Business

Ghana bags $780m in FDIs so far – GIPC CEO

The Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Mr Yofi Grant, has said “Ghana has, so far, raised $780 million in investment inflows out of its target of $3 billion for the year 2021”.

Updating the media in Accra on Sunday, 20 June 2021, Mr Grant said: “For every country, foreign direct investments are recognised as very important to its economic and socio-economic development”.

In Ghana, he noted, “I daresay that over the past few years, we have upped our game and our economy has become more attractive”.

Indeed, Mr Grant asserted, “I daresay that since 2017, Ghana’s economy grew by 8.1% and through 2019, we had an average growth of 7%”.

“This symbolises a country that is walking the talk and doing all it needs to do to become one of the fastest-growing economies in the world”, he noted.

Accordingly, he said, “FDIs grew”.

“Our FDI in 2017 was $4.9 billion; it dropped marginally in consonance with the drop in global FDIs in 2018 to $3.54 billion”.

“In 2019, it further dropped to $1.01 billion”.

“The interesting thing, however, is that, despite the negative impact of COVID-19 on global economies, Ghana saw an increase in FDIs in 2020 to $2.65 billion”, Mr Grant said.

Mr Grant put the performance down to the “confidence most investors have in Ghana”.

Secondly, he asserted, “the work of the President, since he took over in 2017, has been very instructive to ensure that Ghana is on the map”.

“Our work here at GIPC has also been to follow up with him and ensure that we put the president’s talk into action”, Mr Grant added.

By December, he said Ghana’s FDIs are expected to hit the $3-billion target.

“This means we need to raise $7 billion more by December. We have so far raised $780 million out of our targeted amount of $3 billion for this year”, he noted.

“We don’t only want foreign investors”, he pointed out, explaining: “We want them to partner with Ghanaians as well. We have seen a number of people come forward, we want this to continue.”

Source: classfmonline.com

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