Mr Yoofi Grant, GIPC CEO

Ghana will see a surge in its Foreign Direct Investment (FDI) inflows as the Ghana Investment Promotion Centre (GIPC) has projected a $3 billion worth of inbound investments for the year 2021. 

This was disclosed by Chief Executive Officer, Yofi Grant at a media briefing in Accra on Sunday June 20, 2021.

According to him, the $3billion projection is an increment in the $2.65 billion realized at the end of 2020.

Mr Grant said the trend defied the anticipated decline in FDI globally as a result of the coronavirus pandemic explaining however that with the Ghanaian economy opening up in full throttle, the country is set to rack in more FDI.

“our target this year is $3 billion in accordance with plan under the Ghana Cares Obaatan pa project. Which means that we have to raise GHS 70 billion by the end of the year term of the project. This year, so far, we have raised approximately $780 million and we are still looking forward to go out there and make sure we bring investors we want here. But we are targeting them along the sectors that we expect to push our economy forward.

“For example agriculture and agro processing is one and industrialization is another as we add value to our raw materials and resources. We are also looking at technology because we want to make the economy a technology-based economy,” he added. 

Mr Grant said the projection is a further testament in investor confidence in the local economy as government has created an enabling environment for businesses to thrive.

Touching on ways the projected $3 billion FDI will benefit the Ghanaian economy, Mr. Grant said it will go in support of government’s overall plan of rebooting the economy from the adverse effects of the COVID-19 pandemic through government policies like the Ghana COVID-19 Alleviation and Revitalization of Enterprises Support Initiative otherwise called the Ghana CARES ‘Obaatanpa’ programme.

This, he said, will help set the economy back to its pre COVID-19 levels and create the needed environment for businesses to operate.