Wholly owned Ghanaian investments up to $3.8b in 2023-GIPC
By Daniel NONOR, Accra
62 wholly owned Ghanaian companies with a total investment volume of some $3.8 billion registered with the Ghana Investment Promotion Center in 2023 as against 122 international businesses with investment volumes amounting to 649.58 million registering with the Center within the same period.
Mr Edward Ashong-Lartey , Director, Investor Services at the GIPC who made this known on the ZED in The Morning Show on ZED 101.9 fm on Monday , May 6, 2024 said it was encouraging to realize that in spite of the economic challenges facing the country, indigenous Ghanaian companies continue to invest heavily in the county signifying the confidence they repose in the Ghanaian economy.
“Last year Ghanaian had huge investments that tells you that in spite of what is going on, Ghanaians still have confidence in the economy. For us it is heartwarming to see our own people investing significant amounts in the Ghanaian economy “
Speaking to recent development which has seen some notable international businesses leaving the country, Mr Ashong-Lartey said the reasons for their exit could be varied and not necessarily a measure of how well the economy was performing. He emphasized that government has over the period made conscious efforts to make the investment climate in the country conducive for the investor community.
“They have all cited their reasons and for some of them it is part of their global business decisions most of these huge companies may want to focus on different markets. Others feel that their expectations were not met and so they have to move”.
He explained further that the GIPC provides an array of hand-holding services and an after care which ensures that ensures the continuous integration of investors in the Ghanaian business environment.
Some these services said ranges from introducing businesses to relevant agencies, such the Registrar Generals Department to help facilitate registration process and aftercare services which among others assist businesses overcome compliance and regulatory issues as well as serve as mediation between government and investor to guide investor-friendly policy formulation.
Mr Ashong-Lartey noted that one of the biggest challenges facing the investors in the country is access to genuine lands for their operations.
To help solve this challenge, he noted that the GIPC has acquired a land bank in in the strategic parts of the country to facilitate the siting of businesses in the country.
The Land bank manages a database which contains information on lands and facilitate its acquisition for investors.
