- March 13, 2021
- Posted by: Ato
- Category: Economics
Ghana witnessed a surge in Foreign Direct Investments (FDI) inflows recording an impressive $2.6billion worth of inbound investments for the year 2020.
The Ghana Investment Promotion Centre in its Investment report for the 4th quarter of 2020 said the significant FDI recorded was against expectations following the Covid – 19 outbreak but touted government policies and interventions in keeping the economy fertile for foreign investment.
According to the CEO of the Ghana Investment Promotion Centre, Yofi Grant, Ghana and Nigeria stand in second place in the ranking of countries with the highest Foreign Direct Investment in Africa.
While delivering the 4th quarter 2020 report, Yofi Grant mentioned that for the year under review, Ghana had registered over 270 new projects in 8 of the country’s 16 regions.
These projects are expected to create over 27,000 jobs in the country. Countries that invested the highest chunk into the country are China, UK, South Africa, Australia and Netherlands.
The CEO of Ghana Investment Promotion Centre also commended local businesses for their role in investing in the economy.
He mentioned that over 50 local companies were registered in the year under review, generating over 200 million dollars for the country.
He went on to admonish that the huge exportation drive as compared to importation will go a long way to have a negative toll on the country’s resources.
He is calling for an end to the exportation of economic resources.
The GIPC said 2021 has also started on a very good note with about $590 being generated as Foreign Direct Investment so far. The Investment Promotion Centre is hoping to acquire about $3 billion by December 2021.