The Ghana Investment Promotion Centre (GIPC), in its latest drive to attract investors into the country, has participated in the 7th U.S.-Africa Trade & Investment Forum & Expo in Chicago, Illinois, in the United States of America.
The event, organised by the Continental Africa Chamber of Commerce U.S.A (CACC), brought together business and political leaders from Africa and the United States over a three-day period.
In a panel presentation on Doing Business in Ghana, Mr. George Aboagye, CEO of GIPC, stressed the need for investors to look toward Ghana as the most viable investment destination in Africa in view of the country’s enviable investment climate, political stability, economic growth trajectory and business incentives.
According to Mr. Aboagye, Ghana’s ranking as the 7th-largest recipient of foreign direct investment (FDI) in Africa; fastest-growing economy in Africa; 7th out of 53 countries in Africa and 2nd out of 16 countries in West Africa on the Mo Ibrahim Index of African Governance are all indications that the country is prepared more than ever for business.
Mr. Aboagye also noted that the country plans to be the ‘power house’ of energy in the West African sub-region, providing cheaper sources of power to support the sub-region’s industrialisation drive. He therefore called for investment in the energy sector and pledged Government’s support for investors who would like to take advantage of the available opportunities.
Mr. Aboagye also underscored the importance of trade expos and forums in investment attraction, and intimated that a similar event GIPC participated in about two years ago culminated in the fast-tracked establishment of Energy Bank in Ghana.
Other members of the panel included Alhaji Ibrahim Dey, a Board Member of the Ghana Free Zones Board; Mr. Emmanuel Darko of GCNet; and Mr. Edward Ashong Lartey of GIPC.
The forum also featured presentations from notable organisations including Nigeria’s Oyo State, which was represented by the Governor and a team of staffers.
The Ghana Investment Promotion Centre (GIPC) recorded 95 new projects with an estimated value of US$1.18billion in the first three months of the year. The value represents an increase of 67.98 percent over the value recorded in the same period of 2011.
The foreign direct investment component of the estimated inflows of newly-registered projects amounted to US$979.85 million, up 178 percent over US$351.75million in the corresponding period of 2011.
“The results of the first quarter of this year give a good indication of the levels of foreign direct investments that the country will attract in 2012.”
Despite the elections later this year, there is heightened investor confidence in the economy.
The United States, with a Foreign Direct Investment value of US$407.21million, ranks first while China takes the top-spot for number of projects within the period.
