Ghana

GIPC targets $3bn in FDI for 2021

The Ghana Investment Promotion Centre (GIPC) is targeting to raise $3 billion in Foreign Direct Investment (FDI) for the country in 2021.

This was disclosed by the CEO of GIPC, Mr Yoofi Grant at a press briefing on Sunday in Accra.

According to Mr Grant, $780 million in FDI had already been raised so far this year.

“For every country, foreign direct investments are recognised as very important to its economic and socio-economic development. In Ghana, I dare say that over the past few years we have upped our game and our economy has become more attractive. Indeed, I dare say 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 said.

“Accordingly, Foreign Direct Investments 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.”

Meanwhile, GIPC will on 23rd and 24th June 2021, hold the maiden Ghana Diaspora Investment Summit at the Kempinski Gold Coast City Hotel.

The event, themed “The New Normal, leveraging Diaspora investments to build back better” will create an avenue to foster partnerships between local and Diaspora investors, and showcase Ghana as a choice destination for doing business, to spur the inflow of Diaspora Direct Investments.

The two-day programme will bring together various primary stakeholders to steer conversations on the Ghana-Diaspora business relationship.

Chief Executive Officer of GIPC, Yofi Grant who disclosed this at a press briefing in Accra on Sunday, said the summit provides Ghana with the opportunity to partner persons in the diaspora to the benefit of the country.

“A lot of Diasporas have consistently expressed interest in either living or establishing a business in Ghana. It is, therefore, our expectation to convert these opportunities to viable economic activity that will benefit the nation and the continent as a whole,” said Yofi Grant.

“I’m confident that the summit will thus open the door for partnerships and encourage sustained home-based investments by persons in the diaspora, as we consider them as our partners in development,” he added.

The summit is consistent with the recent “Beyond the Return” initiative, which is a follow-up to the “Year of Return” campaign that was launched in 2019. It is expected to engender a more constructive interaction with Africans in the diaspora and all people of African descent in areas such as trade and investment, as well as skills and knowledge development.

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