By The Ghanaian government has reaffirmed its dedication to fostering an advantageous investment environment to attract foreign investors and stimulate economic progress.
Yoofi Grant, CEO of the Ghana Investment Promotion Center (GIPC), underscored the pivotal role investors play in contributing to the nation’s advancement and emphasized the government’s willingness to engage with foreign partners for mutual gain.
Despite grappling with substantial economic hurdles during the COVID-19 pandemic in 2020, Ghana observed positive Foreign Direct Investment (FDI) inflows in the initial quarter of 2021 compared to the corresponding periods in 2020 and 2019.
During the first quarter of 2021, the country recorded an estimated investment of $719.97 million, with an FDI value totaling $682.19 million.
By the conclusion of 2021, total Foreign Direct Investment (FDI) had reached $1.88 billion, constituting approximately 3.3% of the country’s Gross Domestic Product (GDP).
In continuing efforts to draw foreign investments, the government maintains its dedication to positioning Ghana as an appealing destination for investors.
Mr. Grant addressed the shifting global economic dynamics and stressed the significance of interacting with foreign missions to comprehend their contribution to Ghana’s economic advancement. He made these remarks during the Ghana Investment Promotion Center’s participation in the 2024 Economic Counsellors’ Dialogue Series, which took place in Accra on Tuesday.
He said, “The changing landscape of global economics today, we all know that the world is not what it used to be 10 years ago so now, there’s a lot of room for new partners, new opportunities and new challenges that we need to walk through, negotiate and come to mutual concerns on how you can benefit it. For us in Ghana, we want to do all these to benefit us, so our engagement with all foreign missions is still understanding; how they can play a role in Ghana’s economic growth, that’s our interest.”
During her address, Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, outlined various government initiatives aimed at enhancing the business environment and rendering it more attractive to investors.
These initiatives encompass the digitization of the economy, encompassing e-business registration, paperless court clearance, digital addressing systems, mobile money interoperability, and the implementation of national identity card systems.
“Ghana has put in measures in place to ease burdens with regard to doing business in Ghana through the provision of 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 court clearance system, digital addressing system, mobile money interoperability system, and a national identity card system among others.”
