The highest compliment we pay to each other is when we recognize “hard work” in any endeavor. Congratulations to all the companies that made it into this year’s sixteenth edition of the Ghana Club 100. Welcome and thank you for participating in this important and historic event! The Ghana Club 100 awards has evolved into a formidable brand over the past 19 years, making it one of the most anticipated events on the Ghanaian corporate calendar. Instituted in 1998, the annual event does not only compile the top 100 highly performing companies but also promotes a forum for corporate Ghana to interact with the government at a high level.
This edition’s theme, “Industrialization: A tool for Job Creation and Accelerated Economic Development” is in line with our government’s vision to create a stronger economy that inspires new businesses and encourages existing ones to make new investments, grow and expand. The World Investment Report for 2016, indicated a fall in global inflows of foreign direct investment by 2 percent to $1.75 trillion. Investment in developing economies declined even more to about 14 percent. Flows to West Africa grew by 12 percent to $11.4 billion, largely due to Nigeria’s 45 percent increase (to $4.4 billion) and Ghana’s 9 percent (to $3.5 billion). Yet inflows to Ivory Coast and Senegal dropped by 3 and 4 percent respectively. As the statistics rightly indicate, the Ghana Investment Promotion Centre has witnessed a proportional growth on FDIs in its priority investment sectors and is on course to meet the $5 billion FDI target for the year 2017. Interestingly, in the first half of 2017, the Centre recorded new investments with a total estimated value of US$3.25 billion; a 91.18% increase over the US$1.70 billion estimated value recorded in the corresponding period of 2016. The manufacturing sector however topped the sectors by estimated value of investments, leading with US$2.62 billion. This is a testament of government’s steps towards industrializing Ghana’s economy. As at the end of the 3rd quarter, Ghana’s FDI numbers indicates 4.37 billion USD. Even though Ghana recently dropped points in the latest World Bank Ease of Doing Business Report, the country remains a “cynosure” in the eyes of many investors because of its strategic positioning and commitment to change and transformation. Currently, the government is engaged in important reforms which will significantly impact next year’s performance.
Indeed, the Centre’s focus within the first half of the year has been in diverse areas including aggressive investment promotional missions, participation in various local and international events related to investments and engagement with stakeholders on the process of reviewing the GIPC Act 2013 (Act 865). This was done to attract meaningful FDIs to partner and grow local enterprises to create jobs and enhance the livelihood of people. The recent economic growth pattern on the continent stresses the importance of private sector investment in promoting Africa’s economic growth. As Ghana continues to create the enabling environment to make her the best place to invest and do business, a vibrant private sector is indispensable.
The GIPC through the Ghana Club 100 Awards amongst others, seeks to provide the support and intervention necessary to enhance competitiveness in the private sector. The plan for this year’s edition is to showcase Ghana’s industrialization potential and its impact on job creation and skills development. The Centre intends to use this year’s edition as a launch pad for promoting partnerships between Ghanaian manufacturers and their foreign counterparts.
On behalf of the Ghana Investment Promotion Centre, we again extend our heartiest congratulations to all the companies who made it into the top 100 companies. Your hard work has been recognized! And to all our sponsors and partners, we appreciate your contributions towards a successful event.