The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yoofi Grant, has urged the private sector to forge partnerships with domestic and private investors to enhance growth and development.
He said no country has been able to grow globally on its own without the influence of foreign direct investment or expanded trade.
“So today, as we come to this stage in our development, we also need to recognise the important role played by investment; not just domestic investment but foreign direct investment as well,” Mr. Grant said.
He said the country’s economy has grown over the past few years on the back of sectors such as technology, mining and the financial sector as well as the hospitality industry, due to the significant inputs of foreign direct investments.
Mr. Grant spoke at the 5th Ghana Industrial Summit 2022 on the theme ‘Investing in Ghanaian industries to leverage opportunities in the single African market’.
Held in Accra, the three-day fair aims to promote industrial and investment opportunities which invigorate the private sector to leverage the African market.
He said the private sector has shown remarkable resilience to survive and keep growing against all the odds over the past three years.
He called for a strong partnership between government and the private sector, adding that the former is ready to create an ambient environment for private sector and give them the requisite support to go out and find the necessary capital to grow and further strengthen their resilience.
In this regard, he said, partnerships with the European Union and World Bank will be critical to facilitate this process.
President of the AGI, Dr. Humphrey Ayim-Darke, said the focus on investment is to allow businesses to see the financial options available – such as debt, equity and credit lines and all forms of insurance – that they can leverage to scale-up their businesses.
For his part, Irchard Razaaly – the European Union Ambassador to Ghana, underscored the EU’s commitment to its bilateral relations with the country.
He said the European Union will continue to support the country’s objectives and the vision of an economic transformation based on industrialisation to achieve the objective of a Ghana beyond aid.
Mr. Razaaly emphasised the agriculture sector’s importance and mentioned the European Union’s active involvement in this sector through the investment promotion and business linkage project – which specific objective has been to facilitate and mobilise private equity investment in businesses in the agricultural and raw processing space.
He also cited the West African competitive programme, which he said is a key contributor to very important products such as mango, pineapple, cassava and cosmetics.
He underlined the stable predictable and transparent legal framework, adding that the AfCFTA being headquartered here in Ghana is a true opportunity for the economy.
He urged Ghanaian companies to explore specific arrangements under the EU Economic Partnership Agreement to export quota-free and duty-free to the European market.