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.