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National Bank of Egypt and Tri-Ocean to enter Ghana

The National Bank of Egypt and Tri-Ocean Oil company enter Ghana as Egyptian companies try to strengthen their investments in the oil-rich African country

Salma El Wardany - Amr El Feki, Wednesday 8 Dec 2010
egypt- ghana
Egypt is seduced by oil-rich Ghana investment opportunities.
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“National bank of Egypt and Tri-Ocean Oil Company are the newcomers to the Ghanaian market,” announced Vice Chairman of the General Authority for Investments and Free Trade zones (GAFI) Neveen El Shafei, during the opening of the Ghana-Egypt Trade and Investment Seminar, Wednesday morning.

“There are 16 Egyptian companies investing in the Ghanaian market, ranging from joint ventures to purely Egyptian companies,” added El Shafei. Among these companies are Euroget, Arab contractors, Mantrac Egypt, Wadi Degla and El Sewedy Electrometer Group.

Meanwhile, El Sewedy Electrometer Group's Vice President of Business Development Khaled Fouad points to Ghana as a leading destination for investment in Africa, claiming "investment of El Sewedy Electric in Ghana has reached a total of $30 million, with an annual growth rate of two per cent."

“Ghana is the most stable country not only in west (Africa), but in Africa as a whole,” Fouad adds, explaining that “El Sewedy Group has joined the Ghanaian market in 2002 and it was the first African country we invest in. We chose Ghana for several reasons such as: stability, infrastructure, flexibility of foreign funds and transportation."

George Aboagye, chief executive officer at the ministry of trade, says Ghana is becoming an increasingly investment-friendly country, with relative political stability, a significant growth in total GDP from $14-15 billion to $44 billion, and shrinking inflation rates.

"There are a lot of investment opportunities for Egypt in Ghana. We wish that you consider them seriously," says Aboagye.

He also points to the main sectors of investment in Ghana, explaining that oil and gas services are of a first priority. In the second place is energy sector, namely electricity, followed by infrastructure sector, with development projects such as roads and public housing. Aboagye notes that the country has a deficit of $7.5 billion and a shortage of 500,000 units in this sector. He also adds that there are other potential areas of investment in Ghana, including agriculture, property development, rail transport, agro processing, manufacturing and industry, tourism, information and communication technology and financial services.
“National bank of Egypt and Tri-Ocean Oil Company are new the comers in Ghanaian market”, announces Neveen El Shafei, Vice Chairman of General Authority for Investments and free trade zones (GAFI) during the opening of Ghana-Egypt Trade and Investment Seminar on "Investment Opportunities in Ghana", Wednesday morning.

“There are 16 Egyptian companies investing in the Ghanaian market ranging from joint ventures to pure Egyptian companies”, adds El Shafei. Among them are Euroget, Arab contractors, Mantrac Egypt, Wadi Degla and El Sewedy Electrometer Group.  

In the meanwhile El Sewedy Electrometer Group, Vice President of Business Development, Khaled Fouad, has pointed to Ghana as a leading destination for investment in Africa. "Investment of Elsewedy Electric in Ghana has reached a total of $ 30 million with an annual growth rate of 2%".

“Ghana is the most stable country not only in West, but in Africa as a whole”, adds Fouad. “El Sewedy Group has joined the Ghanaian market since 2002 and it was the first African country we invest in”, explains the vice president. We chose Ghana for several reasons such as: stability, infrastructure, flexibility of foreign funds and transportation.

On his part, George Aboagye, chief executive officer at the ministry of trade, says Ghana is more and more becoming an investment friendly country. It`s becoming one of Africa’s most political stable country, with a total GDP of $44 billion, compared to 15 or 14 in the past, and inflation rates are shrinking.

‘There is a lot of investment opportunities for Egypt in Ghana. We wish that you consider them seriously’ he said.

He has also pointed to the main sectors of investment in Ghana ‘Oil and Gas services are of a first priority. In the second place comes energy sector especially electricity. There is also infrastructure such as roads and public housing, noting that we have a deficit of $7.5 billion and a shortage of 500,000 units in this sector’ he adds ‘Other areas include agriculture, property development, rail transport , agro processing, manufacturing and industry, tourism, information and communication technology and financial services’

 

 

 

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