The Millennium Cities Initiative (MCI) held a Kumasi Investment Day in New York on Septmeber 29, 2008. Among potential investment opportunities showcased was the production of bamboo bikes in Kumasi.
The MCI press release follows:
New York, September 30, 2008 – The Mayor of Kumasi, Ghana, Mme. Patricia Appiagyei, declared her city “open for business” to a packed room of potential investors during Kumasi Investment Day North America. The event took place at Columbia University on September 29, 2008, and was organized by The Millennium Cities Initiative (MCI) in collaboration with the Kumasi Development Foundation (KDF), Asanteman Council of North America (ACONA), Kumasi Metropolitan Assembly (KMA), Corporte Council on Africa (CCA) and Vale Columbia Center on Sustainable International Investment (VCC). It was co-sponsored by the law firm Alston & Bird.
Several high-level government and business representatives from Ghana were among the participants. The keynote address at the event was given by Professor Jeffery D. Sachs. “Ghana has every reason to succeed in attracting investment,” stated Professor Sachs during his address. “It has great leadership under President John Kufuor, a stable democracy, very fertile land where everything will grow, a great cultural heritage, and recent improvements in infrastructure. I am confident investment in Ghana will take-off,” said Sachs. Millennium Promise Executive Director John McArthur also spoke about opportunities in Ghana.
Investors learned about a number of commercially viable investment opportunities identified by the MCI and its partners. The opportunities included cocoa and cocoa processing, mining, tourism, construction, light manufacturing and pharmaceuticals. KPMG Netherlands presented some specific investment opportunities, including a 4 or 5 star hotel with 160 rooms, a 3,000 m² shopping mall, a fruit juice processing plant with an annual capacity of 3 million liters, and a pharmaceutical plant with an annual production capacity of 2 billion tablets and capsules. Other interesting investment projects presented included a student housing at Kwame Nkrumah University in Kumasi and a palm oil processing plant. KPMG analyzed the commercial viability of producing bamboo bicycles in a report is found here. The report is No. 04/2008 in the MCC and VCC Working Papers Series on Investment in the Millennium Cities.