According to those raising issues with GIPC’s figures, the reported targets and actuals are somewhat misleading.
GIPC for example set for itself a target of $10 billion dollars in foreign direct inflows for the year 2018.
For 2017 the Centre generated $4.91 billion out of its $5 billion projection, representing almost 100 percent of the target.
In an interview with Citi Business News on the sidelines of the Graphic Business-Stanbic Bank Breakfast meeting on the theme “Achieving sustainable Exchange Rate Stability” Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Peter Quartey called for better tracking of investments under the watch of the GIPC.
“I don’t know what is currently happening but I know for sure that some years ago we conducted a research on China-Ghana trade investment aid and we wanted data on investors who have entered into Ghana, which GIPC supplied us with. We tried tracking them to no avail. So the current complaints reinforce my perception from years back that the GIPC is not giving us the right numbers.”
But according to the Head of Research at the Bank of Ghana, Phillip Abradu-Otoo, he will need some convincing and education from the centre since the figures that the GIPC churns out do not pass through the central banks’ balance of payment data.
“I think the GIPC is reporting on intentions rather than the actuals because we don’t see those numbers pass through our balance of payment data. So it needs to be interrogated.”
Sharing his opinion on the same issue, the President of the Ghana Union of Trade Association (GUTA), Dr. Joseph Obeng highlighted the need for the centre to bring some clarity of their figures.
“Every year, GIPC comes to announce some huge amount of inflows of FDI. It is about time we interrogate these things. Because if you speak of $5 billion worth of investment then you have to see something very tangible and also an improvement in employment.” Read Full Story
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