Chief Executive Officer (CEO) for the Ghana Investment Promotion Centre (GIPC), Reginald Yofi Grant, has revealed that the African continent is the least benefactor of Foreign Direct Investment despite its maximum supply of resources.
According to him, the position of the continent in the global trade framework is adverse, “but in terms of resources, the African continent is the most resourced.”
“Despite that increase which was just significant, it is still only 5.2 % of global FDI flows,” he mentioned.
Speaking at the Minister’s Press briefing at the Ministry of Information on the First Annual Assembly of African Investment of Information, Mr. Yofi Grant noted that other continents which are in competition with Africa have increased foreign direct investment as compared to that of Africa.
“Latin America last year attracted about$620 billion dollars. Asia some $140 billion dollars and we a whole continent attracted $83 billion dollars,” he expounded.
“The world investment report ban by Anthan in 2021 did indicate that post pandemic, Africa’s foreign directory investment increased from $40 billion in the year 2022, approximately 83 billion in 2021 which is the highest foreign directory investment the continent had achieved over the past few years,” he added.
He maintained that a new strategy to enable the continent optimize effectively the mineral resource available, and also ensure that it translates into significant trade amongst African nations then with the rest of the world would help.
The Ghana Investment Promotion Centre (GIPC) will on January 25, 2023, host the First Annual Assembly of African Investment Promotion Agencies in Accra.
The maiden summit will focus on: “The Role of IPAs in Facilitating Intra African Trade.”
A statement issued in Accra by the Centre said together, the Heads and Representatives of the invited African Investment Promotion Agencies, along with colleagues from the World Association of Investment Promotion Agencies (WAIPA), economic and political leaders would explore the critical role Investment Promotion Agencies played in boosting intra-African trade.
There will be further discussions on the emerging opportunities AfCFTA continues to present and how various development actors can leverage them to facilitate trade on the continent and boost socio-economic development.
By:Miriam Akuetteh
