Osagyefuo Amoatia Ofori Panin, Okyenhene, has just returned from a trip to South Africa - where he took the opportunity to sell Ghana's investment potential to businessmen from across the continent, and negotiate new housing developments here.

Osagyefuo was invited to Johannesburg by Ish Handa, Chairman of the Handa Group which owns the Woolworths stores, to the outdooring of one of their real estate projects. Weom Apartments is a luxurious international standard apartment development situated at Sandton, Johannesburg.

Speaking to over 200 businessmen and diplomats at the official launch dinner at the Inanda Club in Illovo on December 8, Osagyefuo congratulated the Handa Group for the leading role they are playing in the development of African business, and called on business leaders to also recognise development opportunities within Ghana.

The Handa Group is a prototype for a successful African business enterprise. Woolworths alone has stores across much of Eastern and Southern Africa, as well as Nigeria and in the Middle East. The real estate arm of the business is also fast-growing.

And Handa Group is one of the increasing number of companies to be recognising the increasing potential for foreign direct investment in Ghana, and the growing market in Ghana for consumer goods. Four new stores have been opened since 2002 – three in Accra and one in Tema – with plans to open a further store in Kumasi and another in Accra.

The Okyenhene pointed out that there is a stable micro economic and political environment in Ghana which makes it a safe option for potential investors, and laws which allow corporate entities to repatriate profit without hindrance.

Many of the former barriers to doing business in Ghana have also been pulled down in recent years, he said; stressing the improved regulatory institutions where one can now register and start a business within seven working days, and flexible labour laws – which allow employers to fire unproductive workers.

Ghana is ripe for foreign direct investment – and international credit rating organisations are already beginning to recognise this, he said. Moody"s Investors Service recently upgraded Ghana from her previous category of being a "speculative risk nation" to an "investment grade nation", for example – buttressing growing confidence in the Ghanaian economy.

Ghana is now the best place to do business in sub-Saharan Africa, he asserted.

In his speech, Osagyefuo also commended and reminded the Handa Group of their social responsibilities to help alleviate poverty and improve the communities in which they work, and encouraged the group to continue improving their support for social and charitable initiatives.

Handa Group has worked hard to establish a name for itself as a caring company. In South Africa, projects have included "making the difference – nutrition" – a nationwide attempt to promote better eating habits amongst the country’s children.

In Ghana, current projects include the children’s party, of which the First Lady of Ghana is the Chairperson; the Okyeman Environment Foundation; the annual Okyenhene Mmofra Afahye (Okyenhene children’s festival).

Dignitaries present at the launch dinner included high powered business heads and diplomats such as Paul Boateng, British High Commissioner to South Africa; Ish Handa, Chairman of the Handa Group; Colin Coleman, CEO of Goldman Sachs; Gurchi Kadan, CEO of Standard Chartered; Ulrich Schukermann, CEO of Grant Thornton; Jimmy Hayman, Ghana’s High Commissioner to South Africa; Ezra Davids, CEO of Bowman Gilfillan; Basetsane Khumalo, CEO of Top Billing; and Charles Okeahalam, Chairman of AGH Group and World Bank.

After viewing real estate developments within South Africa, the Okyenhene last Monday met with business leaders about the possibility of establishing housing projects within Okyeman and Ghana.

Osagyefuo met with Gert Dry of Amalgamated Bank of South Africa; Dominic Bruynssels, CEO of Barclays Bank, Africa; and Jaco Groubler, Retail Director of Barclays Bank, Africa, at a dinner organised at the Westcliff Hotel.

Earlier in the day, Osagyefuo was taken on a tour of the Soshanguwe and Zambesi projects, which use modern construction technology to build affordable houses for lower and middle income earning people.

After a fruitful deliberation over dinner, Dr Dry was instructed to proceed to Ghana in February 2007 for a feasibility study and further discussion of the proposed project with the stakeholders.

The Okyenhene rounded off his South African trip with a visit to Soweto to have an insight into the South African history and socialise with the people. He visited Nelson Mandela’s home and the Hector Pieterson Museum.

Osagyefuo was accompanied by his wife, Nana Asabea Ofori-Atta, his legal counsel, Kwame Boateng, the entrepreneur Joe Ofori-Atta, and his private secretary, Edmond Boateng.