The Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre, Yofi Grant has said Ghana still remains the right destination for local and foreign investment on the African continent.
Yoofi Grant is convinced the country has increasingly proven to be a stable environment for the growth of small and medium economies thereby making it overly attractive for existing and future investors.
For the on-air series of the Citi Business Festival on Wednesday, the GIPC chief continued to tout Ghana’s investment friendliness.
Discussing the topic: Investing in Ghana, Mr. Grant highlighted four key opportunities that make Ghana viable to meet the growing needs of Africa’s trade industry. Here are his reasons:
Ghana is well plugged into the global economy. We are a country that imports and exports We are a country on the cusp of achieving what we always wanted to. Ghana is a country that is showing real positive fundamentals
We are a country that attracts other countries. For me, I look at investments, not as an activity but a relationship. Over the years, when the foreign investors come and stay here for a year or two, they always prefer to work want to work with local people because it costs them much less our local people because it is much
Ghana is resource-rich: Ghana has gold, timber, diamond, bauxite, iron ore, lithium, oil, and gas. How do we get Ghanaians to make it there and build capital? Once they build capital, they will become investors. The most place they will like to invest first is in Ghana.
It is a transition and if you look at countries that have transitioned in all these things, they weren’t much different from Ghana but they had a strategy to go in a certain direction. It is not about the financing but the training. So we have a good foundation that we can build it up.
Ghana presents great business opportunities: Ghana has great potential for Africa. I believe Ghana presents a very attractive investments opportunities and platforms and foundation for anybody.
If the European countries want to export into Africa, Ghana is the place that they should be. We provide all the incentives that they can even use to manufacture here. So they don’t have to start importing from Europe when we can export from Ghana the same goods
Long-lasting business partnerships: If you want to do business and sustain it, partner with Ghanaians. By that, you will have your product out there faster. That is a strategy that will also work. Even as we try to be industrial we must know that the market is right here in Ghana.
We are an importing nation. We even import food when we can grow our own food. That is why we have policies like Planting for Foods and Jobs which will bring Food security.
Support for local market
Meanwhile, Mr. Grant has asked for more support for the local market to enable the private sector to make strides in the country’s industrialization agenda.
“The real interest is how can we motivate and incentivize Ghanaians into getting into those states of a higher value of manufacturing. We can do things here. COVID-19 has shown that given the impetus and motivation and space, the private sector will perform.”
“So how we incentivize our local people if they do not have the capital, they should attract foreign direct investments to partner with them. Once that is done, it will form the foundation for an industrial resurgence”, he said.
About Citi Business Festival
The 2020 edition of the Citi Business Festival has a line-up of radio and TV discussions.
It is featuring virtual business fora that would be live on Citi TV.
The month-long festival of business events and on-air activities provides inspiration, business ideas, and information for persons who are starting, building or growing their businesses.
This year’s edition of the Citi Business Festival is brought to you by Citi FM and Absa bank. It is supported by GIPC and Ghana’s comprehensive business news website, citibusinessnews.com.