up to the overall growth of the GDP as the revenues generated are repatriated out of the country by most foreign businesses.
Speaking to Citi Business News, Mr. Osei-Bonsu was of the view that government must create the needed environment for the growth of indigenous companies.
“I will prefer that we will have our GDP made up of 95 or 98% of local businesses. The emphasis should be on them instead of the Foreign Direct Investments (FDIs)”
He added that investments that are made with foreign companies should aid in capacity building of local businesses and not for them to receive advantages over local businesses.
“It’s good to have the FDIs because they come with money and they come with technical skills. We need a transfer technology, but it’s got to be on a partnership basis and not when they come and take tax exemptions on the back of the locals that are paying the taxes, because there must be a cost benefit analysis. Once it’s done, then we can bring in FDIs and target them to the sectors we need and further empower the local businesses,” he said.
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By: Anita Arthur/citibusinessnews.com/Ghana