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    Citi Business Festival enters final week; forum on agribusiness comes off today

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    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Africa’s internet economy to cross $180 billion by 2025: Report

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Revamp primary and manufacturing sectors to attract foreign investors – GIPC Report

byNerteley Nettey
August 27, 2020
in Local Economy, Manufacturing, Top Stories
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A new report by the Ghana Investment Promotion Centre, GIPC, analyzing the economic impact of COVID-19 on foreign investors in Ghana, has highlighted some positive measures necessary to encourage foreign direct investment in the economy.

Already, data from the centre shows that foreign businesses experienced an average revenue loss of $75,000 in the second quarter of the year due to the COVID-19 pandemic.

The GIPC in its report titled “The economic impact of COVID-19 on Foreign Investors in Ghana” points out that attempts should be made to revamp the primary and manufacturing sectors (One District One Factory), which account for a larger share of FDI, to attract more foreign investors as well as other investors such as Direct Diaspora Investment, DDI and local Direct Investments, LDI’s.

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According to them, this will make the economy more diverse in terms of investments in the economy as diversification is one factor in improving resilience especially after a global crisis such as the coronavirus pandemic.

The survey also recommended that foreign direct investors, including small and medium enterprises, can improve their resilience during this crisis by taking advantage of linkages with parent companies and home countries as well as the support of the host Ghanaian government.

Survey Findings

The survey indicated that on average, most foreign investors were strongly impacted by the pandemic with most companies experiencing payment and repayment delays, financial constraints and a reduction in demand for products and services.

Although the majority of the foreign investors do not anticipate a permanent reduction in their workforce within the next 6 months, a majority of employees were made to temporarily stay and work from home.

Also, though most foreign investors opined that on an average, the forms of assistance offered by the Government of Ghana to mitigate the impact of the coronavirus on businesses was applaudable, however, access to information regarding the benefits of the Business Support Scheme was not easy.

The report also revealed that most foreign investors welcomed the new business opportunities, especially in the manufacturing, agriculture, and e-commerce sectors among others, which the pandemic has presented.

Findings

Among other things, it showed that FDI inflows reflected in the new registration of foreign companies recorded by the Centre indicate a significant decline in registration of new investors in the period of 1st April- 12th June 2020 as compared to the same period in 2019.

In a similar period of 2019 (1st April- 12th June 2019), the Centre recorded thirty-four (34) projects with a total FDI value of US$ 40.11million.

 

 

 

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