The Managing Director of HFC Bank Ghana, Robert Le Hunte has tipped the country to experience an increase in pan-African investments on the back of the successful organisation of the national polls and what he described as a matured legal system.
He said Ghana’s recent general elections and the legal petition that followed the 2012 elections, coupled with successful transitions of power are ‘enough’ guarantee to Africans in the diaspora and investors in general that the country is the investment destination of choice on the continent.
“There are a number of things that are good for private sector investment, and I think especially, how this government has been able to handle a nice transition, which will continue to be a good haven for direct foreign investment,” he said in Accra on the sidelines of the inauguration of the bank’s branch on the University of Ghana campus.
He explained that Ghana should be proud of the fact that it has been able to demonstrate peaceful transition of governments over the time, adding that Ghana is one of countries that has actually tested its legal system “The last election after the legal system, there was no uproar. People accepted the court ruling and that in itself was a model and now we seeing a new election with an opposition winning and you are having a peaceful transition.”
“I was very heartened, especially by the fact that during the just ended election, we didn’t see the rise in spending by the government which would have negatively impacted the economy. I think that was a good thing and it has also set the tone for a new level of expectation and responsibility from the government,” he added.
Citing the investment made by Republic Group in HFC Bank as an example, Mr. Le Hunte said “I remember when we were looking at investing in Africa such factors actually played a significant role in us choosing Ghana. The level of education of the people of Ghana, the literacy rate of the country was so important.”
Direct investment coming into the country he noted is a good thing as it allows for the development of the country. Aside that it also brings in much needed foreign exchange which he believes going forward, will enable the government to borrow less.
Mr. Le Hunte also believes that an increase in direct foreign investment will create much need employment and lead to infrastructure expansion in the country, adding, “When we first came they were a lot of people on contract and although we still have some of them, we have been able to absorb most of them permanently.”