Ghana Lost US$2 Billion Over Election Petition


– Haruna Iddrisu Laments

Ghana lost about US$2 billion in foreign investments, due to the eight-month long Election Petition hearing at the Supreme Court, the Minister of Trade and Industry has disclosed.

According to Haruna Iddrisu, the hearing, which was necessitated by the opposition New Patriotic Party’s (NPP’s) dispute over the declaration of John Mahama as winner of the 2012 presidential elections, deprived the country of the needed foreign investments.

Speaking on the Super Morning Show on Joy FM yesterday, Mr. Iddrisu noted that the election petition case was more than a mere election dispute and that, it deprived the country of the needed political stability for investor confidence.

“It was not just a political issue that was being resolved, it was an economic issue. Between January and yesterday [Monday, Sept. 9, 2013], Ghana lost between US$1 billion to US$2 billion in respect of foreign investments as a result of the hesitation of investors to want to do business in Ghana,” he stressed.

The loss, he said is “attributable to the action in the Supreme Court, which was to decide on the legitimacy of an election outcome, which ought to have been concluded at the end of December 2012.”

The Minister stated that, “investors need certainty, particularly in the environment in which they are going to invest,” and that for Africa, “political stability is key.”

He observed that Ghana, as a country, needs Foreign Direct Investments (FDI) to finance major infrastructural projects.

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