President Nana Addo Dankwa Akufo-Addo says foreign direct investment opportunities in the country in the first term of his administration (between 2017 and 2020) were estimated at US$12 billion.
Despite the global decline of foreign direct investments by 42 per cent in 2020 due to the outbreak of the coronavirus disease (COVID-19), he said investment inflows rather increased in Ghana.
According to him, the inflows amounted to US$2.65 billion at the peak of the COVID-19 representing a significant increase over the foreign direct investments recorded in 2019
“Government since 2017 has put in place measures needed to reduce the cost of doing business, improve the business environment and made the Ghanaian economy, not only one of the most business-friendly economies in Africa, but also one of the fastest growing economies in the world between 2017 and 2020,” he said.
President Akufo-Addo made these remarks when he addressed the first edition of the Ghana Investment Promotion Centre (GIPC)’s annual Investment Summit in Accra yesterday. Dubbed “Spark Up 2021,” the summit was aimed at restoring economic growth as the nation emerges from the economic downturn brought on by the pandemic.
“When I assumed office in January 2017, I encouraged all of us to take it upon ourselves to help government build a business-friendly economy to enable our nation get to the stage where the exploitation of the opportunities that are available to us will help us build an optimistic, self-confident, self-reliant, prosperous nation – a Ghana Beyond Aid.”
“Towards realising this vision, government has made deliberate efforts in determining the investment priorities of our country and taking steps to mobilise the necessary resources for the growth of these priority areas,” President Akufo-Addo said.
In spite of the ravages of the pandemic, he said the government was working to grow the country’s economy at a much faster rate this year to “create an environment where companies do not just survive, but actually thrive.”
In the first quarter of this year, he said the country’s GDP grew at 3.1 per cent and 8.9 per cent in the second quarter.
“Government has a blueprint for the revitalisation of the Ghanaian economy from the effects of COVID-19. We have identified the relevant sectors of the economy requiring the needed investments that will help accelerate the rebound and growth of the Ghanaian economy, as was witnessed in the immediate years before the pandemic struck.”
The Minister of Information, Kojo Oppong Nkrumah, said the Spark Up event brought together stakeholders including the Ministries of Finance and Trade and Industries, GIPC and investors, among others.
He said the event would create the forum for the investors and public service providers facilitating the onboarding of foreign direct investments in the country to discuss ways to quicken the process of investing in the country.
BY YAW KYEI
