Abstract
This research study sought to find out how nation branding can be used to increase foreign direct investment. The study considered the different opinions and views of experts in the area of nation branding such as Simon Anholts statement that “a nation‟s identity should stress a reality that resonates with people, both within and outside the country.”
This study is especially relevant at this time because of the recent discussion and debate about nation branding and how it can be effectively used to improve a Ghana‟s economic standing. Most African countries today are competing for the attention of multinational companies that have the adequate resources that can be used to improve some economic sectors.
During the study, information was gathered from members of the Ghanaian public (students and white collared workers) about their perceptions of Ghana. Most respondents provided positive views about Ghana and agreed with the decision to brand the country. The study also found out that foreign investors chose to come to Ghana because they perceived Ghana as a democratic country and a place with significant future prospects in business.
The presence of the existing competition makes the branding process expedient for Ghana as the country seeks revenues from foreign investment and since Ghana hopes to reach middle income status by the year 2015.
Table of Contents
CHAPTER 1…………………………………………………………………………………………………………………….. 1
CHAPTER TWO……………………………………………………………………………………………………………….. 6
Literature Review………………………………………………………………………………………………………… 6
CHAPTER THREE……………………………………………………………………………………………………………. 23
Methodology……………………………………………………………………………………………………………. 23
CHAPTER FOUR…………………………………………………………………………………………………………….. 28
Research Findings and Analysis…………………………………………………………………………………….. 28
Demographic Profile of Data……………………………………………………………………………………… 28
CHAPTER FIVE………………………………………………………………………………………………………………. 44
Recommendations and Conclusion………………………………………………………………………………… 44
REFERENCES…………………………………………………………………………………………………………………. 49
Appendix 1…………………………………………………………………………………………………………………… 51
Appendix II………………………………………………………………………………………………………………….. 54
Appendix III…………………………………………………………………………………………………………………. 56
Chapter 1
Introduction and Background
Ghana as a country has experienced various levels of development which has created a lot of employment opportunities for its citizens. However, as a country we have faced some short-comings in implementing some of the programs in our budget because we are unable to cater for some developmental projects and programs due to the fact that we lack the required funding. In as much as this problem is one that persists and is pertinent in the country, it can be solved if the government can take advantage of foreign direct investment (FDI) in Ghana.
Over the past few years, Ghana has experienced an influx of foreign direct investment in sectors such as telecommunications, mining, and the recent oil sector. The presence of foreign owned companies and multinationals not only creates job opportunities for the citizens but also increases the income of the nation through taxes. Therefore, if the country is going to be able to meet some of the goals it sets for itself, it is essential that investment is encouraged as a source of national revenue. However, it is vital to note that before a country can become a place that receives foreign direct investment, it must be strategically positioned in terms of its appeal and attractiveness and this is exactly what nation branding seeks to accomplish.
Recently, the government of Ghana instituted a “Brand Ghana” office with
the main purpose of creating a compelling image for the country. In line with this, Ghana hosted the Nation Branding Africa Master Class in
September 2009. This event created the “opportunity for participants to learn the tools to help create outstanding reputations and economic success for their nations. It was led by the leading expert on managing national reputation, Simon Anholt” (Dogbevie, 2009).
Nation Branding encompasses the marketing techniques and strategies that a nation uses to improve, enhance and strengthen its image and reputation across the globe. The theory of “Nation Branding” was propounded by Simon Anholt, a British government advisor who is also a specialist in “national identity and reputation, public diplomacy and the ‘brand images’ of nations, cities and regions. Anholt developed the concepts of the ‘nation brand’ and ‘place brand’ in the late 1990s, and today plays a leading role in this rapidly expanding field” (Anholt, 2009). To Simon Anholt, “places can only change their images by changing the way they behave” (Anholt, 2009 pg 1).
In recent years, countries such as Singapore, Ireland and the USA are no longer “countries merely found on the atlas. They have become „brand states‟ with geographical and political settings that seem trivial compared to their emotional resonance among an increasing global audience of consumers” (van Ham, 2001 pg 2). Many other countries have managed to develop their national images through deliberate attempts in marketing and branding. Furthermore, the “power of the brand is being applied to all kinds of products and services and is crossing national and cultural barriers with astonishing ease” (van Ham, 2001 pg 3).
