Ghana will see a surge in its Foreign Direct Investment (FDI) inflows, as the Ghana Investment Promotion Centre (GIPC) has projected a $3 billion worth of inbound investments for the year 2021.
This was disclosed by the Chief Executive Officer, Yofi Grant, at a press briefing in Accra on Sunday June 20, 2021.
According to him, the $3 billion projection was an increment over the $2.65 billion realised at the end of 2020.
He said the trend defied the anticipated decline in FDI globally as a result of the coronavirus pandemic, explaining however that with the Ghanaian economy opening up at full throttle, the country was set to rake in more FDI.
He said: “Our target this year is $3 billion in accordance with plans under the Ghana Cares Obaatanpa project, which means that we have to raise GH¢70 billion by the end of the year term of the project. This year, so far, we have raised approximately $780 million, and we are still looking forward to go out there and make sure we bring investors we want here. But we are targeting them along the sectors that we expect to push our economy forward.
“For example, agriculture and agro processing are one, and industrialisation is another, as we add value to our raw materials and resources. We are also looking at technology, because we want to make the economy a technology-based economy.”
He said the projection was a further testament of investor confidence in the local economy, as government has created an enabling environment for businesses to thrive.
Touching on ways the projected $3 billion FDI would benefit the Ghanaian economy, Mr. Grant said it would go in support of government’s overall plan of rebooting the economy from the adverse effects of the COVID-19 pandemic, through government policies like the Ghana COVID-19 Alleviation and Revitalisation of Enterprises Support Initiative, otherwise called the Ghana CARES Obaatanpa programme.
This, he said, would help set the economy back to its pre-COVID-19 levels and create the needed environment for businesses to operate.
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