Secretary General of the Chamber of Commerce in Ghana: “Spanish institutions have given very little visibility to investment opportunities in Ghana”
Ingrid Asensio, secretary general of the Spanish Chamber of Commerce in Ghana, is very clear when she talks about Spanish investment in Africa: there is still much to be done. Asensio believes that now is the time to invest in this part of the world. The continent is growing and there are great opportunities for those who know how to take advantage of them. Asensio insists that Spain must not miss this train to which countries like France, Germany or England are already on board. Atalayar talks to her in Las Palmas de Gran Canaria, where she was in early March to participate in an event of African Chambers of Commerce that was finally cancelled due to the coronavirus crisis.
Q. What opportunities does Ghana offer for Spain?
R. There are many opportunities for Spanish investment. I would like to point out just a couple of facts. Last year Ghana was the second largest client in West Africa for ICEX. In addition, exports have grown by 77% last year, for the first time they have exported more than 300 million euros and have surpassed those of Senegal and the Ivory Coast.
Q. Are there security problems in this country?
R. None at all. This year has been a voting year and there have been no incidents, that is something very important. You can go out on the streets without fear and it is unlikely that you will have any problems. The areas that are in the north, on the border with Burkina Faso, are a little more dangerous because of the presence of Jihadist groups in that area. But it must be stressed that political and social stability is guaranteed.
Q. Is there reluctance among Spanish businessmen to invest in Africa?
R. Yes, there is a lot of ignorance. Spain is very focused on Latin America, probably because of the language. Spanish investment is strong in Morocco, Senegal, Egypt or South Africa. The rest of Africa is totally forgotten, we don't count. This is largely because our institutions have not promoted investment in these countries. They have not been given institutional or media visibility and when they have, it has been to highlight Ebola, malaria or famine. In Ghana, for example, you are not going to find any of this. But there is still a lot of fear and ignorance among business people of what Ghana can bring. There are no direct flight connections with Spain either, and that makes all commercial arrangements difficult.
Q. Why recommend Africa to business people instead of Latin America?
R. The Latin American market is totally burnt out, however, Africa is flourishing. The middle class is booming, the population is growing...there is a proper atmosphere for business. The time to invest is now. There are countries like France, Germany or England that have been working in the area for a long time and are well known. Spain has not done that work and we must get our act together to seize the moment and enter the African market. It is going to be more difficult later on.
Spain has to take advantage of the positive image it has in Ghana. Our products are of high quality but our prices are very competitive, we are capable of competing with Turkey. In addition, the knowledge and experience of Spanish companies is very necessary in Ghana. We don't just want them to come and sell, that has a limit. The ideal is that the businessmen know the country and that they invest, that there is a beneficial commercial exchange for both parts.
Q. What advantages does this country offer for business?
R. Ghana is positioning itself as the gateway country to a union that has been formed by West African countries where there is going to be free trade and the same currency, which will come into operation later this year. Ghana has taken over many of the political institutions and is going to become the "Brussels" of this economic integration. It also has good infrastructure to connect it with other nearby countries such as the Ivory Coast or Nigeria.
Q. Where are the opportunities for Spanish businessmen?
R. For Spain the most interesting sectors to invest in Ghana are construction, agro-food and industry. Spain has highly industrialized regions with knowledge and experience that can be very useful in Ghana. What we advise Spanish entrepreneurs is not to go blindly to do business in the country. Let them rely on the institutions that are there. I've had a call from a businessman explaining that he owes money and can't get it back or that he's having problems with the agent he partnered with. To avoid this situation, it is better that they call us before they start doing business in the country.
