Ghana is the second most appealing destination for investment in Africa - Report

Ghana, according to the Deloitte 2022 Africa Investment Attractiveness Index, has been described as the second most appealing destination for investment on the continent.

This was after the country's tax environment was improved, making it more attractive for businesses and investors.

Making this known at the Ghana Club 100 CEO's Breakfast Meeting in Accra on Tuesday, July 30, 2024, the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, said his outfit was committed to ensuring that Ghana remains an attractive destination for foreign direct investments.

He stated that simplifying the business registration process, enhancing transparency, and reducing bureaucratic hurdles were some measures put in place to ensure the environment was conducive for business.

“In line with our commitment to making Ghana an attractive destination for investment, the GIPC and government in general have implemented a series of reforms aimed at simplifying the business registration process, enhancing transparency, and reducing bureaucratic hurdles. Additionally, it is our desire to make Ghana much more attractive and ensure that we are able to fuel our own indigenous businesses in partnership with foreign direct investments, and we are seeing some positivity there as well," Yofi Grant said.

He added that, “These efforts have seen Ghana ranked as the most appealing destination for investments in West Africa, according to the Deloitte 2022 Africa Investment Attractiveness Index, highlighting our dedication to creating a business-friendly environment…it is not just West Africa. It indicated that we are the second most appealing destination for investment in Africa."

On Foreign Direct Investment, the GIPC CEO said about US$123 million was raked in as FDIs from January to March this year.

"Ghana has demonstrated relative resilience to an average Foreign Direct Investment (FDI) of approximately 1.5 billion from 2020 to 2023. From January to March this year, total FDI has been in the region of about US$123 million. When you compare that to the fact that global FDI is decreasing…I believe that the country still holds a lot of interest for Foreign Direct Investors," Yofi Grant said.

He said GIPC, together with the government, was poised to mitigate global shocks, ensure stability, debt sustainability, and put Ghana’s economy back on track.

SA/NOQ

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