Press highlights Ghana’s target of raising $3bn FDI in 2021, others

The target of raising $3 billion in Foreign Direct Investment in 2021 by the Ghana Investment Promotion Centre and the…

The target of raising $3 billion in Foreign Direct Investment in 2021 by the Ghana Investment Promotion Centre and the call by President Akufo-Addo to West African nations to inject more vigour in dealing with the growing threats of terrorism and piracy in the region are some of the leading stories in the Ghanaian press on Monday.The Graphic reports that the CEO of the 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.”

The newspaper says that President Nana Addo Dankwa Akufo-Addo, has said that time is up for West African nations to inject more vigour in their concerted effort to deal with the growing threats of terrorism and piracy in the region.

President Akufo-Addo, who made the call, intimated that none of the countries was insulated against the threats of terrorism.

“This concerted effort, which must be a major issue and priority objective for the Community, is the best way for us to address the security challenge. It is a matter of dignity and sovereignty, which affects all nations in the region. None of our countries is insulated against the threats of terrorism,” he said.

Opening the 59th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Accra last Saturday, President Akufo-Addo, who is the Chairman of ECOWAS, recounted recent serious security challenges, some of them deadly terrorist attacks in Mali, Nigeria, Burkina Faso and Niger, and said there was the urgent need for Member States to agree quickly on how to combat the threats.

President Akufo-Addo cited the gruesome killing of 132 civilians, including children, in Burkina Faso on June 5, 2021, which had necessitated his visit to Burkina Faso to offer condolences and sympathies.

Those developments, he explained, should reinforce their collective commitment to pursue and implement, with renewed vigour, the decisions taken at the Extraordinary Summit on Terrorism on September 14, 2019.

He added that that concerted effort, which must be a major issue and a priority objective for the Community, was the best way for ECOWAS to address that security challenge.

The Graphic also reports that a new study has found the economy of Accra to have showed strong resilience in the local financial market environment, local economic governance, and basic service infrastructure and connectivity in the midst of COVID-19.

It, however, found some weaknesses, which included poor local productivity of businesses, weak financial intermediation and poor social protections programmes, especially in the informal sector.

The findings of the study were presented at a workshop aimed at informing stakeholders about key findings of a Post COVID-19 Economic Recovery and Resilience Plan (ERRP) for Accra.

The project, dubbed DA13, was conceived by the United Nations (UN) as part of a broader initiative to support the economic recovery of local governments across the world.

The two-day workshop — organised by the Accra Metropolitan Assembly (AMA) and the United Nations Economic Commission for Africa (UNECA) — was also to allow for deliberation on policy interventions and implementation pathways to help in the preparation of the local ERRP for Accra.

The Times says that the Director of the Financial Sector Division at the Ministry of Finance, Sampson Akligoh, has disclosed that measures have been put in place to ensure the success and independence of the yet-to-be formed Development Bank Ghana (DBG).

According to him, government has learned its lessons from the failures of previous development banks and is striving to ensure the new development bank becomes credible and is free from political interference and manipulation.

He was speaking at the first-ever public forum on the Development Bank on June 17 in Accra.

The forum, organized by Impact Investing Ghana in partnership with Citi TV was under the theme “What is the Role of the Development Bank in Ghana’s Economic Transformation?”

Mr Akligoh noted that a lot of consultations have been held with the World Bank and stakeholders to ensure that the new wholesale Bank which will start operations in July 2021 stays true to its core mandate.

“We have actually taken our time to make sure that as humanly as possible the government checks the processes leading to the formation of this bank so that we have a credible institution that is independent and has the adequate human resources that can do things differently from the past.

This includes the appointment of independent boards and the Act that will establish it, which has been registered with the Registrar-General,” he added.

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