GIPC reaffirms its commitment to attract foreign investment

The Ghanaian government has reiterated its commitment to creating a favorable investment environment to attract foreign investors and boost economic development.

Yoofi Grant, CEO of the Ghana Investment Promotion Center (GIPC), emphasized the critical role investors play in contributing to the country’s growth and emphasized the government’s openness to working with foreign partners for mutual benefit.

Despite facing significant economic challenges during the COVID-19 pandemic in 2020, Ghana experienced positive foreign direct investment (FDI) inflows in the first quarter of 2021 compared to the same periods in 2020 and 2019.

In the first quarter of 2021, the country recorded an estimated investment of $719.97 million, with a FDI value of $682.19 million.

At the end of 2021, total foreign direct investment reached $1.88 billion, accounting for approximately 3.3% of the country’s gross domestic product (GDP).

To further attract foreign investment, the government remains committed to making Ghana an attractive destination for investors.

Mr Grant spoke about the evolving global economic landscape and the importance of working with foreign missions to understand their role in Ghana’s economic growth during the Ghana Investment Promotion Center speaking at the 2024 Economic Counsellors’ Dialogue Series held in Accra on Tuesday was held.

He said: “With the changing landscape of today’s global economy, we all know that the world is not what it was ten years ago, so now there is a lot of room for new partners, new opportunities and new challenges to take on. through, negotiate and reach mutual concerns about how to benefit from it. For us in Ghana, we want to do all this to benefit us, so our involvement in all foreign missions is still understanding; how they can play a role in Ghana’s economic growth, that is our interest.”

The Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, discussed various initiatives by the government to improve the business environment and make it more investor-friendly.

These measures include the digitalization of the economy, such as e-business registration, paperless litigation, digital addressing systems, mobile money interoperability and national identity card systems.

“Ghana has taken measures to ease the burden of doing business in Ghana by providing an enabling environment for the successful operation of investors through the digitalization of the Ghanaian economy through initiatives such as the e-business registration system, paperless among others judicial approval system, a digital address system, a mobile money interoperability system and a national identity card system.”

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