$300m Foreign Direct Investments in Ghana drop by over 11% in 2016

  • Published:

Ghana cannot boast of being the fifth largest African country with huge FDIs as Foreign Direct Investments has dropped by 300 million dollars in 2016

Ghana Investment Promotion Centre (GIPC) says the total Foreign Direct Investment (FDIs) to Ghana dropped by 300 million dollars in 2016.

This represents a decline from the 2.7 billion dollars recorded in 2015.

The figure declined from the 2.7 billion dollars recorded in 2015 to 2.4 billion dollars in 2016.

Meanwhile, total registered projects for the period increased by ten; from 170 to 180.

READ ALSO:George Andah, Yoofi Grant resign from OccupyGhana

play Chief Executive officer of the GIPC Yoofi

 

These figures were disclosed by the Chief Executive officer of the GIPC Yoofi Grant during a media briefing in Accra.

“In 2016, the total number of registered projects by the GIPC was 180 with the project size amounting to 2.4 billion dollars there were 170 projects raising 2.7 billion dollars in FDI”.

Nevertheless, the Ghana Investment Promotion Centre (GIPC) has set an ambitious 5 billion dollars target in Foreign Direct Investments to Ghana for 2017.

READ ALSO:Yoofi Grant is new CEO of GIPC

The target is more than double the total FDIs recorded in 2016.

The Center’s CEO, Mr Grant says government has put in place mechanisms to help attain the target.

“We’ve been between 2.5 to 3 billion dollars annually over the past four to five years and we are looking forward to pushing it further to 5 billion dollars of inward investments which will translate into multiples of tax revenue and jobs”.

READ ALSO:Nana Addo fires Mawuena Dumor as GIPC CEO

What we then need to see is how much more value, technology and social impact that these investments will bring to the country, he added

Although Mr. Yoofi Grant admits that the figures for the 2017 first quarter ahead of the official report by the GIPC, he expressed optimism of meeting the target set for 2017.