Akufo-Addo tasks GIPC to generate more FDIs to boost economy
President Nana Addo Dankwa Akufo-Addo has called on the Ghana Investment Promotion Centre (GIPC) to intensify efforts to attract more foreign direct investments (FDIs) to accelerate the country’s economic transformation.
He was confident, indicating that “as host country for the Secretariat of the African Continental Free Trade Area (AfCFTA), now is the time for the black star (Ghana) to spark up and bring the needed investment” for the country.
The president, therefore, asked GIPC to establish a more business-friendly atmosphere while openly engaging the investing community and find solutions to challenges that investors face in doing business in the country.
The president uttered those words at the maiden edition of the annual ‘Spark Up Summit’ in Accra on Tuesday, September 7.
“In keeping up with the importance of public-private dialogue, as recommended by the Ministry of Trade and Industry, I am charging GIPC to use this summit as a platform for open, frank, and solution-oriented engagements between investors, regulators, and investment facilitators,” President Akufo-Addo said.
He also urged GIPC to create the opportunity for investor facilitator agencies, regulators and the relevant public officials to engage directly with investors and potential investors across the globe.
Additionally, the president charged the centre to devise ways to ensure that the various bottlenecks that frustrate and slow down potential investments are quickly unlocked for a smooth establishment of registered investments.
This would “complement the efforts of government in engineering growth and the creation of jobs for our people.”
GIPC promises to increase investment
The Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre, Mr Yofi Grant, accepted the challenge by the president and pledged the centre’s resolve to engage investors more profitably.
He noted that already the centre had established the Diaspora Investment Desk to increase diaspora engagement and investment and Aftercare Division to streamline investor aftercare and encourage reinvestment.
In addition to this is the monitoring, evaluation and tracking divisions, which would efficiently monitor companies and optimise the centre’s performance, and an incoming cares delivery unit, which would be dedicated to raising ‘cares capital.’
Touching on opportunities, he said, geographically, the country was well-positioned to spearhead Africa’s economic emancipation and wealth creation due to its stable political and democratic environment.
Mr Grant also provided 10 key reasons for investors to pump their money into the country.
This includes enviable democratic governance and political stability, a strong and resilient economy, and human capital advantage.
Others are better logistics infrastructure, vast and diverse natural resources endowments, favourable geographic location to facilitate easy access to the rest of the world, and favourable ease of doing business.
An enabling and competitive business environment, great hospitality, and being a member of the regional and international trade bodies, he said, was evident enough for investors to come into the country.
The ‘Spark Up Summit’ was held on the theme, “maximising Ghana’s investment potential,” under the auspices of the Ghana Investment Promotion Centre, the Ministry of Information and other government agencies.
The event brought together captains of industry, policy-makers, business owners, heads of state agencies and ministers of state to deliberate and brainstorm on opportunities and challenges in investing in the country.
The move is to provide a platform for local and foreign investors and investment facilitators to discuss challenges.
This is to reignite the passion for investment in Ghana and stimulate economic growth as the country recovers from the COVID-19 pandemic.