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 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 organised 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 recognise 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 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 Yoofi 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 benefits, 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 engineer 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 urgency, 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.