IMF talks reignite offshore investor confidence - GIPC

Government’s unrelenting efforts to address the current economic woes and progress of talks with the International Monetary Fund (IMF) are reigniting offshore investor confidence in the economy, Director of Investor Services-Ghana Investment Promotion Centre (GIPC), Edward Ashong-Lartey, has said.

Mr. Ashong-Lartey spoke to the B&FT at an Investor Forum Engagement with Ministries, Departments and Agencies (MDAs), and said the ongoing discussions are rekindling investor appetite for the economy.

“Early this year, a group of Japanese investors came in – and we know how cautious the people of Japan are. Even in the midst of the IMF talks, these investors and several others have approached us. This is a good sign of confidence in the economy – meaning these businessmen have seen impending positive signs,” he disclosed.

He said these investors obviously want to reposition themselves, and once things are clear make a move putting their best foot forward.

“The approaches are looking good, and we at the GIPC encourage these kinds of approaches which enable offshore investors to do business in Ghana,” he indicated.

In December last year, the IMF reached a staff-level agreement on a proposed US$3billion three-year extended credit facility (ECF) with Ghana.

The Fund and Ghanaian authorities reached a staff-level agreement, four months ago, on economic policies and reforms to be supported by a new three-year arrangement under the ECF.

Responding to questions at the ongoing Spring Meetings of the World Bank Group (WBG) and IMF in Washington DC on April 13, 2023, IMF Managing Director Kristalina Georgieva expressed optimism about Ghana’s economic situation, urging Ghanaians to remain positive.

She said the Fund has been pushing bilateral creditors to accelerate creditor talks to help Ghana restore its economy, and has been holding crunch-meetings to agree on financing assurances for the country – pending executive board approval.

Hosted in Accra, the MDA Investor Forum, themed ‘Contribution of MDAs toward making Ghana an attractive investment location’, brought on board all MDAs and agencies whose activities have a bearing on investments in the country.

The GIPC said these MMDAs are areas where the investments are sited, and as such it is important to educate them on how to facilitate and roll-out these investment plans in their various jurisdictions.

The Centre, as part of its mandate to promote, coordinate and facilitate investment in the economy, said it is finalising processes to unveil an investor-grievance mechanism to receive complaints through a portal to help resolve key investment bottlenecks.