GIPC Targets Local Investment Growth

The Ghana Investment Promotion Centre (GIPC) has outlined some key initiatives aimed at building capacity of local businesses and improve the investment regime in Ghana.

The CEO of the GIPC, Mr. Yofi Grant believes the plan should enhance the competitiveness of local businesses and eventually turnaround the economic fortunes of the country.

The NPP government has since assumption of office been keen on reforming some systemic challenges confronting the Ghanaian businessman.

The government aims to grow indigenous businesses and create employment to the teeming unemployed youth.

Speaking on the Citi Breakfast Show on the new model of the GIPC, its CEO, Yofi Grant maintained that policies such as the one factory per district should attract local investments.

“The one district one factory policy is an amazing engagement that can really tap indigenous capital for economic growth and whilst we look at incentivizing investments,” he stated.

Mr. Grant also disclosed plans of decentralizing the operations of the GIPC across the country to make investments relevant to the specific needs of regions.

“For example each region will have its own sort of mini GIPC that will focus on the potential on how to attract investment into that particular region.”

Already the Finance Minister in this year’s budget outlined some tax cuts and the scrapping of others which have since been implemented.

These are also expected to increase Ghana’s ranking in the World Bank’s ease of doing business report.

Although local business in the retail sector have raised concerns over a possible takeover by their foreign counterparts, Mr. Grant explains his outfit will continually engage such businesses and if possible, reconsider the legal framework guiding the operations of such businesses.

“…Maybe we should also look at whether there should be separate regimes for foreign or local investments….As we are reforming and modernizing the economy and competing against countries like Rwanda, Senegal, Kenya, etc., we need to find whether we are beneficial to our medium term growth,” he asserted.

The GIPC boss added, “We as a government believe that that is where economies should go…but we are looking at how to coalesce our thoughts and actions to create a vibrant business environment.”





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