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HomeLatest Gists2020 Global Flows of FDI were Severely Hit by COVID19- Yofi Grant

2020 Global Flows of FDI were Severely Hit by COVID19- Yofi Grant

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The Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Mr. Yofi Grant speaking at The Annual GIPC Investment Summit, SPARK UP 2021 at Kempinski Hotel in Accra about how to revive investment in Africa- Ghana.

According to Mr. Grant, developing economies in Africa fall in sixteen percent better than developed ones although trends varied significantly. He noted productive types of investment in developing countries [Africa] were immensely affected by the pandemic implying that international production which is the backbone of the global economic growth and development has been affected seriously.

“Surprisingly, developing economies (16% fall in Africa) weathered the storm better than developed ones although trends varied significantly.

“Productive types of investment – greenfield investment in industrial and infrastructure projects in developing countries were immensely affected, implying that international production, an engine of global economic growth and development, has been seriously affected.”

Mr. Grant said GIPC is currently creating awareness for businesses on areas to maximize and focus on to benefit from the Africa Continental Free Trade Area (Afcfta).

Mr. Grant noted, the global flow Foreign Direct Investment was affected by the covid pandemic last year, 2020. The Foreign Direct Investment fell to one third to one trillion dollars sourcing from the World Investment Report he added

“Global flows of FDI were severely hit by the COVID-19 pandemic in 2020. They fell by one third to $1 trillion (WIR 2021).”

Mr. Grant also acknowledged Ghana is the best place for business opportunity in Africa. He believes Ghana presents an attractive investment opportunity to foreign investors and platform for anybody. He also said Ghana is well promoted in the global market, Ghana is a country that import and exports, the country is a point of transition between two different countries of achieving what has always wanted to.

“Ghana presents great business opportunities; Ghana has great potential for Africa. I believe Ghana presents a very attractive investments opportunities and platform and foundation for anybody.

Ghana is well plugged into the global economy; we are a country that imports and export. We are a country on the cusp of achieving what we always wanted to.”

Mr. Grant said if Europeans want to do business in Africa, Ghana is the best option as the country provide better incentives to manufacture in the country. No one must import from Europe when Ghana can export the same goods.

“If European countries want to export into Africa, Ghana is the place they should be. We provide all the incentives that can use to manufacture here. They don’t have to start importing from Ghana the same goods.”

Source:Nana Agyei Sikapa Ofosu-Manu

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