Thursday, May 23, 2024

Ghana records $2.6 billion worth of Foreign Direct Investments amidst COVID-19 pandemic

Ghana received 2.6 billion Foreign Direct Investments (FDIs) for the 4th quarter of 2020. This represents a 130 percent increase compared to FDIs for the third quarter of 2020.

The Ghana Investment Promotion Centre in its Investment report for the 4th quarter of 2020 said the significant FDIs recorded was against expectations as COVID-19 brought the global economy to a standstill.

It however touted government’s policies and interventions in keeping the economy fertile for foreign investment. According to the Center, Ghana and Nigeria stand in second place in the ranking of countries with the highest Foreign Direct Investment in Africa.

“Out of the 279 projects registered, the services sector, with 184 projects, recorded the highest number of projects. It was followed by manufacturing with 57 projects. Export trading, General Trading and Building and Construction recorded 15, 10 and 5 projects respectively. The mining and petroleum sectors recorded 3 projects each and agriculture and liaison recorded a project each. In terms of the FDI values, the manufacturing sector recorded the largest value of US$1,270.53 million. This was followed by the services, mining and petroleum sectors with FDI values of US$656.19 million, US$424.32 million and US$222.55 million respectively.”

Delivering  the 4th quarter 2020 report, Chief Executive of GIPC, Yofi Grant mentioned that for the year under review, Ghana registered more than 270 new projects in eight out of the country’s 16 regions. These projects are expected to create more than 27 thousand jobs in the country.

Mr. Yofi Grant said GIPC is looking to attract a minimum of three billion dollars in foreign direct investment for this year as part of the post covid recovery strategy and to shore up investment drive into the country. Mr. Yofi Grant said they want “enduring investors who will grow with us –that is why we have created the Aftercare and Diaspora office, we need to attract at least 3bn dollars of investment in specific areas”.

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