GIPC strengthens influence in West Africa investment landscape

The Ghana Investment Promotion Centre (GIPC) says it is strengthening its Influence in West Africa’s Invest­ment Landscape to rake in more foreign direct investment (FDI) into the country.

It said this was being done by boosting its cutting-edge digi­tal strategies, proactive investor engagement, and comprehensive facilitation services to stand out in the investment market.

In a statement issued by the centre, it explained that said so far, its efforts in investment promotion have yielded impressive results, positioning the country as the second-highest recipient of FDI in West Africa.

In 2021 alone, it said Ghana attracted $2.6 billion in foreign in­vestments, as reported by the Unit­ed Nations Conference on Trade and Development (UNCTAD).

“This success can be attributed to Ghana’s business-friendly envi­ronment, a skilled workforce, and an abundance of natural resources, making it an attractive destination for investors,” it said.

The statement said GIPC’s initiatives, including the Sustain­able Development Goals (SDG) investor roadmap developed with the United Nations Development Programme (UNDP), had been instrumental in transforming sustainability challenges into viable private-sector investment oppor­tunities.

“These efforts not only bolster Ghana’s economic growth but also contribute to the broader goal of sustainable development across the region,” it said.

It said the GIPC had reinforced its position as a pre-eminent force in Africa’s investment promotion sector, further extending its influ­ence across the region.

As a result of this, it said the centre has been honoured as the Best Investment Promotion Agency in Africa by Capital Fi­nance International (CFI) for four consecutive years, underscoring its remarkable dedication.

Additionally, it said the GIPC hosted the inaugural Annual Assembly of African Investment Promotion Agencies in 2023; a landmark summit that brought to­gether key stakeholders to discuss the pivotal role of Investment Promotion Agencies (IPAs) in fostering intra-African trade under the African Continental Free Trade Area (AfCFTA).

The assembly aimed to promote socio-economic development across the continent, highlighting the importance of collaboration among African nations.

Speaking on the importance of the summit, the CEO of GIPC, Mr Yofi Grant, remarked “by 2050, Africa will comprise a quarter of the global population. Imagine if, by that time, Africa also received a quarter of global FDI flows.

“As we focus on promoting intra-African trade through the AfCFTA, it is crucial for Africa to redefine our approach to engaging with investor partners.”

He added that “this redefini­tion is most effectively achieved through collaborative discussions about our current position and future aspirations.”

The statement also discussed GIPC’s strengthening of its role within the World Association of Investment Promotion Agencies (WAIPA) and the global investment arena.

It said the GIPC was dedicated to creating a favourable climate for investment and growth through innovative strategies and target­ed initiatives which would make Ghana a leader in attracting foreign investment and driving economic development in West Africa.

WAIPA, an affiliate of the UNC­TAD, said it had recognised the efforts of Mr Grant, nominating and elected as the director rep­resenting Sub-Saharan Africa for three consecutive terms.