DUBAI EXPO: GIPC sets tone for US$3bn in FDIs

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DUBAI EXPO: GIPC sets tone for US$3bn in FDIs
Yofi Grant--CEO GIPC

The Ghana Investment Promotion Centre (GIPC) has set the tone and momentum toward attracting a target of US$3billion in Foreign Direct Investments (FDIs) this year, leveraging the UAE as a key investment market through the ongoing Dubai Expo.

Last year, Ghana raked in an FDI of US$1.4billion – an amount considered by the GIPC as competitive compared to what other countries in the sub-region attracted vis-à-vis impacts of the virus.

To this end, the Centre said it will leverage the Expo to engage the UAE business community on the prospects of investing in Ghana and why the country has become a key market on the continent through the privilege of hosting the African Continental Free Trade Area’s (AfCFTA) headquarters.

Briefing newsmen from Dubai about Ghana’s preparation and readiness to attract investment from the UAE market, GIPC’s CEO, Mr. Yofi Grant said: “At the Expo 2020 venue, there will be a business engagements by the Ministry of Trade and Industry with its various agencies to meet quite a number of business people on the Expo ground to discuss opportunities and collaborations with Ghana”.

The engagement with businesses from the UAE, Mr. Grant noted, will be the Centre’s main focus among other important meetings which will be held and led by President Akufo-Addo.

“On March 9, 2022, President Akufo-Addo will as well host a high-profile meeting with selected Emirati business people in Dubai. This is also an avenue for us at GIPC to attract key investors in specific sectors to our economy and meet our FDI target,” Mr. Grant noted.

Already, many countries in Africa have started making inroads at the Expo. For instance, Tanzania’s public and private institutions have signed a total of 36 MoUs valued at more than US$7billion with their UAE counterparts at the ongoing event.

Ghana, as stated, will also be hoping to use the Expo as a springboard to rake in significant investments regardless of the current global COVID-19 challenge  .

Through numerous meetings in the UAE, Ghana is also hoping to use its jurisdiction as a hub in attracting investors to do business in the country and export to other countries in Africa.

This, according to Mr. Grant, is evident by the number of Ghanaian private sector businesses that are currently in Dubai scouting for investments in their specific sectors – ranging from manufacturing, energy, health, agriculture, fintech, food processing among others.

The World Bank has projected that, averagely, between 2021 and 2023, Ghana’s economy will grow by some 5.1 percent considering impacts of the pandemic.

The growth projection and the current FDI target by the GIPC, Mr. Grant argues, are attainable, adding: “The expo gives audience not only to the UAE but also the global economy, as there are 190 participating countries. That is huge for Ghana”.

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