GIPC optimistic meeting $10m target

Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) Yofi Grant has expressed optimism his firm will achieve its target of $10 billion of investment within the next two years.

In an interview with Natalie Fort during the World Meets in Ghana Investors Forum marked as part of Asantehene Otumfuo Osei Tutu II 20th anniversary in Kumasi, Mr Grant noted that GIPC is looking at an array of projects which are expected to help it draw nearer to its target

“As at end of 2018, the GIPC registered about $3.4 billion of FDI, in 2017 it registered $4.9 billion of FDI, we are optimistic that in 2019, we should be looking at some projects that might enable us be an inch closer to our target, of $10 billion of investment in the next two years.

“There are many opportunities in the market and we believe that once we create the space the investments should trickle in,” he noted.

Speaking on which key sectors are benefiting most currently from Foreign Direct Investment (FDI), Mr. Yofi Grant said GIPC is seeing a lot of investment in the industrial space and manufacturing, on the back of the One-District One-Factory and Planting for Food and Jobs initiatives.

“We have seen quite a number of companies setting up plans to manufacture and assemble equipment locally. The services sector has also benefitted largely from FDI,” he said.

The CEO of the Ghana Investment Promotion Centre further noted that it has introduced sector-specific incentive packages for attracting FDI.

“It depends on the sector, some sectors have sector specific incentives the GIPC has introduced incentives. In the manufacturing sector you can bring in equipment and some raw materials duty free while some tax incentives have also been introduced in the agricultural sector.”

He encouraged potential investors to invest in Ghana now rather than later.