Ghanaian News

GIPC CEO: Ghana bags US$829 million in FDI in first half of 2021

The chief executive officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has disclosed that the country raked in roughly US$829 million in foreign direct investment (FDI) in the first half of 2021.

He said the sum was realised from 122 projects recorded by GIPC.

Speaking at the GIPC annual investment summit Spark Up 2021 in Accra on Tuesday (7 September), Grant said GIPC has set up a diasporan investment desk to facilitate the inflow of FDI.

“As at middle of the year, despite the weak position by UNCTAD [the United Nations Conference on Trade and Development], we are seeing some very interesting numbers. In the first half, a total of 122 projects (ie, 94 new projects and 28 upstream existing projects) have brought in foreign direct investment of US$829 million,” the GIPC boss said.

“This gives a 32.15% increase on what we saw in the first half of 2020, which was US$627 million.”

Grant said the projects recorded for the first half of the year will generate about 8,000 direct jobs.

Among the 122 projects, the services sector came top, with 63 projects, followed by manufacturing (24), general trading (18), building and construction (five projects), oil and gas (five) and export trade (another five), with the agriculture sector recording one project.

Despite the low figures in numbers of projects recorded in the agriculture and oil and gas sectors during the first half of 2021, the GIPC boss expressed optimism that investment in these sectors will gradually pick up in the coming months.

About Spark Up
The summit, which was officially opened by President Nana Addo Dankwa Akufo-Addo, attracted ministers of state, heads of financial institutions, facilitator agencies, local communities, young entrepreneurs, regulators and private sector service providers to deliberate on ways of unlocking Ghana’s vast investment potential to promote economic growth.

The theme of the summit is “Reawakening the Giant: Maximising Ghana’s Investment Potential”.

It is being organised by the Ghana Investment Promotion Centre in collaboration with the Ministry of Information.

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