GIPC targets GH¢5bn in FDIs this year
The Ghana Investment Promotion Centre (GIPC) plans to attract GH¢5 billion in Foreign Direct Investments (FDIs) in 2017.
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This, it intends to do by embarking on an aggressive local and foreign investment campaign which will see big industry players coming to invest in the country. The Chief Executive Officer (CEO) of GIPC, Mr Yofi Grant, said this in an interview with the GRAPHIC BUSINESS after the presentation of the 2017 budget on March 2.
He said the GIPC had the aim of making Ghana the most attractive place to invest and do business and would, therefore, remove all obstacles of doing business in the country to make it easier for investors to come in.
Over the years, Mr Grant who is also an investment banker said, the country had been attracting between GH¢2.5 billion and GH¢3 billion investments but was confident that, with the right business environment; it could increase and even exceed its target of GH¢5 billion for this year.
He said the move was not intended to have foreign investors dominating the Ghanaian economy but to create a vibrant business economy.
“If you bring in foreign investors, they will create opportunities for our people to learn and also create their own businesses. They will also create opportunities across the value chain and we will have a much more expanded economy where our own citizens will also participate fully to create jobs and wealth,” Mr Grant said.
“We will ensure that Ghana is the best place to invest and do business,” he added.
He also mentioned that the GIPC would not only focus on foreign investors but Ghanaian investors as well.
“We are going to give incentives to Ghanaian businesses to make them competitive. The Minister of Business development will also look at the small and medium enterprises and help them,” Mr Grant said.
Well thought out budget
The CEO also noted that the budget was a well thought out one which would address the challenges of the country.
“The budget will significantly repair some of the ills we have in the country and also set the agenda for growth and wealth creation,” he stated.
This he said would be done by easing the cost of doing business and making the ease of doing business even much better than before.
“This is the sort of confidence you need to give to the people. This government is serious about what it says and we are starting most of our initiatives now.”
The Finance Minister, Mr Ken Ofori-Atta, announced the government’s decision to abolish some taxes which included the one per cent special import levy, the 17.5 per cent VAT/NHIL on financial services, the 17.5 per cent VAT/NHIL on selected imported medicines that are not locally produced.
Others include the 17.5 per cent on domestic airline tickets, the 5 per cent on real estate sales, excise duty on petroleum, reduce special petroleum tax rate from 17.5 per cent to 15 per cent, abolishment of duty on spare parts, among others.
Mr Grant believes this was a step in the right direction as it would lead to reducing the cost of doing business for the private sector and lead to the creation of more jobs.
Well thought out budget
The GIPC CEO also noted that the budget was a well thought out one which would address the challenges of the country.
“The budget will significantly repair some of the ills we have in the country and also set the agenda for growth and wealth creation,” he stated.
This, Mr Grant said would be done by easing the cost of doing business and making the ease of doing business even much better than before.
“This is the sort of confidence you need to give to the people. This government is serious about what it says and we are starting most of our initiatives now.”
Abolishing taxes
The Finance Minister, Mr Ken Ofori-Atta, announced the government’s decision to abolish some taxes which included the one per cent special import levy, the 17.5 per cent VAT/NHIL on financial services, the 17.5 per cent VAT/NHIL on selected imported medicines that are not locally produced.
Others include the 17.5 per cent on domestic airline tickets, the 5 per cent on real estate sales, excise duty on petroleum, reduce special petroleum tax rate from 17.5 per cent to 15 per cent, abolishment of duty on spare parts, among others.
Mr Grant believes this was a step in the right direction as it would lead to reducing the cost of doing business for the private sector and lead to the creation of more jobs.