Investment/Republic of Ghana’s investment

Chatrudee Theparat

Leading investors have shown a strong interest to invest in Thailand.

Leading investors of the Republic of Ghana have established the Asian African Corporation and asked Thailand for a transfer of sufficiency economy knowledge to help promote the agricultural sector in their own country.

Honorary Consul of the Republic of Ghana in Thailand, Dr. Sicha Singsomboon and Mr Joseph Siaw Agyepong, executive chairman of Jospong Group of Companies, recently held a press conference on trade and investment collaboration between Thailand and Ghana at Grand Fortune Bangkok. Dr. Sicha, who has promoted relationship between western African countries and Thailand for almost 20 years, in different fields such as Thai culture, trade and investment, and sufficiency economy.

“Thailand has shown a big success in boosting relationship with western African countries like the Republic of Ghana, especially via the royal projects as an initiative of His Majesty, King Bhumibol Adulyadej the Great.”

However, the Covid-19 pandemic has sent an impact to countries worldwide, especially on food shortage and food supply disruption. The Republic of Ghana has put a big effort to secure its food supply to its own people after the government cut its crop import such as rice, palm oil and other farm products.

“Jospong Group of Companies, executive chairman Joseph Siaw Agyepong led by Ghana ambassador to Malaysia recently visited Thailand to study on sufficiency economy with Thai state agencies, related agencies, and private companies which have applied the sufficiency economy principle to their management and operation. The move is so constructive and Ghana hopes to use such an approach to drive the country’s development as well.”

Jospong Group of Companies, executive chairman Joseph Siaw Agyepong said coming here is a mission because he had an opportunity to study trade, investment and businesses operation.

“As the private sector, the company wants to see various models of the country development to cope with the Ghana president’s policy. Thailand is considered one of the leading nations in promoting industrial development in different fields, especially the farm sector. Here I can learn about rice growing, rice millers, research and development, manufacturing machinery for agricultural purpose, food processing and the role of Thailand’s EXIAM Bank.”

The company has established the Asian African Corporation with US$5 million in capital because it has seen the opportunity for trade and investment in Thailand. As geographical similarity, he asked for the Thai government to assist Ghana to provide sufficiency economy knowledge in order to increase farm productivity.

“I trust in sufficiency economy and believe if Thailand supports a technology transfer via sufficiency economy program, the investment opportunity will be additional. Also, I plan to purchase farm machinery and establish the rice research and development center in Ghana. Currently, Ghana imports 1.5 million tons of rice annually from Thailand, Vietnam and India in combination.”

In addition, he had a chance to learn waste management and production machinery at Institute of Food Research and Product Development at Kasetsart University. He plans to develop his own businesses via more than 60 companies.

Ghana plans to develop 250,000 rai of farmland and currently 30,000 rai are done with a full support from the Ghana government. He believed that the cooperation will help strengthen trade and investment between the two countries. Especially investment promotion, it is under its plan over the next 3-5 years, thanks to Ghana as the hub of western African region.