GIPC to Embark on Investment Promotion Mission to Europe

Mr. Yofi Grant, the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) will, on Monday, November 18 lead a 50-member business delegation on an investment promotion mission to Europe. The mission, which will end on November 27, this year, is made up of four public sector agencies.

A statement issued by the Centre, and copied to the Ghana News Agency, on Friday, said the mission was being undertaken in collaboration with the Embassies of Denmark and Norway in Ghana and the Embassy of Sweden based in Nigeria. It is to present a cross-section of Ghanaian private sector with bankable projects and other business interests for partnership and other forms of collaboration with their peers in the respective countries.

Members would pursue bilateral trade and investments opportunities that would boost the economies of the participating countries. The mission would lay emphasis on multi-sectoral development, including (port logistics, housing, and transport), Food and Agriculture, Water & Environment (wastewater and waste management, Agri-waste to energy, recycling), Information and Communication Technology, Financial Technology, and Renewable Energy.

The highlights of the mission, the statement said, would include a business forum, business to business meetings, and company site visits in each country, as well as a meeting with Ghanaian business owners in Denmark and Norway. Quoting Mr Grant, it said the choice of destination for the investment mission formed part of a strategic process of engaging with Europe and the European Union.

“Norway is an oil-producing country that has developed using that resource and is also looking outward for investments,” it explained. “The three countries of the Scandinavia are, therefore, of strategic importance to Ghana in terms of how they have developed their small and medium enterprises (SMEs) to be global players”.

Quoting Mrs Tove Degnbol, the Ambassador of Denmark to Ghana, it said although the three Scandinavian countries had their own economic profile, they shared a focus on ‘green solutions’ such as the use of renewable energy, energy efficiency, and climate resilience.

“They are all seafaring nations with several centuries of experience of international trade coupled with high standards of living. There is, therefore, a keen interest in the business communities in the three countries to further developing trade and investment relations with Ghana”.

The statement said GIPC had so far registered 123 projects from Denmark, Sweden, and the Norway from September 1994 to June 2019, with a total estimated project value of more than 250 million dollars. The projects are spread in the sectors of Agriculture, Building and Construction, Export Trading, General Trading, Liaison, Manufacturing, Services, and Tourism.

Source: GIPC 

18th Edition GIPC Ghana Club 100 Awards Slated for November 15, 2019

The 18th Edition of the highly anticipated annual Ghana Club 100 Awards organised by the Ghana Investment Promotion Centre (GIPC) has been scheduled for November 15, 2019 at the Kempinski Hotel, Gold Coast City, Accra.

Under the distinguished patronage of the President of the Republic Ghana, His Excellency Nana Addo Dankwa Akufo-Addo, and the able leadership of Mr Yofi Grant, the Chief Executive Officer of GIPC, this year’s award is on the theme, “Sustainable Agriculture; The Bedrock of Ghana’s Industrialization Drive”.

The objective of the theme is to highlight the importance of agriculture as a launch pad for Ghana’s industrial drive. This theme also fits into government’s vision of moving Ghana from an import dependent economy to an export driven one, through import substitution and programs such as government’s Planting for Food & Jobs, Rearing for Food & Export, One Village One Dam, One District One Warehouse as well as the One District One Factory initiative.

The GIPC is set to use this year’s edition to promote partnerships between Ghanaian agriculturalists and their foreign counterparts as well as showcase Ghana’s industrialization potential within the agric sector and its impact on employment creation and skills development.

Companies will be ranked by the ranking consultant, Ernst and Young (EY) based on three main criteria which included size, growth and profitability with each assigned a unique weight.

18th GC100 event highlights

This year’s event will highlight companies and present awards in the following strategic sectors – Best Company in Agriculture and Agribusiness, Financial Services, Information and Communication Technology, Services, Infrastructure, Petroleum and Mining Services, Manufacturing, Tourism, Health, Education.

Other Awards to be given are GC 100 Best listed company on the Ghana Stock Exchange, Largest Company, Most Profitable Company and the Fastest Growing Company. Discretionary awards such as the Corporate Social Responsibility (CSR) Award will be given out.

Companies making it into the GC 100 are to serve as role models for the private sector and provide a forum for corporate Ghana to interact with the government at a high level.

This year’s title sponsor is ECOM Ghana, a leading global commodity merchant and sustainable supply chain management company. Other sponsors include B5 Plus, Olam Ghana Limited, GCNet, M&G Pharmaceuticals, Agricultural Development Bank (ADB), Newmont, Goil Company Limited, Accra Breweries, Enterprise Insurance and Kasapreko.

Media partners are GhanaWeb, Goldstreet Business, Multimedia, TV3, New Times Corporation, Ghana News Agency, and Graphic Communications Group Limited.

About GC 100

The GC100 event was first held in March 1998. The event remains one of the flagship programs of the GIPC and is aimed at introducing a system of ranking the top 100 companies in Ghana whilst encouraging and nurturing the private sector to develop and grow to compete internationally.

The objective is to develop a database of the top 100 viable companies, as an annual “who is who” on the Ghanaian corporate business calendar and through creative media vehicles and activities, promote Ghana’s corporate capacity.

It is also intended to utilize the club to gain government support and intervention to enhance the competitiveness of the Ghanaian corporate sector, and team up with club members to enhance Ghana’s private sector development through strategic push and pull linkages.

Additionally, the Awards is to develop an open information culture within the corporate sector, provide incentives for improved corporate performance by recognizing the top 100 performing companies and develop uniform criteria for evaluating corporate performance.

Source: GIPC 

Establishment of a high-quality cassava (manioc) flour processing facility in light of existing demand

Manufacturing
Name of the company

E.A. Taylor Ghana Ltd

 

 

 Nature of business

Processing of cassava (manioc) into High Quality Cassava Flour

 
Status/ Intention

Diversification

 

 Type of cooperation sought

Equity/ Loan (US$ 1 million)

A well-established cassava (manioc) processing company located in a raw material hub in the Ashanti region of Ghana seeks to engage in the production of high quality/high grade cassava flour in view of existing demand for the product in the country.

Flour based products have been important ingredients in the diet for many Ghanaians living in towns and cities. The major raw material, wheat flour, which is imported and is relatively expensive, can be partially substituted (at least up to 30%) with high grade cassava flour.

Commercial use of cassava is also increasing because of increases in urban demand for processed cassava products and increased recognition of its industrial potential. The country imports about 850,000 MT of wheat flour annually with the country producing just about 1000 MT of high-quality cassava flour.

With the gap, the company seeks to expand its existing facility in order to take advantage of the opportunity by processing fresh cassava (from the company’s plantation and its out growers) into high quality cassava flour and industrial flour for industries in Ghana.

The project which will be beneficial to farmers and players in the bakery, pharmaceutical, brewery, paper and wood processing industries, will also complement Government’s effort in reducing the importation of high-grade cassava flour and industrial flour into the country.

The project sponsor, E.A. Taylor Ghana Ltd, is a private limited liability company incorporated in Ghana (2006) and is located near Mampong in the Ashanti Region of Ghana. The company has since its inception been engaged in cassava cultivation and processing into flakes (gari).

It seeks to acquire new and more efficient machinery to be able to engage in the processing of high-quality cassava flour for the local and export markets.

For further information on this project, kindly e-mail: edmund.onyame@gipc.gov.gh

SOURCE: GIPC

MATRADE, GIPC organize ‘Export Acceleration Mission on Oil, Gas & Energy’ in Ghana

The Malaysia External Trade Development Corporation (MATRADE) partnered by the Ghana Investment Promotion Centre (GIPC), successfully organized the Export Acceleration Mission on Oil, Gas & Energy at the Tang Palace Hotel in Accra on 22nd August 2019.

The delegation, led by Mr. S. Jai Shankar-Director of Oil and Gas, Chemical & Energy Section, MATRADE and the Mr. Mohd Khairy Maidin- Trade Commissioner, MATRADE sought to explore business opportunities in Oil and Gas and the energy sector.

The mission brought together Malaysian players in the Oil and Gas industry that have the capacity, expertise and products to engage with their Ghanaian counterparts, while seeking opportunities within their field to do business together.

Speakers at the forum included Mr. Jai Shankar- Director of Oil and Gas, Chemical & Energy Section at MATRADE; Mr Mohd Areffin- Charge d’Affaires at the High Commission of Malaysia in Ghana; Mr. Edward Ashong-Lartey- Director, Investor Services Division at the GIPC and Mr. Isaac Eshun- Policy Coordinator at the Petroleum Commission.

Mr. Ashong-Lartey in his presentation, took the participants through Ghana’s investment climate and the many business opportunities available, urging them to invest in the country.

Policy Coordinator at the Petroleum Commission- Mr. Isaac Eshun shared some investments opportunities within the extractive sector as well as the legal and regulatory regime of the sector.

The session ended with a B2B matchmaking, where Malaysians met with their Ghanaian business counterparts.

Source: GIPC

Second Round of Negotiations on the Ghana-Singapore Bilateral Investment Treaty

The Second Round of negotiations of the Ghana-Singapore Bilateral Investment Treaty (BIT) took place at the offices of the Ghana Investment Promotion Centre (the lead Negotiating Agency for BITs on behalf of Ghana) on 21st – 23rd August 2019.

The Ghana team, which comprised of officials from the GIPC, the Ministry of Finance, Ministry of Foreign Affairs and the Attorney General’s Office was headed by Mrs. Naa Lamle Orleans-Lindsay- Head of the Legal Division of GIPC whiles the Singapore team was headed by Mr. Tham Shen Hong, Assistant Director, International Trade Cluster at the Ministry of Trade and Industry of Singapore.

The negotiations were not concluded, as both sides agreed to continue the finalization of the agreement at a later date.

According to Enterprise Singapore (the government agency championing enterprise development in Singapore), in 2017 Ghana’s bilateral trade with Singapore amounted to S$262.4 million. In both countries, the private sector shares similar interests in oil and gas, as well as export businesses.

A bilateral investment treaty (BIT) is an agreement establishing the terms and conditions for private investment by nationals and companies of one state in another state. BITs are established through trade pacts.

Source: GIPC

GIPC Receives Delegation from Thailand Board of Investment

The Ghana Investment Promotion Centre (GIPC) received a delegation from the Thailand Board of Investment seeking to explore business and investment opportunities in the Agric and food processing industry.

The 35-member Thai delegation comprised of some members of the Thai Entrepreneur group and representatives from the Ministry of Food and Agriculture met the GIPC Team at the Ibis Styles Hotel in Accra on the 24th of August 2019.

Deputy Head of Mission for the Royal Thai Embassy in Abuja, Nigeria- Mr. Prasom Fangtong, in his welcome address, indicated that this was a follow up to an earlier visit last month by the delegation geared towards building good economic relation between Ghana and Thailand.

In his presentation on Doing Business in Ghana, Director of Investor Services at the GIPC- Mr. Edward Ashong-Lartey highlighted the various investment opportunities as well as Thai projects currently registered across sectors in Ghana.

A representative from the Ministry of Food and Agriculture- Mr. David A.S. Modzakah, gave an overview of the agricultural sector in Ghana stating that currently, there is about 50% of land available to investors to explore for various opportunities.

The Thai embassy supports Ghana with a number of projects in the areas of Governance and conflict prevention, thus demonstrating its appreciation for Ghana’s democratic culture and its leading role in this respect.

Ghana and Thailand have maintained good relations since 2006, a long –standing exchange which has been fruitful for both countries. Central to the interest of these relations is a focus on trade and economic cooperation and some concluded bilateral agreements.

Source: GIPC

GIPC Delegation Visits Colombia For Investment Talks

A Ghana Investment Promotion Centre (GIPC) delegation has left Accra to the Colombian capital city –  Bogota, to explore business and investment opportunities available for both countries.

The 18-member team, drawn from both the private and public sector, will showcase Ghana’s investment opportunities and new industrialization agenda to the business and investor community in Colombia. The mission will also seek to find opportunities for private sector collaboration and partnerships with businesses in Colombia, towards improving bilateral trade and investments between the two countries.

In a pre-departure briefing session at the Colombian Embassy in Accra, Colombian Ambassador to Ghana, H.E Mrs. Claudia Turbay Quintero affirmed her commitment to make the trip a good experience in order to “identify areas of co-operation and business investments, projecting into the future”.

As a member of the Pacific Alliance, the Ambassador expressed appreciation of the level of bilateral relationship between Ghana and the trade bloc and is optimistic that an private sector delegation from Colombia will reciprocate a visit to Ghana soon.

The Ghanaian delegation visiting Bogota is led by Deputy Trade Minister, Hon Robert Ahomka-Lindsay. Others include Board Chairman of GIPC, Mr. Kwasi Abeasi, President of the Private Enterprise Federation, Nana Osei Bonsu, representatives from the Bank of Ghana, Ministry of Foreign Affairs and Regional Integration, GIPC and CEOs from selected private sector companies.

While in Colombia for the 5-day visit which starts from October 15 to October 19, the Ghanaian public and private sector team will engage their Colombian counterparts in the areas of agriculture and agro processing, financial services, ICT and infrastructure development.

Ghana-Colombia relations

Diplomatic ties between Ghana and Colombia dates to 1988. It was revamped in 2013 when the Colombian mission was opened in Ghana.

Ghana remains the only country where the four founding partners of the Pacific Alliance – Chile, Mexico, Colombia and Peru share premises as diplomatic missions. As an economic and commercial integration established in 2011, the Pacific Alliance seeks to foster relations among observer countries in Science, technology and innovation, trade facilitation, SMEs and education.

Source: GIPC 

GIPC Elected as Director Representing Sub Saharan Africa on Steering Board of WAIPA

The Ghana Investment Promotion Centre (GIPC) represented by its Chief Executive Officer (CEO) Mr Yofi Grant, has been elected as the Regional Director (Sub Saharan Africa) for the Steering Board of the World Association of Investment Promotion Agencies (WAIPA), the Executive Organ of the General Assembly, from 2019 to 2021.

The announcement was made at the 24th WAIPA World Investment Conference held in Warsaw, Poland from October 7- 8, 2019. The conference was hosted by the WAIPA Regional Directorship for the European Union, the Polish Investment and Trade Agency (PAIH).

The event brought together members, investment promotion professionals, international organization leaders, heads of financial institutions, politicians, academics, consultants, economists and other experts in the field of investment promotion and foreign direct investment.

GIPC won this position after it got the most votes at the WAIPA General Assembly meeting. The Centre contested for this position with Investment Promotion Agency of Mali (API-Mali), and the Economic Development Board (EDB) Mauritius. The General Assembly consists of the Presidency, two Vice Presidents, and Regional Directorship for Sub-Saharan Africa, Central Asia, South Asia, East Asia and Southeast Asia, European Union, Eastern Europe, North America, Central America and the Caribbean, and South America.

As a regional director, the Centre will help facilitate the investment activities of Investment Promotion Agencies (IPA’s), and improve intellectual and investment frameworks to improve foreign direct investments in the regions. The GIPC will also work with other regional agencies and international bodies such as International Trade Commission (ITC), World Trade Organization (WTO), World Economic Forum (WEF) and United Nations Industrial Development Organization (UNIDO) in knowledge sharing as well as policy directions within the regions.

Additionally, the Centre will lead IPA’s in the Sub-Saharan region to organize capacity building programmes and lead discussions on Intra-regional facilitation as well as increase awareness, open up regional markets, and advice WAIPA on all relevant issues relating to FDI in regions which need attention.

Speaking on this new role, Mr Grant said it is perhaps a recognition of Ghana’s leadership role on the continent especially in the area of trade and investment and also being selected to host the headquarters of the African Continental Free Trade Area (AFCFTA) . He said being a member of the Steering Committee Sub-Saharan Africa of WAIPA puts Ghana in the driving seat of promoting positive change in the investment climate of Africa through experience sharing and capacity building as well as reforms and making sure that “we do actually accelerate growth in Africa through investments”.

Additionally, he said with the right partnerships, Africa could increase its economic fortunes especially as the Continental Free Trade Area  demanded that African countries identified their own strengths and opportunities which was well expressed in the present Ghana/ Africa Beyond Aid Agenda. On the benefit of this new position for the Centre, Mr Grant said “the role meant that the Centre would be working with African IPA’s to ensure that we have the right frameworks, improve our ease of investments and facilitation and constructive investments in partnership with our own indigenous economies, and drive policy to make sure that African countries become more attractive thereby increasing Foreign Direct Investments (FDI)”.

About WAIPA

WAIPA is a non-governmental organization that was established under the auspices of the United Nations Conference on Trade and Development (UNCTAD) in 1995 in Geneva as an Association under Swiss law. Currently its operational office is situated in Istanbul. The organization provides an opportunity for investment promotion agencies (IPAs) to network and exchange best practices in investment promotion.

Its objectives among others are to promote and develop understanding and cooperation amongst IPAs, strengthen information-gathering systems, promote the efficient use of information and facilitate access to data sources, and share country and regional experiences in attracting foreign investment and enhancing outward investments.

WAIPA is currently made up of 125 IPA’s across the world.

Source: GIPC

Ghana Ranked Among Top 20 Markets with Greatest Potential for Trade Growth

Ghana has been ranked among the top 20 markets with the greatest potential for trade growth by Standard Chartered. Two other African countries, Cote d’ Ivoire and Kenya also made it to the pack.

Standard Chartered in a release said the Trade 20 index demonstrated that while existing trade powers like China and India continued to rapidly improve their potential, smaller trading nations were also making swift progress towards increased trade growth. It said its new research determined each market’s potential for trade growth by analysing changes across a wide range of variables over the last decade. These were grouped into three equally-weighted pillars: economic dynamism, trade readiness and export diversity.

José Viñals, the Group Chairman, is quoted as saying: “The Trade20 index points towards the strong potential of a number of markets outside the China-USEurope trade axis. “With rising protectionism casting a shadow over the future of world trade, it is encouraging that many emerging markets are still improving their trade growth potential for the medium term, forging new regional trade deals to make this happen.

“Markets that are demonstrating the most impressive pace of progress may represent interesting opportunities for corporates seeking new investment, import and supply chain partners.” He added that: “With healthy trade fundamental to economic growth and prosperity, the Trade20 represent the rising stars of global trade: Those with the greatest potential for future trade grow.” This reveals the economies where recent positive developments may point to acceleration in trade growth potential.

Saif Malik, Regional Co-Head, Global Banking, AME, Standard Chartered, said “home to some of the world’s fastest-growing economies, Africa has the potential to become a much bigger player on the global trade stage. Already connected with the trading powers in Asia, particularly China, through the Belt & Road Initiative, and with the launch of the African Continental Free Trade Area, we see numerous growth opportunities for trade and investment in the years ahead.”

He was upbeat that the growing young, digitally-savvy population and an increasing female workforce would aid the continent’s economic transformation. Trade20 examines 12 metrics across 66 global markets – the major global economies plus the major economies in each region – to reveal the 20 economies that are most rapidly improving their potential for trade growth.

While most traditional trade indices are based on a market’s present performance, the Trade 20 index captures changes over time to reveal the markets that have seen the most improvement over the last decade.

Source: GNA 

Where to invest in Africa? Ranking the top 10 countries

The latest edition of Rand Merchant Bank’s Where to Invest in Africa report assesses each African economy’s investment potential, by overlaying macroeconomic fundamentals with the practicalities of doing business on the continent.

“After nine years of publishing, we never fail to be both pleased and surprised by the extent of improvement in countries that are not necessarily perceived as strong investment destinations,” says co-author and head of RMB Global Markets Research, Nema Ramkhelawan-Bhana. This year, Guinea, Mozambique and Djibouti recorded the strongest gains in the rankings, with notable advancements in their operating environments.

The rankings are as instructive on the downside, identifying countries that have either stagnated or outright deteriorated. South Africa, Ethiopia and Tanzania are among the more prominent countries to have taken a tumble. A deterioration in the ease of doing business has contributed to their relative underperformance and, in addition, South Africa is enduring a cyclical downturn.

Tanzania’s fall from grace has reshuffled the top 10 investment destinations, with Tunisia returning to the fold at number 10 while Côte d’Ivoire and Ghana edge ever-closer to the top five. North Africa remains dominant with Morocco displacing South Africa in the rankings, rising to second place.

There is an even split of countries from the north, east and west within the top 10 rankings, with only South Africa representing the southern tip of the continent, as a result of its dominance in terms of market size.

  1. Egypt: The enormity of the market paired with a sophisticated business sector relative to other countries makes Egypt the most attractive investment destination in Africa. The improvement in Egypt’s business environment, facilitated through government programmes, combined with the progressive increase in investment from the private sector has enhanced economic growth and assisted in repositioning Egypt on the global investment map.
  2. Morocco: While only Africa’s fifth-largest market, Morocco’s expected growth rate of 4% over the medium term and its greatly-enhanced operating environment has served the country well since the Arab Spring. Its reintegration into the African Union and accession to the Economic Community of West African States (ECOWAS) have enhanced its investment appeal.
  3. South Africa: South Africa has slipped another place in this year’s rankings, stymied by depressed levels of growth and a lack of structural reform. Yet it remains Africa’s hotspot for portfolio investment. With many countries facing severe liquidity constraints, South Africa’s financial markets and level of financial inclusion are still a cut above the rest.
  4. Kenya: The above 5% expected growth rates, helped by favourable weather and political reconciliation after 2017’s disputed elections, has propelled Kenya one spot higher than 2019. The economy benefits from diversity as well as a sustained expansion in consumer demand, urbanisation, East African Community (EAC) integration, structural reforms and investment in infrastructure, including an oil pipeline, railways, ports and power generation.
  5. Rwanda: Rwanda has the second-best business environment in Africa. According to the World Bank’s operating environment scoring, the country has more than doubled the efficiency of its business environment in less than a decade. The government has also invested heavily into its domestic industries, while FDI has increased over the same period, pushing Rwanda to being one of the five fastest-growing economies on the continent.
  6. Ghana:The growth outlook is strong, concentrated around the oil and gas sector. Non-oil growth will pick up again, supported by pro-business reforms and a steady improvement in power supply. Political stability will remain underpinned by Ghana’s strong democratic credentials. Regardless of a recent deterioration in its operating environment rankings, Ghana remains one of the easier business environments in Africa.
  7. Côte d’Ivoire: Côte d’Ivoire is one of the more diversified economies in francophone Africa. Its strong growth rates are supported by the government’s pro-business reforms and a relatively stable political context. Large infrastructure projects, particularly in transport and energy (financed by foreign investment, aid inflows and the government) also support the country’s strong position in the rankings.
  8. Nigeria: Nigeria retains its top 10 ranking due to improved macroeconomics, supported by recovering oil prices and production. As the largest economy in Africa in nominal terms, the possibility for investment cannot be overlooked; and with the largest population on the continent, domestic demand continues to rise. Resources and favourable demographics are attracting strong flow of FDI. The liquidity crunch has subsided since 2017 as commodity prices have recovered and changes in FX regulations have been implemented.
  9. Ethiopia: Ethiopia is the fastest-growing economy on the continent. With a population of almost 100 million people, demand for goods and services is rising significantly. The prohibition of foreign ownership in key sectors is still a constraint for investment, but this is slowly changing. The government has announced shake-ups across industries, including plans to open up the once closely-guarded telecommunications and power monopolies.
  10. Tunisia: Tunisia re-enters within the top 10 supported by a reasonable market size and favourable operating environment. The government’s encouragement of foreign investment, through its new simplified investment code, has made the country increasingly attractive to multinational manufacturers.

Source: howwemadeitinafrica.com