The Ghana Investment Promotion Centre (GIPC) on Thursday, 6th July 2023, indulged the diplomatic community on how to promote bilateral investments and strengthen economic partnerships.
The 9th Edition of the Economic Counsellors Dialogue event saw a gathering of key players from the various trade missions in Ghana, as well as representatives from government agencies such as the Ministry of Trade and Industry (MOTI) and the Ministry of Foreign Affairs and Regional Integration.
The day’s discussions bordered on economic/investment strategies, as well as practical measures to accelerate economic recovery. Participants also looked at how the Centre can align its Aftercare services to cater for the needs of investors.
In his opening remarks, the CEO of GIPC, Yofi Grant pointed out that the current global dispensation, characterized by political instability and post-pandemic struggles, has heightened the need for collaborations on several levels.
With the current world dynamics in focus, he argued that “there is no market much more important than the African market” considering indicators such as population and natural resources.
Mr Grant mentioned that the government is undertaking several structural reforms to restore investor confidence in Ghana’s economy, in order to reposition it as the ideal investment destination. This includes public financial management reforms, state-owned enterprises reforms, financial sector reforms, tax policy and administration reforms, and social protection reforms.
He also disclosed that the document to review the GIPC Act 2013, after extensive consultations, will be tabled before cabinet soon. According to him, the changes proposed, are in tandem with global investment laws, and are aimed to attract, and retain investments.
Taking his turn, the ambassador of Lebanon to Ghana, H.E Maher Kheir noted that economic partnerships were crucial, as they served as the backbone of global prosperity and stability.
To achieve economic integration, he argued that governments should; priorities open communications with a collaborative mindset, explore bilateral and multilateral trade agreements, invest in infrastructure development as well as education and skillset development.
The event then dovetailed into an informative panel discussion which featured GIPC’s Director of Investor Services, Mr. Edward Ashong-Lartey; Chairman of China Enterprises Chamber of Commerce, Mr. Qun Yang; Policy Officer from the Netherlands Embassy, Maame Awinador-Kanyirige; the Executive Secretary of America Chamber of Commerce, Mr. Simon Madjie; and the Executive Director of the UK-Ghana Chamber of Commerce, Adjoba Kyiamah, who served as the moderator.
The panellists looked at strategies and best practices to foster sustainable partnerships between Ghanaian businesses and international investors. Some of the strategies mentioned include; aggressive policy advocacy, harmonization of investment laws, investing into skilled labour, and inclusion of relevant stakeholders at all levels in investment talks.
The event was capped with a submission from the Centre’s Head of Aftercare, Ms. Cobbah, who shared some success stories of the unit, as well as some investor concerns/sentiments that have been gathered so far. GIPC’s Aftercare unit is instrumental in assisting investors, post-establishment, navigate the regulatory landscape in Ghana and overcome any compliance challenges that may arise.
It also mediates between government and investors to guide investor-friendly policy formulation.
This year’s Economic Counsellors Dialogue was under the theme ‘‘Promoting Bilateral Investment: Igniting Growth and Strengthening Economic Partnerships.”