Ghana to host SL Investment Forum
The Sri Lankan Association in Ghana (SLAG), hosted the 77th Independence Day, with the theme “Towards a National Renaissance”.
The event was attended by over 150 Sri Lankan expats including the Guest of Honor Consul of Sri Lanka to Ghana and Global CEO of DTRT Apparel Wasantha Perera.
Perera highlighted how the West African region and especially Ghana has huge untapped potential for Sri Lankan entrepreneurs to invest in.
“There are already a few leading Sri Lankan companies that have invested in Ghana such as CBL, Fabri Metal, Sri Ghana Farms, REB MECH, Sunshine Health Care, Screen Field who are doing successful business ventures in an extremely safe country with great political stability, favorable trade laws and most importantly a high efficiency sea port with access to USA and European markets.”
“In fact, the newly elected president and his government have established multiple initiatives to be more business friendly and investors should crash on this.” Perera also stated that he is working with the leadership council at SLAG to identify potential industries for investment and will be organizing a road show in Ghana for Sri Lankan investors to see the untapped potential of Ghana.
He will be working closely with SLHC in Kenya, Sri Lankan Ministry of Industries and other relevant authorities towards hosting this event. Apparel and textile are one of the major sectors with greatest potential due to the unique advantages of Ghana which includes a100% Anglophone workforce.
“Another advantage for the apparel industry is the access to CMIA cotton which can be used as an alternative to the Xingjian cotton that the USA has put restrictions on.”
“The raw cotton, cotton and cotton blend fabrics from Benin, Burkina Faso, Cameroon, Côte d’Ivoire, Mali and Togo will also provide shorter lead times resulting in much quicker response will increase the speed to market which is a fundamental dynamic of the global apparel industry.”
There are significant opportunities for seasoned Sri Lankan investors in backward integration industries in apparels such as elastics, thread, packaging, machinery, machinery spare parts, printing, and embroidery which will provide massive benefits to those who capitalize on it. Cashew industry, Food industry (dairy products, biscuits, etc.) and apparels all fall under the AGOA which provides the benefit of duty free imports to the USA.
Another potential industry apparel and textile related technical institutes can be established in Ghana. Hospital and health care sector is another area ripe for Sri Lankan private hospitals to invest in. Further, other viable industries would be rubber products, coconut products, coconut fiber, property development, energy solutions, civil engineering, MEEP services, supermarkets, etc.
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