China Trade Week to Attract More Investors to Ghana

Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC)- Yofi Grant, says his outfit is seeking to use the China Trade Week to attract more investments to Ghana.
The event is expected to bring about a hundred investors and six thousand visitors to explore business opportunities between China and Ghana.

China is currently one of Ghana’s largest trading partner. According to statistics, Ghana’s export to China surpassed $1.85 billion in 2018 whereas China-Ghana bilateral exchange reached $6.67 billion in 2017 spanning across various sectors.

Speaking to JoyBusiness at the launch of the 3rd China Trade Week, Yofi Grant said they are hopeful the Trade Week will open the doors for more investments and expansion.
“I think an exhibition of such a nature will benefit us because I think we can learn and find the partnerships to help us manufacture for exports. We will eventually like the Chinese to come and manufacture here and also export to other countries as we establish Ghana as a hub,” he said.

The third edition of the trade show will explore opportunities in various sectors including manufacturing and construction, clothing and textiles, printing materials and packaging, Service Equipment, Foods, Home electrical and electronic products and many more.

International Director for the MIE Group, Zahoor Ahmed, organizers of the event identified the occasion as a great opportunity for business folks both in Ghana and neighbouring countries. He noted that Ghana’s friendly business environment was a huge motivation for Chinese investors.

He said, “The Chinese investors have found out that the ease of doing business in Ghana is more favourable than in other African countries and that’s why we see a phenomenal growth of business coming to Ghana.”

The China Trade Week will come off from June 19 to 21 at the Accra International Conference Centre.

Source: Myjoyonline.com

GIPC Optimistic Meeting $10M Target

Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) Yofi Grant has expressed optimism his firm will achieve its target of $10 billion of investment within the next two years.

In an interview with Natalie Fort during the World Meets in Ghana Investors Forum marked as part of Asantehene Otumfuo Osei Tutu II 20th anniversary in Kumasi, Mr. Grant noted that GIPC is looking at an array of projects which are expected to help it draw nearer to its target.

“As at end of 2018, the GIPC registered about $3.4 billion of FDI, in 2017 it registered $4.9 billion of FDI, we are optimistic that in 2019, we should be looking at some projects that might enable us be an inch closer to our target, of $10 billion of investment in the next two years.

“There are many opportunities in the market, and we believe that once we create the space the investments should trickle in,” he noted.

Speaking on which key sectors are benefiting most currently from Foreign Direct Investment (FDI), Mr. Yofi Grant said GIPC is seeing a lot of investment in the industrial space and manufacturing, on the back of the One-District One-Factory and Planting for Food and Jobs initiatives.

“We have seen quite a number of companies setting up plans to manufacture and assemble equipment locally. The services sector has also benefitted largely from FDI,” he said.

The CEO of the Ghana Investment Promotion Centre further noted that it has introduced sector-specific incentive packages for attracting FDI.

“It depends on the sector; some sectors have sector specific incentives the GIPC has introduced incentives. In the manufacturing sector you can bring in equipment and some raw materials duty free while some tax incentives have also been introduced in the agricultural sector.”

He encouraged potential investors to invest in Ghana now rather than later.

Source: 3news.com

Uphold Peaceful Environment to attract Foreign Investors – GIPC Boss

Mr. Yofi Grant, Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), has entreated Ghanaians, irrespective of one’s political sentiments or religious background, to uphold the peaceful environment we are enjoying as a country to enable us to attract foreign investors.

He stated that one of the major attractions of foreign investors to Ghana is the peaceful environment in the country and security, adding that despite occasional security issues, the country is relatively peaceful.

Speaking at press encounter in Kumasi to sensitize the media in understanding GIPC roles programmes and objectives, Mr. Grant explained that the main aims and objectives of the Ghana Investment Promotion Centre (GIPC) are to travel and attract foreign investors, and to collaborate with them to help expand our infrastructural sector in a peaceful and business-friendly atmosphere.

According to him, Ghana needs more investors to explore our oil, gas and bauxite for the benefit of the citizenry, hence, the need to partner foreign investors to develop those sectors. He indicated that Ghana is generally known for its political stability, and stressed the need to prioritise our security and rule of law to sustain the country’s peaceful environment to attract foreign investors.

Source: Ghanaweb

Zonda Tec Commissions New Dobro-Nsawam Branch

Heavy-duty vehicle trading company, Zonda Technology Ghana Limited, has opened a new branch in Dobro-Nsawam. The move is expected to make the company’s services available to key market players in Drobo-Nsawam and its environs. The new facility includes a service centre and a trucks-assembling unit.

Zonda Tec has already established three factories in Takoradi, Tema and Accra to repair and assemble trucks.

Speaking at the inauguration of the facility, Minister of State at the Presidency, Bryan Acheampong, commended the Company for contributing positively to the automobile industry over the years.

He noted that since 2017, the government has extensively collaborated and co-operated with Management of Zonda Tec.

“Zonda Tec has partnered with the President’s Special Initiative ’One District One Factory’ to make his dream come true, thus, to build a multi-million-dollar Assembly Plant in Tema,” he added.

The Minister also noted that since the 2000s, the volume of Chinese trade and investment in Ghana has increased greatly.

“From a mere $4.4 million Chinese projects registered by the Ghana Investment Promotion Centre in 2000, it had increased to $1.6 billion in 2014 alone,” he said.

He explained that despite the manufacturing sector regaining its lead as the largest retainer of Chinese investments in 2014, the General Trade sector had received a largely steady flow of Chinese investments especially, since 2004 and therefore, the Chinese impact felt more in the trading sector.

He expressed the hope that the structure would greatly enhance the output for its members and the country as a whole.

Chief Executive Officer of Zonda Tec, Madam Yang Yang, said the Branch was to ensure that many young people were gainfully employed. “There are job opportunities for marketing officers, mechanics, drivers and administrative persons,” she said.

The Company would provide tailored services to the numerous industries and individuals, adding, “We respect our clients and prospective customers and that is the reason for opening this branch.” He said Management intends to open a factory in Kumasi to assemble the trucks, and “we are working on it.”

The CEO said management’s aim was to engage a sizeable number of the youth and train them to work. “We are going to expand more effectively when operations at the assembly plant begin,” she promised.

Source: myjoyonline.com 

UK Foreign Secretary Jeremy Hunt to Visit Ghana

The United Kingdom’s (UK) Foreign Secretary, Jeremy Hunt, will visit Ghana from, Monday April 29, for a two-day official duty aimed at boosting trade and bilateral relations towards Ghana’s drive to self-development.

In furtherance of this, he would be joined by the Africa Deputy Trade Commissioner, Martin Kent and a business delegation from the UK, made up of representatives from BP, Ordnance Survey, London Stock Exchange, Aqua Africa, Bechtel, BHM Construction, Biwater, CDC, OSTC, and Plexus Cotton.

Mr Hunt is expected to announce a new £30 million agriculture and farming-exports support-project, and a new waste management pilot project to help improve waste collection and help spur investment in recycling facilities.

An official statement issued by the British High Commission, on Sunday, and copied to the Ghana News Agency explained: “This trip, his first as Foreign Secretary, will demonstrate how the UK-Ghana relationship – built on shared values, our people-to-people links and our Commonwealth ties is progressing towards a common goal: a prosperous, secure Ghana that is delivering inclusive growth as it moves ‘Beyond Aid’”.

The representatives of the companies would have the opportunity through a number of events, meetings and visits to gain a greater understanding of economic development in Ghana, meet senior ministers, and senior local business leaders, the statement said.

“The highlight of the visit will be a meeting with the President of Ghana, H.E. Nana Addo Dankwa Akufo Addo at the Jubilee House to discuss the UK and Ghana’s strong partnership and shared future,” it said.

“The Foreign Secretary and Hon. Shirley Ayorkor Botchwey, Ghana ‘s Minister of Foreign Affairs and Regional Integration will also sign a Joint Declaration witnessed by the Vice President H.E. Dr. Mahamudu Bawumia and The British High Commissioner H.E. Iain Walker.”

The Declaration, the statement said, would set out a renewed focus on three shared pillars – Mutual Prosperity, Regional Security, and Health, Education and Equality.

“The Foreign Secretary, as part of the UK Government’s commitment to supporting Ghana “Beyond aid’’ will also meet with UK business leaders in Ghana, to support their efforts to invest more in the country.

“Currently, the bilateral trade between Ghana and the UK is worth £1.2 billion, and there is scope to do much more as British businesses look to accelerate Ghana’s plans to build its infrastructure.  “This is on the back of the UK Prime Minister Theresa May’s target for the UK to be the G7’s largest Foreign Direct Investor in Africa by 2022, and Ghana will be at the heart of the story”.

The UK, the statement said, was set to support Ghana to become a Regional Financial Hub and the most conducive environment for doing business in Africa.

Mr Hunt would also address an event to mark the 70th Anniversary of the Commonwealth on the theme, ‘A connected Commonwealth’.

Madam Ayorko Botchwey, leading investigative journalist Anas Aremeyaw Anas, the founder of Blue Skies Anthony Pile, and the new CEO of Vodafone Ghana Patricia Obo-Nai, would also be at the event.

“Plastic waste disposal is one of the greatest environmental challenges facing Ghana, which is why DFID will help address issues around waste collection in Ghana and help mobilise investment in recycling and processing facilities in Accra,” the statement explained about the support to be announced.

“Our values are what bind us. And in an increasingly inter-connected world, how we tackle shared threats and challenges in the future will be what defines us: on matters of climate change, plastics, cyber security,” the British High Commissioner, Mr Iain Walker, according to the statement, said ahead of the visit.

“Foreign Secretary’s visit to Ghana allows us to develop the UK-Ghana partnership to make it even better: we have created the UK-Ghana Business Council as the primary vehicle for our governments to work together on trade, investment, economic development, job creation and the business environment; the Foreign Secretary’s visit will allow us to commit this same energy to security, and development.”

Source: ghananewsagency.org

Economic Counsellors’ Dialogue 2019

As part of efforts to create a platform for members of the diplomatic corps to dialogue on improving the investment climate in Ghana, the Ghana Investment Promotion Centre organized the 6th edition of its Economic Counsellors Dialogue on 5th April 2019. This year’s dialogue was held under the theme “Improving the Ease of Doing Business in Ghana: Immigration Laws, Technology Transfer Agreements and Double Taxation Agreements”.

Addresses were delivered by Ambassador Albert Yankey- Chief Director, Ministry of Foreign Affairs and Regional Integration, Mr. Laud Ofori Affrifah – Deputy Comptroller of Operations, Ghana Immigration Service, Mr. Eric Mensah- Assistant Commissioner, Legal Affairs and Treaties, Ghana Revenue Authority and Mrs. Naa Lamle Orleans-Lindsay- Head of Legal Division, GIPC.

Mr. Laud Ofori Affrifah, the Deputy Comptroller of Operations at the Ghana Immigration Service, who spoke on the topic Immigration Laws, stated that all work and residence permits are issued within 7 days, in a bid to ease the Investor’s immigration process.

In addition, he made it clear that the GIS was working towards reducing the processing time to 48 hours by end of June 2019.  He further indicated that the GIS would soon introduce a system to link up the investment promotion and regulatory bodies including GIPC, the Ghana Free Zones Board and Registrar General’s Department electronically to reduce the duration of processing documents.

Speaking on the topic Technology Transfer Agreements, Mrs. Orleans- Lindsay – Head of Legal at the GIPC, highlighted the registration and renewal of TTAs under the legislation of the GIPC Act, and the general challenges affecting its implementation.

Mr. Eric Mensah, the Assistant Commissioner in charge of Legal Affairs and Treaties at the Ghana Revenue Authority, touching on the topic of Double Taxation Agreements, said that the Government has signed double taxation agreements with 10 countries towards giving investors a stable and conducive tax scheme. These agreements have been signed with Belgium, Denmark, France, the United Kingdom, Switzerland, Mauritius, South Africa, Italy, Netherlands and Germany. He added that the Government hopes that the signing of such agreements will encourage investments and in turn, facilitate the transfer of skills and technology into Ghana.

An interactive session ended the Dialogue with discussions centred on the review of the GIPC Act, Visa on Arrival procedures and general overview of Technology Transfer Agreements in Ghana.

The Economic Counsellors’ Dialogue, organized for the Trade, Economic and Commercial sections of all foreign Embassies, High Commissions and Consulates in Ghana seeks to discuss mutually beneficial avenues of collaboration with reference to participation in investment promotion missions, and working with business and industrial chambers in their respective countries.

GIPC’s Investment Missions to India and Malta

The Centre recently embarked on an Investment Promotion Mission to India and Malta on occasion of the CII- EXIM Bank Conclave on India Africa Project Partnership in India and the State Visit of H.E The President to Malta.

The CII- Exim Bank Conclave on India-Africa Project Partnership

The CII- EXIM Bank Conclave on India Africa Project Partnership took place from the 17th to the 19th of March 2019 at the Taj Diplomatic Enclave in New Delhi, India and the Special Guest of Honor was H.E. Dr. Mahamudu Bawumia- Vice President of the Republic of Ghana.

A country session dedicated to the promotion of Ghana’s Investment and Tourism Potentials was addressed by H.E The Vice President Dr.  Mahamudu Bawumia, H.E. Mr. Micheal A. N. N. Oquaye, Professor Alex Dodoo – CEO Ghana Standards Authority, Hon. Carlos Kingsley Ahenkorah Dep. Minister of Trade & Industry and Mr. Yofi Grant – CEO of GIPC.

The Ghana Embassy in India also organized a business forum with the Federation of Indian Chamber of Commerce and Industry (FICCI) for the Ghana Delegation. An MoU was signed between Hero Motor Company Ltd., an Indian motorcycle and scooter manufacturer and Trans Sahara Industries of Ghana, to set up a manufacturing plant in Ghana at this event. The Ghana Delegation comprised of private sector businesspersons, and representatives of government institutions.

The CII- EXIM Bank Conclave has, in recent years, emerged as the pioneer event for Indian and African governments and industry to explore new avenues of partnerships.

Mission to Malta

GIPC similarly put together a Ghanaian business delegation for an investment promotion mission during the recent State Visit of H.E The President to Malta. Five MoUs were signed in the areas of Medicine, Bilateral Air Services, Avoidance of Double Taxation, Tourism, and Joint Commission for Bilateral Co-operation.

The objective of the mission was to promote investment opportunities in Ghana and to create a platform for interested Ghanaian business people to meet the Maltese business Community and to get to know about business opportunities in Malta.

The business delegation from Ghana, led by the CEO of GIPC, R. Yofi Grant, consisted of a mix of people from both the Public and Private Sector.

Mr. Grant spoke briefly about Ghana’s strategic positioning, the country’s relationship with Malta and investment opportunities that the Maltese business community can take advantage of.

Mission highlights included a Malta-Ghana Business Forum organized by Trade Malta in collaboration with the GIPC, which saw interactions between Maltese investors and the Ghanaian Mission.

Source: GIPC Corporate Affairs 

Ghanaian Economy to Grow by 7.6% This Year – World Bank

The World Bank has projected Ghana’s economy to grow by 7.6% this year, which is slightly higher than government’s own 7.2% growth projection contained in the 2019 budget. This was revealed at a media interaction between the World Bank and journalists across the continent on the bank’s biannual report on the growth of Africa’s economies, dubbed Africa’s Pulse.

The prediction was made on the back of an expected increase in oil and gas production and expected growth in non-oil revenue, with agriculture expected to see strong growth following government’s investments into the ‘Planting for food and jobs’ programme.

World Bank Country Economist for Ghana, Kwabena Gyan Kwakye lauded the government for passing the fiscal responsibility law, saying it was a good sign for future growth. He said, “The government has more or less made some form of attempts to actually tie itself. For example, we know the fiscal responsibility law that has been set is a very good signal to let everybody know that the government wants to tie itself going forward.”

The World Bank, in its report, described as “fragile and somewhat disappointing”, the economies of the continent, following the downward review of the bank’s projections for growth on the continent. The continent’s growth is expected to be 0.4% lower than the October predictions made by the bank, following the 2.3% growth experienced by the continent in 2018. This growth is lower than the 2.5% growth experienced by the continent in 2017.

Recent data from around the continent, however, points to a moderate strengthening of the growth in the region. This is due to strong performance expected from Nigeria and Angola, two of the continent’s biggest oil exporters. This will see the continent’s growth pick up to 2.8% and 3.3% in 2019 and 2020, respectively.  The World Bank urged governments around the continent to embrace the digital economy as a means of opening new pathways to economic growth.

World Bank Chief Economist for Africa, Albert Zeufack said, “The digital transformation can increase growth by nearly two percentage points per year and reduce poverty by nearly one percentage point per year in sub-Saharan Africa alone. This is a game-changer.” He urged governments around the continent to invest in digital infrastructure to boost broadband connectivity. He stressed that once connectivity is boosted and regulatory framework improves, the cost of internet on the continent will improve.

He further urged African governments to focus on digital skills development of its citizens by improving the curriculum to inculcate digital skills in the youth. This, he said, would lead to the creation of jobs in the digital space, thereby leading to growth.

Source: CITINEWSROOM

Ghana Mission Yields Deals and Investment Opportunities

DURBAN – The South African business people who participated in the recent Outward Trade and Investment Mission to Ghana say they are confident the leads they generated there will develop into concrete deals that will see them exporting their products to Ghana or investing in the country.

The group of about 30 business people arrived back in South Africa on Sunday after four days in Accra attending seminars, engaging with Ghanaian business people in business-to-business meetings and conducting site visits in search of trade and investment opportunities.

“I will be going back to Ghana soon as I have identified business opportunities in the energy efficiency value-chain. The seminar provided me with valuable information on the Ghanaian economy and opportunities to explore. I am considering investing in a plant in Accra,” said Sandiswa Qayi from East London.

Stellenbosch winemaker Malcom Green had setting up a bottling plant in Ghana as one of his objectives for travelling to Accra.

“I had fruitful meetings with people who are interested in helping. The Ghanaian investment promotion agency is also keen to play a role in facilitating the implementation of the project because of its potential to contribute in creating employment for the Ghanaians,” said Green.

Hendrik Naude of Gauteng said he travelled to Ghana seeking a distributor for his company’s information and communication technology solutions

“I am coming back home with a list of three promising companies which we are likely to do business with in the near future. I have also met a potential customer who has requested a quotation,” added Naude.

Karien Jafta of Gauteng said her cosmetics products attracted an impressive amount of attention from potential clients and businesspeople who were even willing to assist her to register her products in Ghana.

Source: The Mercury

GIPC Wins Best Investment Promotion Agency In West And Central Africa For The Fourth Time.

The Ghana Investment Promotion Centre (GIPC) has yet again been adjudged the 2018 Best Investment Promotion Agency in West and Central Africa.

This award makes it four (4) for the Centre as it had earlier grabbed the same award for 2015, 2016, and 2017. The Centre was also given the Loyalty Award for being consistent in its investment promotion drive in the sub-region.

Both awards were given at this year’s Annual Investment Meeting (AIM) 2019 Investment Awards Gala Dinner, held on 8th April 2019 at Fort Island, Madinat Jumeirah in Dubai.

The AIM Investment Awards is organized under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.

It is intended to recognize Investment Promotion Agencies (IPA) for their outstanding work in successfully attracting sizable and beneficial foreign direct investment projects that contribute to the national economic growth and development of their countries.

Submissions were made on a number of criteria that included investment project, investment size, trade balance effects, knowledge transfer, technology transfer and innovative processes, sustainability and local linkages.

Agencies from nine (9) geographical zones are then selected for the award. They include Latin America, Middle East and North Africa, West and Central Africa, East Africa, and Southern Africa, Central Asia, South East Asia and Oceania, Eastern Europe Turkey CIS, and Europe.

The GIPC won the award for the West and Central Africa Region through the showcasing of its support and facilitation for the Zonda Sinotruk Assembly Plant Limited project registered by the Centre in 2018 with an investment value of US$15 million.

Capital Finance International (CFI.co) a print journal and online resource reporting on business, economics and finance also declared the Centre the 2019 Best Investment Promotion Agency in Africa.

The Chief Executive Officer (CEO) of the Centre, Mr Yofi Grant who received the award on behalf of the Centre said the award was proof  that Ghana’s story was being heard and read and as such it was important for all to rally behind this recognition and bring to bear the partnerships and linkages between FDI and domestic investors and businesses for mutual benefit and the growth of the Ghanaian economy, truly Ghana Beyond Aid”, he added.

“The Ghana narrative is a great story to tell. It’s a story of remarkable recovery, inspiration and transformation over the past 27 months. The critical outcome should be to instill irreversibility and sustainability through fiscal discipline for macro stability, significant reforms to be competitive and relentless drive to enginner inclusive growth”, he added.

Speaking as a panelist on the  investment promotion agency roundtable during the ongoing AIM Conference on the topic “Attracting Investments in a 4.0 World”, Mr. Grant said it was important for African countries to as a matter of agency adopt new technologies that will help them share information and also tap into other markets.

 “Africa is attractive. It has changed from what it was 30 years ago. If you look at the 15  fastest growing economies in the world, 10 are from Africa and this is a market you can’t ignore. So, it is important you take advantage of these new technologies to put your information out there so an investor can make an informed decision and interact with you”, he said.

He was optimistic that new technologies and industry 4.0 will provide Africa a unique opportunity to do better than before.

The Annual Investment Meeting (AIM) 2019 is an initiative from the UAE Ministry of Economy. It is the region’s first Emerging Markets FDI-focused event to offer a perfect blend of trade fair and intellectual features aimed at enriching Institutional, corporate and individual investors attending with a comprehensive set of guidelines for their future investment decisions in high growth regions.

Source: GIPC Corporate Affairs