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Forge strong partnerships with investors: Yofi Grant to private sector

BY: Maclean Kwofi
AGI
Mr Yofi Grant (right), CEO, GIPC interacting with some of the dignitaries at the event.

The Chair Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has called on the private sector to forge strong partnerships with domestic and private investors to enhance growth and development.

He explained that no country had been able to grow globally on its own without the influence of foreign direct investments (FDIs) or expanded trade.

"So today as we come to this stage in our development, we need to also recognise the important role played by investment; not just domestic investment but foreign direct investments as well," Mr Grant said.

He said the country’s economy had 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.

The summit

Mr Grant was speaking at the day two of the fifth Ghana Industrial Summit 2022 in Accra on August 17.

It was on the theme: "Investing in Ghanaian industries to leverage opportunities in the single African market."

The three-day fair aims to promote industrial and investment opportunities to invigorate the private sector to leverage the African market.

It is an initiative of the Ghana Association of Industries (AGI) with support from Volta River Authority (VRA), European Union (UN) and other corporate organisations.

Resilience

The CEO said the private sector had shown remarkable resilience to survive and keep growing despite all the odds over the past three years.

He called for a strong partnership between government and the private sector, adding that the government was ready to create an ambient environment for the 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 partnership with the European Union and the World Bank would be critical to facilitate this process.

EU’s commitment

The European Union Ambassador to Ghana, Mr Irchard Razaaly, in an address, underscored the EU's commitment to its bilateral relations with Ghana.

He said the European Union would continue to support the country's objective and the vision of an economic transformation based on industrialisation to achieve the vision of Ghana beyond aid agenda.

He emphasised the importance of the agriculture sector and mentioned the European Union's active involvement in this sector through the investment promotion and business linkage project, whose specific objective has been to facilitate and to mobilise private equity investment in businesses in agricultural and the raw processing space.

West African competitive programme

He also cited the West African competitive programme, which was a key contribution to the value chain in very important fields 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 was a true opportunity for Ghana.

He urged Ghanaian companies to explore the specific arrangements under the EU Economic Partnership Agreement to export quota free and duty free to the European market.

Mr Razaaly pledged the European Union continued excellent partnership to address the common challenges ahead of us and committed to help to strengthen this bridge between Europe and go up at institutional political economic trade level.

Focus of investment

The President of the AGI, Dr Humphrey Ayim-Darke, said the focus on investment was to allow businesses to see the financial options that were available such as debt, equity and credit lines and all forms of insurance that they could leverage to scale up their businesses.