The Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Yofi Grant, says Ghanaian businesses that seek to enter into joint ventures with foreign companies must understand the terms of such engagements, and give off their best to attract more Foreign Direct Investments.
“In mining, a lot of development is from the foreign direct investment. In hospitality the same. But now, we are looking at empowering our people to also be able to grow up to become investors. For me, I look at investment not as an activity but as a relationship. And that relationship means that you must entrench yourself in the system where you are with the local people, the local market and the local value chains, and that is how you get a sustainable investment case”, he explained.
He says a better understanding of the commitment will encourage foreign businesses to increase investments in the country and also trust their local partners.
“So for us, when we go out now we go with private sector people so that they go and meet the investors, do their transactions deals and get their private sector dealing with the investors direct whilst we also do our bit of bringing the bigger investors who will come into the market. The truth of the matter is that, Ghana as a country has not fostered capital formation in the structural way for many years.”
Mr. Grant, who was speaking on the Citi Breakfast Show as part of the on-air series of the Citi Business Festival, said government has already positioned the country as business friendly, and that must be a guide for local businesses.
The Citi Business Festival is sponsored by the Ghana Investment Promotion Centre (GIPC), ABSA Bank, Citi FM and powered by Ghana’s most comprehensive business news website, www.citibusinessnews.com.