GIPC to consolidate gains in spite of coronavirus pandemic

The Ghana Investment Promotion Centre (GIPC) is to consolidate the foreign direct investment gains made so far in spite of the COVID-19 pandemic.

Mr Yoofi Grant, the Chief Executive Officer of GIPC said a further increase in Foreign Direct Investment (FDI) flow in the coming year could help rejuvenate the economy as affected by the pandemic.

He was speaking at the Centre's Press Soiree for media stakeholders in Accra.

The event was to cement the existing relationship between the Centre and the media as well as appreciate the role of the media in ensuring that the GIPC, stays relevant through timely coverage of events and sound dissemination of information from the Centre.

He commended the media for their continuous support, describing the media as "strategic partners" necessary for the attainment of goals of the Centre.

The Centre in the first half of the year, 2020 recorded 785.6 million dollars of FDI, which was a 409 per cent higher in value as compared to the same period last year, 2019.

He said the feat was praise-worthy considering the blow dealt on global FDI's by the COVID-19 pandemic.

Mr Grant said some initiatives such as the COVID-19 Alleviation and Revitalization of Enterprises Support (CARES) programme, the revision of Ghana’s Investment Law, the establishment of the Diaspora Investment Desk as well as the boosting of Investor Aftercare would be prioritized to support the economy towards recovery.

He said in the foreseeable future, the focus of investment promotion agencies in most countries would be primarily on keeping investors in the country, strengthening their resilience and encouraging restructuring and reinvestment in order to preserve companies and thereby safeguarding jobs.

He urged journalists to constructively support the GIPC in the coming year and beyond, especially as the country looks to rebuild a more resilient economy.