'Insecurity is poison for economic development' - EU's Jyrki Katainen

The EU Commission’s Vice President for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen has said that the many security challenges in West Africa are a great source of concern for the EU’s investments in the sub-region.

Speaking on the Citi Breakfast Show, Jyrki Katainen emphasised that the developments on the continent will have an impact on EU’s growing interests and investments in Ghana.

“Security issues are problems for the local people but they can create serious obstacles for international investors and that’s why we have lots of interest in them,” Katainen said.

He stressed that the incidence of security challenges and threats spilling over beyond national borders was also another concern for the EU as it negatively affected economic development.

“Security issues in one African country usually go across borders and will start destabilizing the other countries so instability is poison for economic development and as there is an increasing number of countries investing in African countries, it’s becoming a topical issue.”

In suggesting ways to tackle these security threats, Jyrki Katainen said international collaboration is key especially in dealing with modern crimes.

“Modern Security issues are usually very international, and they are linked to economic benefits…Issues like this don’t recognise borders of countries so that’s why only international cooperation can help,” he said.

The growing interest in Ghana

Mr Katainen, who is in Ghana for the first EU-Africa Forum said the EU’s growing interest in Ghana is due to the fact that the county “has been able to stabilize its macroeconomic environment”.

He expressed optimism that the positive economic changes occurring in Ghana will bring more investors into the economy.

“It has strengthened the positive reputation of Ghana. Now investors are seeing Ghana as a potential area of investment ” Jyrki Katainen said.

Source: citifmonline.com