Home Business Private sector is a critical driver of economic growth – Yofi Grant 

Private sector is a critical driver of economic growth – Yofi Grant 

Mr. Yofi Grant
Mr. Yofi Grant

Mr. Yofi Grant, the Chief Executive Officer of Ghana Investment Promotion Centre (GIPC) says Ghana’s private sector is a critical driver of sustainable economic growth and development. 

He said, therefore, despite the Government’s challenges mostly from external factors, there was a clear commitment to engaging the private sector as partners in curing the ills of the economy.

Mr. Yofi Grant, speaking at the launch of the Centre’s Ghana Club 100 Awards and the inaugural of the Ghana Investment and Trade Week in Accra, said creating a robust foundation on which the private sector could grow with an ambient investment environment was key.

“We believe that with a strong partnership, we will see the economy grow beyond our own expectations,” he assured.

On the theme: “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint through AFCFTA”, this year’s Ghana Club 100 aims to provide a significant platform for promoting investment, trade, and knowledge exchange.

The highlight of the 20th edition is the introduction of the Ghana Investment and Trade Week, which will feature a series of exhibitions and an investment summit.

The week will culminate in the highly anticipated Ghana Club 100 Awards ceremony on Friday, 27th October 2023, and all events will take place at the Accra International Conference Centre.

The 20th edition of the Ghana Club 100 Awards and Ghana Investment Week is set to attract investors, industry leaders, policymakers, and stakeholders, all of whom are committed to accelerating economic growth and maximising Ghana’s presence in the global market through the African Continental Free Trade Area (AFCFTA).

Mr. Yofi Grant said private sector companies were key players in international trade and investment and that their involvement in the global market could boost a country’s economic growth by creating export opportunities and attracting Foreign Direct Investment (FDI).

Therefore, the GIPC CEO said the collaboration with the MIE Group, organisers of the inaugural Ghana Investment and Trade Week, would amplify the Ghana and Africa story to a broader audience of potential investors from around the world while forging valuable partnerships to attract FDI to accelerate development and economic growth in the country.

He said on the Government’s part, it launched the Ghana Cares (Obaatampa) Programme – a COVID alleviation and revitalisation of enterprises with a capital injection of GH₵100 billion – (70 per cent from private sector) to revitalise and re-spark the economy back to pre-covid growth levels.

Mr. Yofi Grant said, “Even though it has been a struggle for most companies, because of the pandemic and the Russia-Ukraine war, it is still very important to acknowledge that the 70 per cent is investment that we expected to come into the economy. That 70 per cent… must be applauded and celebrated in many ways.”

Mr. Joshua Mortoti, the Executive Vice President and Head of the West Africa Region of Goldfields, who applauded the GIPC for the initiative, said “Goldfields aligns with GIPC’s Ghana Club 100 and other activities to promote Ghana as an investment destination of choice. ”

Gold Fields, a key promoter of Ghana as an investment destination, also commended GIPC’s introduction of the Ghana Investment and Trade Week, highlighting the importance of such events in fostering strategic partnerships, promoting investment opportunities, and showcasing Ghana’s potential for trade and investment.

Mr. Mortoti said there was the need for GIPC to intensify its advocacy efforts to ensure that both local and foreign investments received robust protection in the country, and recognised the stability in the macroeconomic environment and predictable fiscal regime as key elements for businesses to thrive.

He urged the GIPC to actively advocate for the safeguarding of businesses that had already invested in Ghana, adding that the GIPC must strengthen collaboration with regulators and
business associations, such as the Minerals Commission and the Ghana Chamber of Mines, especially for industries like mining that significantly contributed to the country’s economic development.

“There should be more intentional efforts to give fuller expression to Ghana’s more friendly business accolade and I hope in future a Ghana Club 100 ranking will come with physical and other incentives to make business flourish and continue to contribute towards the building of our nation Ghana. ”

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