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), highlighted the crucial role played by investors in contributing to the country’s growth and emphasized the government’s openness to collaborate 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 an FDI value of $682.19 million.
By the end of 2021, total FDI reached $1.88 billion, accounting for approximately 3.3% of the country’s Gross Domestic Product (GDP).
To further attract foreign investments, 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 engaging 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.
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.”
The Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, discussed several initiatives undertaken 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 court clearance, digital addressing systems, mobile money interoperability, and 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.”
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