HC Deb 13 December 1950 vol 482 c1129
27. Mr. Gammans

asked the Secretary of State for the Colonies how far it is his policy to encourage the investment of British and American capital in the Gold Coast; and what steps he proposes to take to counteract the discouraging effects of statements made by the Convention People's Party that outside capitalist enterprises will be nationalised.

Mr. J. Griffiths

In the debate of 9th November on the Colonial Development and Welfare Bill I made it clear that the investment of capital from outside sources in the colonial territories will be welcomed. This applies equally to the Gold Coast, and the Governor emphasised in a recent speech to the Legislative Council the necessity of maintaining conditions of security and confidence in order that capital and technical assistance may be forthcoming. I believe that this necessity is apparent to the majority of African leaders.

Mr. Gammans

Is it not a fact that the Colonial Development Corporation, in their last Report, said that they were unwilling to invest money in the Gold Coast so long as the present political atmosphere exists? If that attitude is taken by the Colonial Development Corporation, can the right hon. Gentleman expect private investors to put any money into the Gold Coast?

Mr. Griffiths

I dealt with that matter in the debate we had recently. It is a matter which is better dealt with at some length rather than in an answer to a question.

Sir R. Acland

Is this an attempt by the big firms in the City to impose a control on the economic policy of the Gold Coast by threatening to withhold capital if that policy is not what they desire?