Africa must redefine approach to engaging investors – GIPC CEO

On August 29, 2024, 11:40 AM

The CEO of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has asked African leaders and business executives to work on redefining engagement with investment partners to improve Foreign Direct Investment (FDI) on the continent.  

He said it was important for the continent’s population growth to match the global FDI to Africa to help promote socio-economic development.

“This redefinition can most effectively be achieved through collaborative discussions on our current position and future aspirations.

“By 2050, Africa will comprise a quarter of the global population. Imagine if, by that time, Africa also received a quarter of global FDI flows.

” As we focus on promoting intra-African trade through the AfCFTA, it is crucial for Africa to redefine our approach to engaging with investor partners,” he said at the inaugural Annual Assembly of African Investment Promotion Agencies.

The summit brought together key stakeholders to discuss the pivotal role of Investment Promotion Agencies (IPAs) in fostering intra-African trade under the African Continental Free Trade Area (AfCFTA).

The assembly aimed to promote socio-economic development across the continent, highlighting the importance of collaboration among African nations. 

Ghana’s efforts in investment promotion have yielded impressive results, positioning the country as the second-highest recipient of FDI in West Africa.

In 2021 alone, Ghana attracted $2.6 billion in foreign investments as reported by the United Nations Conference on Trade and Development (UNCTAD).

This success can be attributed to Ghana’s business-friendly environment, skilled workforce, and abundance of natural resources, making it an attractive destination for investors.

GIPC’s initiatives, including the Sustainable Development Goals (SDG) investor roadmap developed in partnership with the United Nations Development Programme (UNDP), are instrumental in transforming sustainability challenges into viable private-sector investment opportunities.

These efforts not only bolster Ghana’s economic growth but also contribute to the broader goal of sustainable development across the region.

According to the GIPC, Ghana was bolstering its role within the World Association of Investment Promotion Agencies (WAIPA) and the global investment arena, with GIPC dedicated to creating a favourable climate for investment and growth, a news brief said.

Through innovative strategies and targeted initiatives, Ghana is set to become a leader in attracting foreign investment and driving economic development in West Africa.

WAIPA, an affiliate of the United Nations Conference on Trade and Development (UNCTAD), has recognised the efforts of GIPC’s CEO, Mr. Grant and he has been nominated and elected as the Director representing Sub-Saharan Africa for three consecutive terms.