Ghana is expected to see a surge in its Foreign Direct Investment (FDI) inflows with the Ghana Investment Promotion Centre (GIPC) projecting $3 billion worth of inbound investments for the year 2021.
Chief Executive Officer of GIPC, Yofi Grant, disclosed this at a press briefing in Accra on Sunday, June 20, 2021.
The $3billion projection, he said, is an increment in the $2.65 billion realized at the end of 2020.
According to him, the trend defied the anticipated decline in FDI globally as a result of the coronavirus pandemic and explained that the Ghanaian economy is opening up in full throttle and that the country is set to rake in more FDI.
“Our target this year is $3 billion in accordance with plans under the Ghana Cares Obaatan pa project. This means we have to raise GH¢70 billion by the end of the term of the project.”
“This year we have raised approximately $780 million so far and we are still looking forward to going out there and make sure we bring investors we want here. But we are targeting them along the sectors that we expect to push our economy forward,” he stated
“For example, agriculture and agro-processing are one and industrialization is another as we add value to our raw materials and resources. We are also looking at technology because we want to make the economy a technology-based economy,” he added.
He indicated that the projection is a further testament to investor confidence in the local economy as the government has created an enabling environment for businesses to thrive.
Touching on ways the projected $3 billion FDI will benefit the Ghanaian economy, Mr. Grant said it will go in support of the government’s overall plan of rebooting the economy from the adverse effects of the COVID-19 pandemic through government policies like the Ghana COVID-19 Alleviation and Revitalization of Enterprises Support Initiative otherwise called Ghana CARES Obaatan pa programme.
This, he said, will help set the economy back to its pre-COVID-19 levels and create the needed environment for businesses to operate.