Opportunities exist to leverage - Yofi Grant to investors
The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has said despite the challenges within the current economic landscape with countries emerging from the global political and health crisis, there are still several opportunities in Ghana, and Africa at large, that investors can leverage.
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“Beyond all that is happening in the world, there is a tacit agreement that Africa has a significant role to play in reviving the global economy, considering its vast unexplored resources and market.”
“We believe that Ghana is an entry point to this real potential,” Mr Grant said when he engaged some Japanese investors at an event in Accra.
The event availed an opportunity to orient the Japanese Business Community on the investment trends and opportunities within multiple sectors in Ghana, to guide their expansion and investment decisions.
It also provided an avenue for existing Japanese investors who are operating in Ghana to know about the role GIPC could play to facilitate their business operations in the country and learn more of its unique aftercare services, purposed to address post-establishment issues.
Mr Grant used the opportunity to acknowledge Ghana’s engagement with the Japanese business community over the years, saying that has been a dynamic one, with Japan being the 12th highest Foreign Direct Investment (FDI) contributor to Ghana within the period 2017 to 2022.
He added that “Ghana recognises the quality of Japanese business operations and is very keen on exploring and maintaining mutually beneficial partnerships with the Japanese business community”.
More investment
The Japanese Ambassador to Ghana, Hisanobu Mochizuki, noted that the past decade has seen increased Japanese investments into Ghana, with a potential for more.
He also touched on some issues besetting the investment environment, but reassured the Japanese investors of GIPC’s commitment to help them address the challenges.
“We recognise GIPC as an important partner in assisting our companies overcome the challenges that they may face in doing business in Ghana,” he noted.
Contributing to the discussions, the Director General of JETRO Accra Office, — Hiroaki Sekine, cited factors such as: “complicated administration procedures, unstable exchange rates, and security” as some causative factors of Japan’s relatively low investment in Africa.
He disclosed that Japanese investment in 2022 added up to $175 billion — 36 per cent to United States; 24 per cent to European Union; 24 per cent to Asia, eight per cent to Central and South America, 6.5 per cent to Oceania, and one per cent to Africa.
He however expressed optimism for higher investment flows to Africa and Ghana in particular from Japan, and implored GIPC to support in tackling investor challenges, to make the country the best investment destination in the region.
The Head of Research at GIPC, Eugenia Okyere, and Senior Investment Officer from the Aftercare team, Vivian Ampadu, respectively focused on the trend of Japanese investment in Ghana, and the ways in which the GIPC could support Japanese businesses on post-establishment issues.
Collaboration
In the end, GIPC and JETRO agree to collaborate to organise a Business Forum, focused on Ghana’s investment and regulatory landscape.