The Ghana Investment Promotion Centre (GIPC) has said it is confident of meeting its 2017 target of registering foreign direct inflows to the tune of US$5 billion, a more than 108 percent increase from the US$2.4 billion recorded last year.

The GIPC’s third quarter report indicates that close to US$3.4billion FDIs was recorded in the period spanning January to September, leaving a gap of about US$1.6 billion for the investment promotion agency to meet its yearly target.

Commenting on the performance, its CEO, Yofi Grant, stated: “we at GIPC are indeed encouraged to work harder to exceed our targeted FDI of US$5 billion for the year. The GIPC continues to be a central pivot of government in facilitating foreign direct and domestic investments to support development of our economy.”

With government’s intention to push the economy towards industrialisation, GIPC has been tasked, as one of the key agencies, to sell the country as an investment destination.

Interacting with the media in Accra after the release of the third quarter results, Yofi Grant said, “there are clear indications of increasing FDIs on the back of improving macroeconomic environment, with the government committed to improving the business climate as well as the repositioning of the GIPC to play a more active and aggressive role in making Ghana the most attractive and competitive investment and business destination in Africa.”

An improved and attractive investment environment framework that will enhance sustainable partnerships and empowerment of indigenous businesses will continue to be a key focus of the GIPC, he said.

Projects breakdown

The GIPC has recorded a total of 139 new investments since the beginning of the year. Of the projects registered, the manufacturing sector recorded the highest number of investments, with 37 projects.

It is followed by the services sector with 34 projects. The agriculture sector recorded only one project, whilst no investment was recorded in the tourism sector. In terms of the estimated value of investments, the manufacturing sector, again, topped with US$ 2.65 billion.

The high value is attributable to a joint venture investment from Netherlands with an activity of manufacturing power for sale to ECG.

GC Club 100

Earlier, last week, Mr. Grant told the media that the upcoming Ghana Club 100 seeks to provide a platform for businesses to consolidate the gains they have made.

The GIPC, he said, intends to use this year’s edition of the GC 100 as a spring-board to promote partnerships between Ghanaian manufacturers and their foreign counterparts while showcasing the country’s industrialisation potential and its impact on employment creation and skills development.

“This year’s awards is in line with government’s vision to use manufacturing, through the one district, one factory initiative, as an economic development and job creation tool to enhance the competitiveness of the corporate market,” he said.

The 16th GC 100 awards will be held on November 30 at the Kempinski Hotel, Gold Coast City, Accra.