German Cooperation, GIPC, sign €762,300 financing agreement to promote investments

The Ghana Investment Promotion Center (GIPC) and Invest for Jobs – an initiate of the German Federal Ministry of the German Federal Ministry for Economic Cooperation and Development (BMZ) have signed an agreement to mobilize investments and promote job-creating growth of enterprises.

The cooperation between both parties will address investment promotion challenges reinforced by the coronavirus pandemic to help maintain and create new jobs in Ghana.

The special initiative on Training and Job Creation – the official title of invest for jobs – is implemented among others by the GIZ.

The MoU was signed by the Head of Special Initiative on Training and Job Creation at the GIZ, Ghana – Gerald Guskowski as well as the CEO of the GIPC, Yoofi Grant.

With a decline in foreign direct investments across the world, partly because of the Coronavirus pandemic, it has become imperative for governments to maximize developmental support to retain investment, encourage follow-on investment and achieve greater local economic impact. Investment promotion agencies in most countries are now focusing primarily on keeping investors in the country, strengthening their resilience and encouraging restructuring to preserve companies and safeguard jobs.

“I am delighted to be a part of this initiative, which is anchored in addressing private sector needs,” noted the Head of Development Cooperation at the German Embassy, Ms. Dorothee Dinkeler.

“We look forward to the cooperation with GIPC opportunities in Ghana,” she added.

Meanwhile, the Chief Executive of GIPC, Yoofi Grant, has described the agreement as pivotal to the digital agenda of government.

“This joint effort comes at a crucial time for Ghana in the global context, where governments are designing more strategic and innovative ways to promote investment and boost economic growth,” he stated.

A further focus of the cooperation between the two parties include supporting potential investors who, due to the global pandemic, are unable to travel to Ghana to obtain relevant information. The intervention will also facilitate the design of a manufacturing platform to connect international investors to local businesses.

This investors can again obtain long-term perspective to create new jobs.

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