Your optimism has been noticed! You deserve to be here! Congratulations! We will continually offer our unstinting support to you!
The 2017 Ghana Club 100 Award winners represent the best breed of enterprises in all the sectors of Ghana. You have achieved these honors with your persistent and work and creativity which has made you stand among a group of very impressive finalists.
The theme for celebrating our best 100 businesses this year: “Technology, Innovation and Entrepreneurship: Opportunities for Growth and Job Creation”, relates very well with key policy initiatives of government as well as commitment towards the innovations and entrepreneurship space. Ghana’s long-term strategic vision within this space is to consolidate its middle-income status and build an industry-driven economy capable of providing decent jobs that are suitable and sustainable for development. As such, some ongoing support initiatives for the private sector in this regard include the GH₵60 million fund allocation through the National Entrepreneurship and Innovation Plan (NEIP) of government to support start-ups and small businesses of young entrepreneurs, the Digital Addressing System to ease doing business in the country by providing location information and the Young Entrepreneurs Forum organized by the Ghana Investment Promotion Centre (GIPC) annually to support the growth of entrepreneurs.
Having recently embarked on some ambitious yet achievable reform programmes to improve the investment climate for both local and international investors, our efforts have paid off tremendously with Ghana being ranked the best place for doing business in West Africa, ahead of Cote d’Ivoire, Senegal and Nigeria according to the 2019 Ease of Doing Business Report.
In a similarly positive signal for attracting international investment, Ghana’s economy was given a vote of confidence by ratings agency Standard & Poor’s (S&P), who upgraded the country’s credit score from “B-” to “B”, with a stable outlook in mid-September this year. The assessment balanced Ghana’s fairly robust growth prospects and decreasing inflation against risks from persistently elevated budget deficits and high amounts of public sector debt.
This is attributable evidence of efforts the government of the day is working in the right direction through disciplined and innovative economic management and empowering the private sector to support at a Ghana Beyond Aid.
Also, for the third time running, the GIPC was adjudged the Best Investment Promotion Agency (IPA) in West and Central Africa at the 2017 Annual Investment Meeting (AIM) awards in Dubai, for its outstanding work in successfully attracting sizable and beneficial foreign investment projects to the country.
The Ghana Statistical Service also recently recalculated the country’s GDP based on measurements from 2013 instead of 2006 to more accurately reflect recent activity in the petroleum, communication technology and construction sectors. GDP in 2017 stood at GHS257bn ($53bn), a 26% increase from the GHS204bn ($42bn) the IMF calculated previously.
As the foremost investment promotion agency for the country, Ghana Investment Promotion Centre (GIPC) contributes to the transformational growth and development agenda of government of which businesses are key. Some of our initiative and activities in this regard include the Young Entrepreneurs Forum organized by the GIPC annually to support the growth of entrepreneurs. Besides capital limits, GIPC is looking to have special incentives for foreign direct investment that partners local enterprise and further creates opportunity in their global value chain.
The country is also moving towards the execution of the one-stop shop concept, where companies can register and seek licenses online. Strengthening the National Single Window-having many government agencies on one platform- while reducing barriers to trade are key priorities that will drive competitiveness and the ease of doing business.
Following our activities in the first three quarters of the year, the Centre has recorded 117 new projects with an estimated value of US$2.10 billion of which the FDI component amounted to US$ 2.06 billion. There was also the registration of 47 wholly Ghanaian owned projects with a total estimated value of US$715.70 million during the period. This shows our commitment towards attracting the needed FDI as well as the development of our local businesses for the ultimate development of our economy.
The government of Ghana is committed to creating a better, stable, and WISE (wealthy, inclusive, sustainable and empowered) society and as we focus on technology, innovations and entrepreneurship, the role of the private sector is greatly recognised for its contribution to building our nations. We cherish the fact that businesses within these sectors continuously subject themselves to be ranked and do count on your support to constantly making this happen because policies alone cannot make this effective.
On behalf of the GIPC, we extend our best wishes to all of you who made it into the top 100 companies. With this success, come greater opportunities and challenges. Welcome to Ghana Club 100. Congratulations for being the best!