Private sector urged to explore partnerships for growth

Economics Gipc Summit
Economics Gipc Summit

The Chief Executive Officer of the Ghana Investment Promotion Centre, Mr Yoofi Grant, has urged the private sector to forge partnerships with domestic and private investors to enhance growth and development.

He said no country had been able to grow globally on its own without the influence of foreign direct investment or expanded trade.

“So today as we come to this stage in our development, we need to also recognise the importance role played by investment; not just domestic investment but foreign direct investment as well,” Mr Grant said.

He said the country’s economy had grown over the past few years on the back of sectors such as technology, mining and the financial sector as well as the hospitality industry due to the significant inputs of foreign direct investments.

Mr Grant was speaking at the 5th Ghana Industrial Summit 2022 on the theme: “Investing in Ghanaian industries to leverage opportunities in the single African market.”

The three-day fair aims to promote industrial and investment opportunities to invigorate the private sector to leverage the African Market.

He said the private sector had shown remarkable resilience to survive and keep growing despite all the odds over the past three years.

He called for a strong partnership between government and the private sector, adding that government was ready to create an ambient environment for private sector and give them the requisite support to go out and find the necessary capital to grow and further strengthen their resilience.

In this regard, partnership with the European Union and the World Bank would be critical to facilitate this process.

President of the AGI, Dr Humphrey Ayim-Darke, said the focus on investment was to allow businesses to see the financial options that were available such as debt, equity and credit lines and all forms of insurance that they could leverage to scale up their businesses.

Mr Irchard Razaaly, the European Union Ambassador to Ghana, in an address, underscored the EU’s commitment to its bilateral relations with Ghana.

He said the European Union would continue to support the country’s objective and the vision of an economic transformation based on industrialization to achieve the vision of the Ghana beyond aid agenda.

Mr Razaaly emphasised the importance of the agriculture sector and mentioned the European Union active involvement in this sector through the investment promotion and business linkage project, which specific objective has been to facilitate and to mobilise private equity investment in businesses in agricultural and the raw processing space.

He also cited the West African competitive programme, which is a key contribution to value chain in very important field such as mango, pineapple, cassava and cosmetics.

He underlined the stable predictable and transparent legal framework, adding that the AfCFTA being headquartered here in Ghana was a true opportunity for Ghana.

He urged Ghanaian companies to explore the specific arrangements under the EU Economic Partnership Agreement to export quota free and duty free to the European market.

Mr Razaaly pledged the European Union continued excellent partnership to address the common challenges ahead and to help attain as well as strengthen the bridge between Europe at the institutional, political, economic and trade levels.

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