GIPC To Exceed $10bn Target For 2018

The CEO of the Ghana Investment Promotion Centre (GIPC) Mr. Yofi Grant says the center is set to exceed its $10 billion dollar target for 2018.

According to Mr. Grant, this will be possible if investment projects like the 6 billion dollar Exon Mobil deal, among others come into fruition.

The GIPC last year recorded foreign direct investment of 4.9 billion dollars as against a target of 5 billion dollars.

But, speaking to the media Mr. Yofi Grant spoke of the GIPC’s readiness to achieve this year’s target.

“Last year we targeted 5 billion dollars but we achieved 4.91 billion dollars. There were some projects in the works that we expected to be registered before the year end but they weren’t, because we wanted to make sure they had it right.”

Mr. Grant stated that some of the projects that will help the center exceed its target included oil and gas deal signed this year.

“The Exxon Mobil deal that was signed is worth about six billion dollars. There are quite a number of them. If we’re able to complete works for railway for the integrated bauxite and aluminum industry, as well as the iron ore in the north we believe we would definitely exceed the ten billion dollars,” he said.

According to him, there are some investment opportunities that local investors can partner with foreign investors.

“There are significant infrastructural demands on the economy that we are looking for investments, and once we achieve those, we definitely will exceed.”

Mr. Grant made these assertions on the sidelines of the First Quarter Edition of the GIPC “Ghana on the Go. CEO Breakfast Meeting 2018”.

The meeting was used to sensitize participants and also discuss ways of improving the Technology Transfer Regime in Ghana”

It also served as a networking opportunity for CEO’s from different sectors of the economy.

The meeting saw presentation from Mr. Michael Klobodu, Senior Partner, PWC Ghana, Mr. Kwame Owusu , Head of Transfer Pricing Unit, GRA, as well as a presentation by the Head of Legal at the GIPC, Mrs. Naa Lamle Orleans-Lindsay on the Technology Transfer operations of GIPC.

Ghana needs to position itself to take advantage of ACFTA

Mr. Yofi Grant at the same event told Citi Business News Ghana will not fully benefit from the African Continental Free Trade Area (ACFTA) if it does not create the enabling environment to take advantage of increased investments from the continent.

President Akuffo-Addo on Wednesday (March 21, 2018) signed on to the creation of the African Continental Free Trade Area, which is billed as the world’s largest in terms of participating countries, and is set to create a single market for goods and services, free movement of people, and expand intra-Africa trade.

But speaking to Citi Business News Mr. Yoofi Grant reiterated calls for a strengthening of the manufacturing sector of the country, to fully take advantage of the ACFTA.