ABSTRACT
In many countries, government policy has focused on the manufacturing sector as the engine of growth. There has been a wide variation among countries in the coverage of foreign direct investment restrictions in manufacturing both among industries and in the allowed degree of foreign ownership. In some countries, unless the investment project met specified criteria, usually export-intensive, high-technology, high domestic value added, and so on, foreign equity ownership was restricted to less than 50 per cent. The Canada-US Free Trade Agreement included the requirement for 'national treatment' of foreign-owned companies. The economic performance of Ghana was poor during the 1970s through the mid-1980s, and Ghana desperately needed outside assistance. By the mid-1980s, Russia, a major source of funds to Ghana, was no longer willing to continue this assistance. In 1992, The Republic of Korea began to open its securities markets to foreign investment.
