The transformation of GIPC and investment in Africa
In the heart of West Africa, a quiet revolution is taking place. The Ghana Investment Promotion Centre (GIPC), once a conventional government agency, has transformed itself into a dynamic organisation that’s reshaping the landscape of foreign investment in Africa.
Under the banner “Grow in Ghana, Grow with Ghana,” the GIPC has embarked on a multifaceted approach that blends traditional methods with innovative strategies, setting a new standard for investment promotion across the continent.
“At GIPC, the idea of investment attraction transcends conventional ways of business promotion,” says Yofi Grant, CEO of GIPC. “We’ve moved beyond traditional media and events to an aggressive use of digital media, coupled with high-level stakeholder engagements and business-to-business linkages.”
This shift in strategy has yielded some results. Despite the global economic downturn caused by the COVID-19 pandemic, Ghana managed to attract $2.1 billion in foreign direct investment in 2020, ranking second in West Africa.
One of GIPC’s most innovative initiatives is the Diaspora Investment Desk (DID). Recognizing the untapped potential of Ghana’s global diaspora, the DID aims to harness this resource for national development. “We’re not just attracting foreign investors,” explains Mr. Grant. “We’re bringing our own people back into the fold of nation-building.”
The Centre’s commitment to sustainable development is equally noteworthy. In collaboration with the UNDP, GIPC launched the SDG Investor Roadmap, aligning Ghana’s investment goals with the global Sustainable Development Goals.
But perhaps the most striking aspect of GIPC’s transformation is its embrace of technology and data-driven decision making. The Centre has invested heavily in its Public Relations & Communications division, producing high-quality global marketing campaigns that showcase Ghana’s investment potential to the world.
Events like the annual “Taste of Ghana” go beyond mere cultural showcases. They serve as vibrant marketplaces for made-in-Ghana goods, presenting tangible investment opportunities to both local and international investors.
The GIPC’s efforts haven’t gone unnoticed. For five consecutive years, it has been named the best Investment Promotion Agency in West and Central Africa by the Annual Investment Meeting (AIM) awards. It has also been recognized as the best Investment Promotion Agency in Africa by the finance journal Cfi.co for three years running.
As African nations grapple with economic challenges and seek to attract foreign investment, Ghana’s model offers a blueprint for success. By blending cultural pride, technological innovation, and a commitment to sustainable development, the GIPC is promoting investment, and economic growth in Africa.
In a world where investment promotion often feels like a race to the bottom, with countries competing to offer the biggest tax breaks or the cheapest labour, Ghana is charting a different course. It is a path that could potentially lead not just to increased foreign direct investment, but also to a more sustainable, inclusive, and proudly African model of economic development.
As the sun sets over Accra, the lights in the GIPC office remain on. There is still work to be done, more investors to court, more partnerships to forge. But with each passing day, the dream of a Ghana that grows – and helps its investors grow along with it – comes ever closer to reality.
Samuel Ofosu Larbi, a US-based Ghanaian Economist, has this to say; “while I don’t have specific data on how GIPC’s approach has directly influenced other African nations’ investment strategies, I can offer some insights based on the information provided and general trends in investment promotion.”
On digital transformation, he noted that GIPC’s “aggressive use of digital media” could be inspiring other African investment promotion agencies (IPAs) to enhance their online presence and digital marketing strategies, whilst on Diaspora engagement, he was of the view that the creation of the Diaspora Investment Desk (DID) might be encouraging other African countries to tap into their diaspora communities for investment and expertise.
“When we talk about sustainability focus, I want to believe that GIPC’s collaboration with UNDP on the SDG Investor Roadmap could be motivating other nations to align their investment strategies with sustainable development goals. And with the Aftercare services, the establishment of an Aftercare Division might be prompting other IPAs to improve their post-investment support services,” Mr. Larbi contended.
The US-based Ghanaian Economist added that with the regional outreach programme, GIPC’s Regional Sensitization Tours could be inspiring similar local engagement initiatives in other countries.
“High-profile events: Programmes like the Ghana Club 100 and CEO Breakfast Meetings might be encouraging other nations to create platforms for recognizing and engaging with top businesses,” he added.
“Interagency collaboration: GIPC’s inter-agency dialogues could be setting an example for improved coordination among government bodies in other countries. Cultural promotion: Events like “Taste of Ghana” might be inspiring other nations to showcase their cultural assets as part of their investment promotion strategies,” Mr. Larbi maintained.
However, it is important to note that without specific data or statements from other African IPAs, we can’t definitively say how much GIPC’s approach has influenced them. Different countries face unique challenges and may adopt strategies that best suit their specific contexts. To get a more accurate picture, you’d need to research recent initiatives by other African IPAs and look for any mentions of Ghana’s influence or similar approaches being adopted.
“The staff strength of GIPC, when the current CEO assumed office, was 87 but the staff strength as of March 7, 2024 is 159. Staff increases have been due to establishment of two critical new divisions in GIPC – the Aftercare Unit, and the Diaspora Investment Desk. Additionally, GIPC has boosted its PR & Communications with a production unit which in recent times has produced numerous Ghana marketing videos and other collaterals,” the GIPC RTI Officer indicated.
By Innocent Samuel Appiah