Ghana to raise $10b in foreign direct investment

Mr Yoofi Grant, Chief Executive Officer (CEOs) of the Ghana Investment Promotion Centre (GIPC), on Tuesday said the country is seeking to raise $10 billion in foreign direct investment (FDI).

“This year’s target is very ambitious and when met, it will aid government with investments in infrastructural developments, especially in the railway, health and education sector and investments among others,” he said.

He said the GIPC was able to raise $4.91 billion in FDI in 2017, out of a target of $5 billion for that year.

Mr Grant made this known at the first quarter edition of the GIPC ‘Ghana On-The-Go’ CEOs breakfast meeting in Accra.

The meeting was held on the theme: “Technology Transfer Regime In Ghana: The Public And Private Sector Convergence”.

He said the World Bank had projected Ghana to become the fastest growing economy in 2018 in the West African sub-region and 2018 was an opportune time to be more dynamic and attract more FDI into the country, and that Ghana was targeting between $20 and $40billion within the next six to ten years.

He said President Nana Addo Dankwa Akufo-Addo’s desire of moving Ghana Beyond Aid was important for more investments to be attracted to the country and encouraged foreign businesses and investors to partner local counterparts in Ghana.

According to him, “Ghana is on the go and ready to engage, partner and to do business with the rest of the world in a friendly, peaceful and fair manner”.

He urged foreign investors to choose Ghana as their preferred destination for investments on the African continent, especially in the West African sub-region, because of its political stability since 1992.

Mr Kwesi Owusu, an Official from the Technology Pricing Unit of the Ghana Revenue Authority, in a presentation confirmed that most foreign companies were abusing the regulations in transferring moneys from their subsidiaries in Ghana.

Source: GNA