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Business News of Thursday, 14 December 2017


GIPC close to meeting $5 billion FDI target - Yofi Grant

Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Yofi Grant has revealed his outfit’s determination to reach the $5 billion Foreign Direct Inflows (FDI) target set for this year after successfully gaining $4.4 billion as at September, 2017.

The target which seemed ambitious from the onset was close to double the total FDIs recorded in the previous year, which is about 108 percent more than the US$2.4 billion recorded last year.

According to GIPC’s third quarter report, close to US$3.4 billion FDIs was recorded from January to September, 2017.

Mr. Grant who earlier this year expressed confidence in meeting the target by the close of the year said the aim was not only to hit the $5b target but also to continually boost the nation’s chances of being the most attractive investment hub in Africa.

Speaking to GhanaWeb on the sidelines of the launch of Ghana's Market Hub, Mr. Grant said, “We set ourselves a target FDI of five billion dollars and as at September we had been able to attract 4.4 billion dollars and so we are very hopeful that we should reach the five billion dollars. But that is not the end.”

He added, “We are looking to increase Ghana’s potential, Ghana’s attractiveness as an investment destination and a place to do business. Whether we reach five billion or not is not as important as how we reposition Ghana to be very attractive to investors both indigenous, domestic and foreign direct investors.”

He noted that, the number of world leaders who have visited President Nana Addo Dankwa Akufo-Addo, within the last couple of days was evidence that the economy is growing.

“So that is still going on. The ease of business reforms are aggressively being pursued, the investment attractiveness reforms are aggressively being pursued. I mean if you look at the number of heads of states who are actually queuing up to see our President, you know that Ghana is unto a good thing and I can only lend my shoulder to government efforts to make Ghana the great place to do business,” he explained.

Foreign Direct Investment (FDI) is an investment made by an individual or a company with business interests in another country by acquiring business asserts or instituting business operations.