Ghana targets $3billion in FDI for 2021

The CEO of Ghana Investment Promotion Centre (GIPC), Mr Yofi Grant has disclosed that the country has targeted to raise $3 billion in Foreign Direct Investment (FDI) in 2021.

Speaking at a press briefing on Sunday in Accra, Mr Grant said $780 million in FDI had already been raised so far this year.

He said: "For every country, foreign direct investments are recognised as very important to its economic and socio-economic development. In Ghana, I dare say that over the past few years we have upped our game and our economy has become more attractive. Indeed, I dare say that since 2017 Ghana’s economy grew by 8.1% and through 2019 we had an average growth of 7%. This symbolises a country that is walking the talk and doing all it needs to do to become one of the fastest-growing economies in the world.

He stated that in 2020, Ghana raised $2.65bn in FDI despite the negative impact of COVID-19 on global economies.

“Accordingly, Foreign Direct Investments grew. Our FDI in 2017 was $4.9 billion; it dropped marginally in consonance with the drop in global FDIs in 2018 to $3.54 billion. In 2019, it further dropped to $1.01 billion. The interesting thing however is that, despite the negative impact of COVID-19 on global economies, Ghana saw an increase in FDIs in 2020 to $2.65 billion."

He said that increase was because of the confidence most investors have in Ghana.

"Secondly, the work of the President since he took over in 2017 has been very instructive to ensure that Ghana is on the map. Our work here at GIPC has also been to follow up with him and ensure that we put the president’s talk into action".